According to data collected between 2005 and 2015 by the Greek Statistical Service (Elstat),

the number of Greek real estate transactions increased for the first time in 2015, growing by
25% compared to the year before.

According to the founder of MODUS & AMPLIO, Takis Papaspyrou, buyers from Germany,
Italy, Russia, France, America, China, Turkey and Arab countries account for about 20% of
all real estate transactions in the country.
Investors from Europe

According to Statista, property in Greece is several times cheaper than most countries in the
European Union (EU). It is 1.5 times cheaper than in Portugal, Germany and Spain, three
times cheaper than in Italy, four times cheaper than in Austria and France and seven times
cheaper than in the United Kingdom.
Western Europeans see the Athens property market as an investment opportunity. According
to the Bank of Greece, in Q3 2017 property prices were 42% lower compared to pre-crisis
levels, and many analysts expect a significant increase in the cost per square meter over the
next three to five years. There are two reasons for this optimism:
1. Tourism is booming in Greece: the number of international tourist arrivals grew between
from 14.9 million in 2009 to 24.8 million in 2016. According to the World Tourism and Travel
Council (WTTC) there will be 25 million international tourist arrivals in 2017 and 47 million in
2027.
2. The country’s economy is recovering. The International Monetary Fund expects GDP
growth to be 1.8% in 2017 and 2.6% in 2018. The unemployment rate in Greece fell from
27.8% in 2013 to 20.6% in 2017. The Greek government expects an increase in foreign
direct investment to €4 billion in 2017, which is 42% more than in 2016.
According to Mr. Papaspyrou, foreign buyers used to focus on resort real estate (in 2015
about half of all transactions involving so-called Greek summer cottages were transactions
involving foreign buyers). Now, they are looking at the Athens real estate market. Cheap
property is the main driver for 80% of the Europeans who buy real estate in Greece.
Foreigners can now consider property they could not afford to purchase before the crisis,
including apartments in the ancient city of Athens and property along the coast.
 Photo © Tranio.com. Apartments overlooking the Acropolis start from only €135,000.

Investors from China

According to the Bain & Company and China Merchants Bank, 32% of affluent Chinese are
looking to invest abroad as part of their plans to emigrate. In 2013, the Greek government
launched a Golden Visa program whereby any investor who purchases property from
€250,000 is eligible for a residence permit. It is issued to applicants and their family
members – spouse, children and parents – and may be renewed every five years. From the
launch of the program until October 2017, more than 2,000 Chinese investors and their
families have been issued residence permits.
Advantages of the Greek Golden Visa program are:
 It has the lowest fees, including registration fees, payable for obtaining a EU residence
permit.
 An investor may purchase several real estate assets or participate in purchase of a more
expensive asset, provided that the investor’s investments exceed the program’s minimum
threshold.
 Real estate in Greece generates high rental yields: 5–7% after taxes and management
company expenses.
In 2017, finance company Arton Capital named the Greek passport as one of the most
influential in the world, ranking it 7th alongside Australia. Holders of Greek passports can
travel visa-free to 156 countries.

Investors from Russia

According to the Central Bank of Russia, in Q1–Q3 2017, payments from Russia for overseas
property transactions grew by 25% compared to the same period in 2016, from $621M to
$775M. The number of Russian investors in Greece has also been growing.
A significant portion of buyers from Russia targets the luxury property sector. According to
analysts, this is because prices for luxury properties in Greece have fallen by about 50%
since 2009 and because Russians tend to invest in foreign assets due to the economic
instability in their home country.
One of the most popular locations among Russian buyers is the Athens Riviera, which
refers to the southern suburbs of Athens – Faliro, Glyfada, Voula, Vouliagmeni and Varkiza
– located 30-40 minutes by car from the city centre.
 Photo © KidsLoveGree. Vouliagmeni was named after the eponymous lake situated at the foot of the
Hymettus mountain range.

Russian investors are also keen to get residence permits – to date, 894 Russians have
been issued Greek residence permits under the Golden Visa program.

Investors from the United States

Greece has been receiving more attention from US authorities, largely due strains in US-
Turkey relations and the need for a new strategic partner in the region.

“I am convinced that 2018 could be a turning point for the Greek economy, but that depends
on creating the right investment conditions”, US ambassador to Greece Geoffrey Pyatt, said
to the Greek Reporter news portal.
The optimism of American investors is tied to the rapid development of tourism in Greece.
According to WTTC, tourism contributed to 18.6% of Greek GDP in 2016, a figure that is
projected to grow to 22.4% by 2026.
The growing number of tourists is stimulating the demand for services. “Obviously things
are happening in the hotel sector. I had a good conversation with Marriot when I was in
New York, which is expanding its footprint here. Wyndham hotels also are expanding their
presence in Greece”, Mr. Pyatt said.
American investors are currently eyeing Greek real estate, energy and tourism. “Pimco,
Lonestar, KKR are all looking to buy commercial properties in Greece”, Hayman Capital
Management chief investment officer Kyle Bass said, CNBC reported.
 Photo © GrandeBretagne.gr. Grande Bretagne is one of seven hotels in Athens run by American chain
Starwood Hotels & Resorts.

Another reason Greek property is more popular now is the reduction of property transfer tax
from 10% to 3%. Under new rules, 24% VAT applies to assets in buildings with construction
permits issued after 1 January 2006, while property built before 2016 is only subject to a
property transfer tax of 3.09% of the asset value.

Investors from Turkey

Turkish nationals look for Greek real estate driven by instability in their home country.
According to Deutsche Welle, there has been a tenfold increase in traffic to Turkish
language versions of Greek real estate websites following the Turkish referendum held on 16
April 2017 that gave sweeping powers to the president.
Since the launch of the Golden Visa program, 396 Turks have received Greek residence
permits. Moving to Greece is a serious consideration for many of them. According to
Ekathermini, Turks are one of the most dynamic groups of the Greek property buyers today
along with the British, Germans, French and Italians. Most Turks who buy Greek real estate
have higher education, a medium or high income, and come from Western Turkey, the
Aegean coast and Istanbul.

Photo © Unsplash. According to realtors, the number of Turkish buyers rose sharply in the summer of 2016.

According to Daily Sabah, Turkish buyers are usually interested in luxury and resort real
estate, shops, hotels, land and even parking lots. Many investors buy properties in prestigious
Athens neighbourhoods such as Kolonaki, Psikhiko, Glyfada, Voula and Vouliagmeni.