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toldnews-blog · 6 years ago

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New Post has been published on https://toldnews.com/world/greeks-squeezed-by-foreign-investors-in-athens-property-boom/

Greeks squeezed by foreign investors in Athens property boom

Image caption Koukaki, Athens – named as an up-and-coming neighbourhood for Airbnb rentals

Geraldine Hynes is panicking about the future.

The 63-year-old has been been trying to buy an apartment ever since she was evicted from the home she rented for 32 years – when it was bought by Chinese investors two years ago.

“I want some security in case the same thing happens again,” says Ms Hynes, originally from Ireland. She earns a modest salary as an English teacher, while her Greek husband’s monthly pension was cut from €1,500 (£1,315; $1,690) to €500 during the country’s economic crisis, which began in 2010.

“When we were evicted there were still apartments selling nearby for €100,000. Now I can’t find anything under €250,000. These are Chinese and Russian prices. Not Greek.”

Greece’s financial crisis a decade ago shrank the country’s economy by more than 25% in the following years, but there are finally signs of improvement.

Greek bailout crisis in 300 words

The property market, once completely dead, is on the rise – house prices in Athens rose 3.7% last year.

But this news is causing unease.

Image caption Street notices express some Athens residents’ anger over high rents

The boom appears to be driven by a controversial “golden visa” scheme, in which non-EU citizens receive residency and free movement in the EU’s Schengen zone, in exchange for investing in property.

The worry is that foreign investors are benefiting while ordinary Greeks miss out.

What are golden visas?

Many EU countries including the UK, Portugal and Spain, have golden visa schemes, but Greece has the lowest threshold. Investors receive five-year residency after purchasing €250,000 of property, making the country a new hotspot for foreign buyers.

According to Enterprise Greece – a business promotion body – 9,756 residence permits for investors and their families were issued in 2018 up to the end of November – up from 6,205 in 2017 and 3,695 in 2016.

The biggest market was Chinese buyers, followed by Russians and Turks, with hundreds arriving at Athens airport every week to be driven around by real estate agents.

Image caption The renovation of run-down buildings has benefited some savvy local investors

“There are a lot of companies buying properties from Greeks and reselling to the Chinese,” says Lefteris Potamianos, president of the Athens Real Estate Association, who estimates at least one-third of property sales in the city now go to golden visa investors.

“It affects local people trying to rent properties, who see the prices going up. A lot of properties are going from Greek hands to foreign hands. We can’t control this.”

Image caption Graffiti in Athens reads: “Too many Airbnbs equals high rents”

How is this linked to Airbnb?

Because prices in central Athens fell so much during the crisis – down to €1,000 per square metre or less – Mr Potamianos explains that investors will typically purchase three or four apartments in popular tourist spots and rent them out on Airbnb.

This has caused rents to rise – by 17% last year, according to Greek rental site Spitogatos.

Residents who have benefited from tourist cash, despite Greece’s general economic malaise, are now starting to feel the negative effects.

Image caption Salaries have not kept pace with rocketing rents, Spyros Bellas complains

“Every year I’ve had an increase in visitors, which is good,” says Spyros Bellas, who owns a cafe in Koukaki, a neighbourhood named by Airbnb as one of its top growth areas globally in 2016.

“But now I think it’s gone too far. Rents have doubled to €600, sometimes they’re as much as €1,000. I do not think this reflects the Greek reality. Half of my staff have had to move away.”

His friend George Lafe says his landlord recently increased the rent on his studio apartment from €220 to €400 a month. “If you work in a bar or restaurant here, your salary is only €600-700,” he explains.

Who is benefiting?

Some Athens residents, such as Iro Christodoulaki, have worked the situation to their advantage. The 31-year-old and her boyfriend have bought and renovated three apartments for Airbnb. One recently sold to a Chinese investor for €58,000 – eight times what they paid for it two years ago.

The couple targeted foreign buyers “because they pay more than Greeks” and sold through a Chinese management company to a buyer who has never viewed the apartment.

“During the crisis there were so many abandoned flats that people did not have the money to renovate,” Ms Christodoulaki says. “All our apartments were unliveable when we bought them.”

“We have not taken them off the rental market – we created something new.”

What might happen next?

It’s not just Greeks who are concerned about the volume of golden visas being issued. The EU Commission has warned that the scheme may facilitate organised crime and money-laundering.

The Greek government has introduced tighter controls, yet still plans to expand the scheme to include bonds and shares.

On the streets of Athens, many are calling for far tighter regulation.

“There’s too much freedom right now,” says Mr Bellas. “We need someone to bring rules in, otherwise everything is going to change.”

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leomarestate · 2 years ago

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Golden Visa in Greece and the best areas to invest in

Greece is a country with a rich history, beautiful landscapes, and a promising economic outlook. The country's government has recognized the potential of attracting foreign investment to boost its economy, and one of the ways they are doing this is through the Golden Visa Program. In this article, we will explore why foreign investors should consider getting a Golden Visa in Greece.

What is a Golden Visa?

A Golden Visa is a residence permit that grants the holder the right to live and work in Greece. This program was introduced in 2013 to attract foreign investment to the country. To be eligible for the program, an applicant must invest a minimum of €250,000 in real estate in Greece.

Benefits of a Golden Visa in Greece

Visa-free travel

With a Golden Visa, the holder can travel visa-free within the Schengen area, which includes 26 European countries. This is an excellent opportunity for those who want to explore Europe without having to worry about visa requirements.

Residency permit

The Golden Visa program allows the holder to live and work in Greece, as well as travel freely within the Schengen area for up to five years. This means that the holder can enjoy all the benefits of living in Greece, such as access to healthcare and education, while also being able to travel and do business within the European Union.

Real estate investment

The minimum investment requirement for a Golden Visa is €250,000 in real estate in Greece. This is an excellent opportunity for investors who are looking for a safe and stable investment. The real estate market in Greece has been steadily growing in recent years, and property prices are relatively low compared to other European countries.

Potential return on investment

Apart from the benefits of living and working in Greece, a Golden Visa holder may also benefit from the potential return on their investment. The real estate market in Greece has been showing signs of growth in recent years, and property prices are expected to continue to rise in the future.

Citizenship

After living in Greece for seven years with a Golden Visa, the holder may be eligible to apply for Greek citizenship. This means that they will have all the rights and privileges of a Greek citizen, including the ability to vote and access to free healthcare and education.

Conclusion

The Golden Visa program is an excellent opportunity for foreign investors who are looking to invest in real estate and establish a presence in Europe. Greece offers a stable and safe investment opportunity, as well as the potential for growth and a high quality of life. With the benefits of visa-free travel, a residency permit, and the potential for citizenship, the Golden Visa program is an attractive option for those looking to invest in Greece.

Koukaki

Koukaki is one of the most vibrant neighborhoods in Athens, Greece. Located just south of the Acropolis and within walking distance of many of the city's main attractions, it has become a popular area for tourists, locals, and foreign investors. In this article, we will discuss why foreign investors should consider renting or buying an apartment in Koukaki.

Location

The location of Koukaki is one of its biggest selling points. It is situated just south of the Acropolis and is well-connected to the rest of Athens by public transportation, including metro and bus lines. It is also within walking distance of many of the city's main attractions, such as the Acropolis Museum, the Ancient Agora, and the Temple of Olympian Zeus. For foreign investors who are looking for a convenient and central location, Koukaki is an excellent option.

Affordability

Compared to other neighborhoods in Athens, Koukaki is relatively affordable. While property prices have risen in recent years due to increased demand, it is still possible to find apartments for sale or rent at reasonable prices. This makes it an attractive option for foreign investors who are looking for a good return on their investment.

Rental potential

Koukaki is a popular area for tourists, which means that apartments in the area have excellent rental potential. Whether you are looking to rent out your apartment on a short-term or long-term basis, there is high demand for properties in Koukaki. This makes it an ideal location for foreign investors who are looking to generate rental income.

Quality of life

Koukaki is known for its high quality of life. It is a safe and friendly neighborhood that is home to many restaurants, cafes, and shops. There are also several parks and green spaces in the area, including the Filopappou Hill, which offers stunning views of the city. For foreign investors who are looking for a neighborhood that offers a high standard of living, Koukaki is an excellent choice.

Kolonaki

Kolonaki is one of the most prestigious and affluent neighborhoods in Athens, Greece. It is known for its upscale shopping, trendy cafes, and high-end residential properties. For foreign investors looking to buy or rent an apartment in Athens, Kolonaki is a great option. In this article, we will explore why foreign investors should consider renting or buying an apartment in Kolonaki.

Location

Kolonaki is in the heart of Athens and is one of the most sought-after areas in the city. It is situated at the foot of Lycabettus Hill, offering stunning views of the Acropolis and the city skyline. The area is also home to several embassies and diplomatic missions, making it a safe and secure place to live.

Real Estate Prices

While Kolonaki is one of the most expensive neighborhoods in Athens, it still offers excellent value for money compared to other major cities in Europe. The average price per square meter for a property in Kolonaki is lower than in other popular European cities such as Paris, London, or Zurich. This makes Kolonaki an attractive destination for foreign investors looking to buy or rent a property.

Rental Income

Kolonaki is a popular destination for tourists and visitors to Athens. This means that there is a high demand for short-term rentals in the area. Investing in a property in Kolonaki and renting it out on platforms such as Airbnb can generate a significant return on investment. In addition, the high demand for rental properties in Kolonaki means that there is a low risk of the property remaining unoccupied.

Capital Appreciation

The real estate market in Greece has been steadily recovering since the economic crisis of 2008. Property prices in Kolonaki have been rising steadily over the past few years, with no signs of slowing down. This means that buying a property in Kolonaki is not only a good investment for rental income but also for capital appreciation.

Quality of Life

Kolonaki offers an excellent quality of life for its residents. The area is home to several parks, museums, and cultural centers. It also has a vibrant nightlife scene, with many bars, restaurants, and clubs. The area is also very safe and has a low crime rate, making it an attractive destination for families and professionals.

Conclusion

Kolonaki is an excellent destination for foreign investors looking to buy or rent a property in Athens. Its prime location, reasonable real estate prices, high rental income, and potential for capital appreciation make it an attractive investment opportunity. In addition, its excellent quality of life and low crime rate make it a desirable destination for families and professionals.

Pagrati

Pagrati is a charming neighborhood in the heart of Athens, Greece. It is a bustling area that offers a mix of traditional Greek architecture and modern amenities. For foreign investors looking to buy or rent an apartment in Athens, Pagrati is a great option. In this article, we will explore why foreign investors should consider renting or buying an apartment in Pagrati.

Location

Pagrati is in the heart of Athens, just a few kilometers from the city center. It is situated between two of the city's most popular neighborhoods, Kolonaki and Mets. The area is easily accessible by public transportation and is just a short distance from some of Athens' main attractions, such as the Acropolis and the National Gardens.

Real Estate Prices

While Pagrati is a popular neighborhood in Athens, it still offers good value for money compared to other areas in the city. The average price per square meter for a property in Pagrati is lower than in some of the more expensive neighborhoods such as Kolonaki and Glyfada. This makes Pagrati an attractive destination for foreign investors looking to buy or rent a property.

Rental Income

Pagrati is a popular destination for tourists and visitors to Athens. This means that there is a high demand for short-term rentals in the area. Investing in a property in Pagrati and renting it out on platforms such as Airbnb can generate a significant return on investment. In addition, the high demand for rental properties in Pagrati means that there is a low risk of the property remaining unoccupied.

Capital Appreciation

The real estate market in Greece has been steadily recovering since the economic crisis of 2008. Property prices in Pagrati have been rising steadily over the past few years, with no signs of slowing down. This means that buying a property in Pagrati is not only a good investment for rental income but also for capital appreciation.

Quality of Life

Pagrati offers an excellent quality of life for its residents. The area is home to several parks, cafes, and restaurants. It also has a vibrant nightlife scene, with many bars and clubs. The area is also very safe and has a low crime rate, making it an attractive destination for families and professionals.

Conclusion

Pagrati is an excellent destination for foreign investors looking to buy or rent a property in Athens. Its central location, reasonable real estate prices, high rental income, and potential for capital appreciation make it an attractive investment opportunity. In addition, its excellent quality of life and low crime rate make it a desirable destination for families and professionals.

Kifisia

Kifisia is an affluent suburb located in the northern part of Athens, Greece. Known for its lush greenery, luxurious villas, and upscale boutiques, Kifisia is a popular destination for both locals and tourists. For foreign investors looking to buy or rent an apartment in Athens, Kifisia is a great option. In this article, we will explore why foreign investors should consider renting or buying an apartment in Kifisia.

Location

Kifisia is located just 14 kilometers from the city center of Athens. It is easily accessible by public transportation and is just a short distance from some of Athens' main attractions, such as the Acropolis and the National Gardens. The suburb is also located near the Athens airport, making it an excellent location for international travelers.

Real Estate Prices

Kifisia is one of the most expensive neighborhoods in Athens, but it still offers excellent value for money compared to other major cities in Europe. The average price per square meter for a property in Kifisia is lower than in other popular European cities such as Paris, London, or Zurich. This makes Kifisia an attractive destination for foreign investors looking to buy or rent a property.

Rental Income

Kifisia is a popular destination for tourists and visitors to Athens. This means that there is a high demand for short-term rentals in the area. Investing in a property in Kifisia and renting it out on platforms such as Airbnb can generate a significant return on investment. In addition, the high demand for rental properties in Kifisia means that there is a low risk of the property remaining unoccupied.

Capital Appreciation

The real estate market in Greece has been steadily recovering since the economic crisis of 2008. Property prices in Kifisia have been rising steadily over the past few years, with no signs of slowing down. This means that buying a property in Kifisia is not only a good investment for rental income but also for capital appreciation.

Quality of Life

Kifisia offers an excellent quality of life for its residents. The suburb is known for its tree-lined streets, parks, and gardens, making it a green oasis in the heart of Athens. It also has a vibrant cultural scene, with many art galleries, museums, and theaters. The area is also very safe and has a low crime rate, making it an attractive destination for families and professionals.

Conclusion

Kifisia is an excellent destination for foreign investors looking to buy or rent a property in Kifisia. Its prime location, reasonable real estate prices, high rental income, and potential for capital appreciation make it an attractive investment opportunity. In addition, its excellent quality of life and low crime rate make it a desirable destination for families and professionals.

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