Greece with spectacular offer: Buy homes and give Greek passport

Imobiliare market balance in Greece is being replaced by “by purchases of Russian and Chinese oligarchs, which are exploiting Athens as a golden crevice”.

As part of the Schengen zone, all those living in Greece and equipped with documents enter Europe without customs controls.

Many millions of these countries are rushing to grab a beautiful house with a view to the Parthenon, thus offering a gold “vize of” in terms of moving inside the union.

George Kachmazov, a Russian real estate agent, reports to Bloomberg, that he bought a property in Athens.

Among Russians and Greeks, cultural ties are strong, even because of common Orthodox religion and similar alphabets.

The general director of the real estate platform Tranio.com, headquartered in Moscow, has acquired a property in the Greek capital and is winning another five, with the aim of selling apartments to international investors.

A risk? Not really. For Kachmazov, the sales plan is clear: Buying property in Greece could give the investor a so-called gold <x0) X1> -- a Greek passport reserved for a foreigner who makes a purchase of real estate in the current country -- and benefits the movement in most of Europe.

In addition, Greece's real estate market may be ready for an investment return, helping buyers earn money with their purchase, with a good capital profit, writes “Monitor”.

In an interview in Athens, Kachmazov said:

The real estate market in Greece is one of the few in Europe that has not yet recovered from the economic crisis of 2008. Prices in Spain, Portugal, Ireland, Poland and Hungary are moving towards pre-crisis levels due to high liquidity released from ECE to Europe”.

Kachmazov is among the real estate agencies that assist the buyers interested in property in Greece, those from Russia, China, Turkey and other countries, willing to invest in a market that may be on the verge of a wake up, while the country is preparing to exit its rescue programme in August 2018 and thus returns to the international capital market.

Property prices in Greece dropped by more than 25 percent since the European debt crisis began in 2008. The prices for apartments in Athens within five years dropped by 45 percent, in mid-2008 and June 2017, according to data from the Bank of Greece, led by Janis Stournaras, former Finance Minister of the former government of Antonis Samaras, writes Il Sole 24 Ore.

EU visa

The demand for property in Greece by Chinese buyers increased by almost 159% in the third quarter compared to the same period in 2016. For Chinese investors, obtaining visas for residents is the main reason to invest in the country, said Carrie Lau, chairman of Yuwai.com.

“is one of the most required visas that allow real estate investments to be used to achieve European citizenship.

In addition, Greece is three to four hours closer by air in China than Barcelona and Lisbon, two other well-known cities in countries that have stories about interesting investments, according to him.

Not forgetting that the Chinese economic presence in the Mediterranean country is very strong, just remember that the Port of Piraeus is in the hands of the Cosco Company. ”-he said.

Greece has provided 2,053 <x0) gold” between 2013 and October 2017 for Chinese investors representing 43%, according to the state agency responsible for boosting investments and exports.

The Russians are in second place with 18.6 percent, and Turkey's neighbouring investors in third place are 8.4 percent. Greece has benefited over 513m euros of foreign investment from the «gold-visa» programme.