Cash in­flows for re­alty buys soar

Kathimerini English - - Focus - NIKOS ROUSSANOGLOU

In­flow­sof money from abroad for the ac­qui­si­tion of prop­er­ties in Greece jumped 51.7 per­cent in the first four months of the year com­pared to 2016, Bank of Greece data show.

It is es­ti­mated that 135 mil­lion eu­ros ar­rived from abroad in Jan­uary-April 2017 to be in­vested in the lo­cal prop­erty mar­ket. The to­tal for the whole of 2016 came to 270 mil­lion eu­ros, up 45 per­cent from the pre­vi­ous year.

The in­crease in tourism flows is in­creas­ingly mir­rored in the growth in prop­erty in­vest­ments by for­eign­ers. Ac­cord­ing to real es­tate pro­fes­sion­als, this not only con­cerns hol­i­day home ac­qui­si­tions, but also apart­ments in At­tica with a dual pur­pose: both for the own­ers to va­ca­tion in Greece and to earn an in­come through short-term leases.

A con­sid­er­able share of buy­ers com­prise non-Euro­pean Union cit­i­zens, mainly from China, Rus­sia and Turkey, who wish to buy prop­er­ties cost­ing at least 250,000 eu­ros to ob­tain a Golden Visa, which will get their fam­ily a five-year res­i­dence per­mit.

In fact agents re­port that third­coun­try buy­ers are seek­ing out and buy­ing mul­ti­ple apart­ments at low prices across At­tica to reach the thresh­old of 250,000 eu­ros and then of­fer­ing them for short-term lease on plat­forms such as Airbnb and HomeAway.

Some buy­ers fo­cus on cheap prop­er­ties in At­tica that could then be leased on short-term plat­forms.

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