Falling Property Prices in Greece lure Turkish Investors for Golden Visas

Turkish investors show overwhelming interested in buying property in Greece and take advantage of the Golden visa residency program in Greece.

AA reported, about 165 Turks have bought properties in Greece and invested over 250,000 euros . Over 1000 houses sold to Turkish investors.  The Greek golden visa program already generated over 1 billion euros.

“Turks want to get a share of the cake,” Pia Vafiadou, a real estate agent in Athens for the last decade, told Anadolu Agency.

Chinese and Russians  are the biggest investors in Golden visa Greek program which offers five year permanent residency to investors upon buying a property.

A Chinese investor has bought 100 apartments in the Exarchia area, a Kathimerini newspaper report says.

Global property guide reports, every year 1200 foreign investors were granted Greek residency through property investment. Greek program ranks first offering the most competitive entry level fee (250,000 Euros).

The price of real estate in the centers of large Greek cities, which average €1,300 per square meter, is the lowest among the five countries, and almost twice cheaper than in Spain and Malta, and 1.5 times cheaper than in Portugal.

The most popular areas for property in Greece are major cities and holiday islands..

• Athens,
• Thessaloniki
• Crete,
• Corfu,
• the Peloponnese,
• Santorini
• Mykonos,
• Kefalonia,
• Rhodes and
• Zante

According to Bank of Greece statistics, apartment prices in Athens and other areas have fallen -1.2 over the year

Enterprise Greece has reported in Sep 2017 newsletter:

• FDI Investment: The amount of foreign direct investment in Greece has jumped sharply, according
• to the latest data from the Bank of Greece. FDI inflows to Greece for H1 2017  reached € 2,129.7 million
• Golden Visa: Foreign nationals have invested €1 billion to purchase Greek real estate under

  Greece’s Golden Visa program. Since the program’s inception in 2013, 1,725 golden visas have been issued, entitling investors and their families to five-year residence permits in Greece.
• The Greek crisis is slowly coming to an end. We can see that Greece is recovering,” Mr. Macron said in a speech in Athens.
• Greek exports rose 18.2% to €14.2 billion
• Greece’s four major banks have reduced their stock of bad loans and are starting to sell off distressed assets to foreign investors. According to the Greek central bank, the banks have exceeded targets
  by reducing non-performing exposures by €2.1 billion in the second quarter and by €3.0 billion in the first half.
• GREEK WINE EXPORTS TO JAPAN ARE UP 66% IN 2017