Russians buying up Greece Real Estate

Posted by admin 26/01/2016 3 Comment(s) Greece,Greek Islands,

Real Estate in Greece over the last few years has seen a slump in sales from UK buyers as the Russians – Chinese and middle eastern cash rich buyers move in even though the country is almost bankrupt. Despite these economic conditions the Greek Real estate market is thriving from cash rich overseas buyers and property investors mainly from Russia.
There are two main reasons for this investment – Luxury property prices have dropped over 50% since 2008 and the cash rich Russians are looking for places to move money away from the Banks in Russia due to the Russian economy to protect their holdings. Russia and Greece have a great relationship with gas pipeline worth $2.3 billion which Greece is building to supply gas to the Russians. So this is why Russian investors are favouring Greece along with other countries in Europe such as Cyprus, Spain, Turkey, France and even London and the US.
Because of the price of property and the wide variation of luxury property in the Greek mainland and the Greek Islands which is now 50% cheaper than it was back in 2008 Russian property investors are snapping up this prime opportunity. Other investors from other countries now shy away from Greece and Uk and Irish Greek property owners are selling up and it is the Russians who are now buying in Greece even despite the threats of the Greek Economy.
Real estate in Greece still continues to slide in price despite being buoyed by investment from cash rich Russian buyers in all sectors of Greek property. This is because the Greek government recently raised property taxes to help the shortfall of the budget. Villa prices fell by 6% in the latter part of 2015 which is not a good sign for the Greek economy. The combination of falling apartment prices and the higher taxes on property as well as the banks no longer lending to buy property has led to make people selling up in Greece.
And it’s the cash rich Russian buyers who see a good investment now in times of trouble.
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