GBR Consulting reported that the Golden Visa program for real estate purchases in Greece has been a success since one billion euros has been invested in the Greek real estate market through it, according to Enterprise Greece.
A total of 1,725 “golden visas”, that is five-year residence permits for investment activity in the country were issued to foreign real estate investors in the period 2013 – June 2017, higher than 1,550 visas in 2016, 968 in 2015, 455 in 2014 and 20 in 2013.
During the 2013 – April 2017 period, a total of 1,684 visas had been granted to foreign investors with Chinese real estate investors representing 42% of the total sum (722 visas).
Russia ranled second with 359 visas and a market share of 21% while Turkey came third with a share of 6% with 95 visas and a total of 4,193 visas were given during over the same period for the family members of investors.
Real estate property value plummets by 34%
The median value of houses in Greece has shown a significant fall of 34% between 2009 and 2014, from €106,340 to €69,834.
According to official data by the Bank of Greece (BoG), house prices in the Eurozone have risen by 4% and 4.5% in the EU compared to last year, while value of apartments in Greece have fallen by 1.8% in nominal terms. Based on provisional figures from the first two stages of the survey Household Finance and Consumption Survey – HFCS the median value of Greek houses recorded a substantial drop. The first stage of the HFCS study was conducted on a sample of 2,971 households in 2009 and the second one sampled 3,003 households in 2014. In contrast, numbers sourced from Eurostat showed that during the first quarter of 2017 proper market prices had a huge rise.
The sharpest increase in house prices on an annual basis by the end of March this year was recorded by the Czech Republic (+ 12.8%), Lithuania (+ 10.2%) and Latvia, while in the countries having a drop, besides Greece, only Croatia recorded a decrease of 0.4% and Italy with a marginal 0.1%.
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