Russian and Chinese Buyers Are Snapping Up Greek Properties
- Low prices, high rental yields and visa program drive interest
- Booming tourism industry creating capital-gain opportunities
Residential and commercial property in the city of Athens, Greece.
Photographer: Chris RatcliffeThis article is for subscribers only.
George Kachmazov, a Russian realtor, is buying up property in Athens.
The Moscow-based chief executive officer of real-estate platform Tranio.com has bought a building in the Greek capital and is in the process of acquiring five others with a view to selling apartments to international investors. For Kachmazov, the sales pitch is clear: buying property in Greece can give an investor a so-called golden visa to the country -- and with it an entree into much of Europe. What’s more, the country’s real estate market may be poised for a rebound, helping buyers make some money on their purchase.