The news from Greece over the past few years has been quite dire as the country is on the verge of bankruptcy. However, despite seemingly desperate economic conditions there is a real estate market where many properties are being purchased at a healthy rate–in particular purchases by Russian investors.
There is a twofold reason for this investment: Prices for luxury properties have dropped on average by 50% since 2009 and Russian investors are looking for places to park their money away from Russia’s own current economic crisis in order to protect their holdings. The relations between Russia and Greece are actually quite strong with a $2.27 billion gas pipeline being built to supply Greece with Russian gas. So, it is not surprising that many Russian investors are taking a particular interest in Greece, where they have invested heavily in the past few years just like they have in London and other places across Europe and the US.
While it is too soon to make the determination on whether Greece’s debt and potential economic disaster will take the real estate market even more down, it can be said that in terms of price and long term opportunity there are many investors, particularly those from Russia who are willing to buy up at least the luxury properties. Investors who are who are risk averse will wait for the economic situation to clear and for the bond yield to lower dramatically.
source : http://www.forbes.com/sites/omribarzilay/2015/10/19/russians-are-buying-up-real-estate-in-greece-should-you/#516d97984ac0
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