Expensive Athens Homes Lure Asians Who Want European Visa

real-estate5With the upcoming bill that will give foreigners a renewable residency permit if they invest at least 250,000 euros in property, real estate agencies abroad try to lure investors and well-to-do individuals to buy property in Greece.

In an effort to boost the economy and awaken the dormant real estate market, the Greek government will pass a new law that will facilitate those who want to travel freely in Europe.

According to an article in South China Morning Post, Pantazis Therianos, who is a managing partner of London-based property developer Euroterra Capital, operates in Hong Kong and uses the visa aspect to sell property in Greece to Asian buyers.

Therianos said that he recently sold five apartments in Athens to buyers from Hong Kong and one to a Singapore resident. The prices of the apartments ranged from 180,000 euros to 300,000. Among the five Hong Kong buyers were private bankers and a hedge-fund manager.

Real estate prices are at the lowest now, presenting real bargains to investors or individuals. Potential buyers believe that they will not get any lower.

For those who are interested in investing in real estate for the five-year visa alone, the Greek scheme is the cheapest way to travel freely throughout the 26 EU countries with open borders. It is also better than the ones Portugal and Spain are offering, Therianos said. Cyprus and Malta also have similar schemes. However, as of next year, the residency permit in Greece will extend to the investor’s parents, children up to 25 years old and in-laws, making it more alluring.