{"id":1044,"date":"2017-01-22T12:31:51","date_gmt":"2017-01-22T12:31:51","guid":{"rendered":"https:\/\/www.investgreece.gr\/index.php\/2017\/01\/22\/russians-are-buying-up-real-estate-in-greece\/"},"modified":"2021-06-02T17:48:11","modified_gmt":"2021-06-02T17:48:11","slug":"russians-are-buying-up-real-estate-in-greece","status":"publish","type":"post","link":"https:\/\/www.investgreece.gr\/index.php\/2017\/01\/22\/russians-are-buying-up-real-estate-in-greece\/","title":{"rendered":"Russians Are Buying Up Real Estate In Greece, Should You? From Forbes"},"content":{"rendered":"<p><span style=\"font-family: Georgia, 'Times New Roman', Times, serif;font-size: 17.6px\">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\u00a0<\/span>real estate<span style=\"font-family: Georgia, 'Times New Roman', Times, serif;font-size: 17.6px\">\u00a0market where many properties are being purchased at a healthy rate\u2013in particular purchases by Russian investors.<\/span><\/p>\n<p>  <!--more-->  <\/p>\n<p><span style=\"font-family: Georgia, 'Times New Roman', Times, serif;font-size: 17.6px\">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\u2019s 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\u00a0<\/span>Europe<span style=\"font-family: Georgia, 'Times New Roman', Times, serif;font-size: 17.6px\">\u00a0and the US.<\/span><\/p>\n<div class=\"article-top-sharing article-sharing preload-hidden ng-isolate-scope\">\u00a0<\/div>\n<div class=\"article-body-content clearfix\">\n<div class=\"article-contrib-container\">\n<div class=\"article-contrib-block \">\n<div class=\"contrib-preview\">\n<section class=\"contrib-author-container\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">\n<div class=\"contrib-image\"><a style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none\" href=\"http:\/\/www.forbes.com\/sites\/omribarzilay\/\" target=\"_self\" rel=\"noopener\"><img decoding=\"async\" src=\"http:\/\/blogs-images.forbes.com\/files\/2015\/08\/omribarzilay_avatar_1440599354.jpg\" alt=\"\" \/><\/a><\/div>\n<div class=\"contrib-byline ng-scope\">\n<p class=\"contrib-byline-author\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-align: center\"><a class=\"link preload-hidden ng-binding\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none;color: #000000\" href=\"http:\/\/www.forbes.com\/sites\/omribarzilay\/\" target=\"_self\" rel=\"noopener\">Omri Barzilay<\/a>\u00a0<span class=\"author-comma preload-hidden ng-scope\" style=\"margin-top: 0px;margin-right: -0.3em;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">, \u00a0<\/span><\/p>\n<p class=\"contrib-byline-title preload-hidden ng-scope\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-size: 11px;line-height: inherit;font-family: inherit;vertical-align: baseline;text-transform: uppercase;text-align: center;color: #888888\">\u00a0<span class=\"ng-binding ng-scope\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">CONTRIBUTOR<\/span><\/p>\n<\/p><\/div>\n<p class=\"contrib-tagline preload-hidden\" style=\"margin-top: 0.25rem;margin-bottom: 0.5rem;margin-left: 75px;padding: 0px;border: 0px;font-style: italic;font-size: 0.75em;line-height: 1.3em;font-family: 'Noto Sans', Helvetica, Arial, sans-serif;vertical-align: baseline;color: #939393\"><span class=\"ng-binding ng-scope\" style=\"margin: 0px 3px 0px 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">I cover the real estate markets, investments and technology.<\/span>\u00a0<\/p>\n<p class=\"short legal-disclaimer top preload-hidden ng-scope\" style=\"margin-top: 0px;margin-bottom: 0px;margin-left: 75px;padding: 0px;border: 0px;font-variant: inherit;font-weight: inherit;font-size: 9px;line-height: 1.1em;font-family: 'Noto Sans', Helvetica, Arial, sans-serif;vertical-align: baseline\">Opinions expressed by Forbes Contributors are their own.<\/p>\n<\/section><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"contrib-group\">\u00a0<\/div>\n<div class=\"article-text clearfix\">\n<div class=\"\">\n<p style=\"margin-top: 0px;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\">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\u00a0real estate\u00a0market where many properties are being purchased at a healthy rate\u2013in particular purchases by Russian investors.<\/p>\n<div class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"dam-image getty size-large wp-image-135770734\" src=\"\" alt=\"\" \/> <\/p>\n<p class=\"wp-caption-text\" style=\"margin-top: 0.5em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: italic;font-variant: inherit;font-weight: inherit;font-size: 11px;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\">A view of one of the villas in Porto Heli taken on December 8, 2011. AFP PHOTO \/ Vassilis Psomas<\/p>\n<\/p><\/div>\n<p style=\"margin-top: 1em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\">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\u2019s 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\u00a0<a style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none;color: #003891\" href=\"http:\/\/www.forbes.com\/europe-news\/\" target=\"_self\" rel=\"noopener\">Europe<\/a>\u00a0and the US.<\/p>\n<div class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-109 size-full\" src=\"\" alt=\"omri\" \/> <\/p>\n<p class=\"wp-caption-text\" style=\"margin-top: 0.5em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: italic;font-variant: inherit;font-weight: inherit;font-size: 11px;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\">Source: Bank of Greece;OECD<\/p>\n<\/p><\/div>\n<div class=\"inread ng-isolate-scope inread-active\">\u00a0<\/div>\n<p style=\"margin-top: 1em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\"><span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: bold;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">Low Prices Continuing to Fuel\u00a0<\/span><span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: bold;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">Investment\u00a0<\/span>Since the third quarter of 2008, the overall price of real estate in Greece has fallen by an average of 40%. It\u2019s little wonder that Russian investors in particular are looking at Greece as a\u00a0<span class=\"quotecard ng-isolate-scope\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\"><a class=\"ng-binding\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none;color: #003891\" href=\"http:\/\/www.forbes.com\/companies\/prime\" target=\"_self\" rel=\"noopener\">prime<\/a>\u00a0<\/span>opportunity, assuming it can get out of its current economic woes. However, while investors from many other countries are concerned that investing in Greece may be a losing proposition with the country being threatened out of the Euro, Russian investors have demonstrated a stronger determination to put their money into the Grecian real estate market despite fears of a total collapse.<\/p>\n<p style=\"margin-top: 1em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\"><span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: bold;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">Recession and Real Estate Prices Slide<\/span>\u00a0Despite being buoyed by Russian investment in the luxury sectors, the real estate market as a whole continues to slide in large part because the government raised property taxes to help end the budget shortfall that it is experiencing. In addition, apartment prices fell by 5.6% in the second quarter of 2015 which again is not a good sign of\u00a0the Greek economy. Interestingly enough, Greece has one of the highest rates of home ownership in all of Europe at 80%, ten percent higher than the European average. The combination of falling apartment prices, higher property taxes and tightening credit restrictions have led to a perfect storm of troubles for the Greek economy and the real estate market in particular. If the contraction of Greece\u2019s economy continues as predicted, then it will be virtually impossible<\/p>\n<div class=\"article-top-sharing article-sharing preload-hidden ng-isolate-scope\">\u00a0<\/div>\n<div class=\"article-body-content clearfix\">\n<div class=\"article-contrib-container\">\n<div class=\"article-contrib-block \">\n<div class=\"contrib-preview\">\n<section class=\"contrib-author-container\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">\n<div class=\"contrib-image\"><a style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none\" href=\"http:\/\/www.forbes.com\/sites\/omribarzilay\/\" target=\"_self\" rel=\"noopener\"><img decoding=\"async\" src=\"http:\/\/blogs-images.forbes.com\/files\/2015\/08\/omribarzilay_avatar_1440599354.jpg\" alt=\"\" \/><\/a><\/div>\n<div class=\"contrib-byline ng-scope\">\n<p class=\"contrib-byline-author\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-align: center\"><a class=\"link preload-hidden ng-binding\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none;color: #000000\" href=\"http:\/\/www.forbes.com\/sites\/omribarzilay\/\" target=\"_self\" rel=\"noopener\">Omri Barzilay<\/a>\u00a0<span class=\"author-comma preload-hidden ng-scope\" style=\"margin-top: 0px;margin-right: -0.3em;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">, \u00a0<\/span><\/p>\n<p class=\"contrib-byline-title preload-hidden ng-scope\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-size: 11px;line-height: inherit;font-family: inherit;vertical-align: baseline;text-transform: uppercase;text-align: center;color: #888888\">\u00a0<span class=\"ng-binding ng-scope\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">CONTRIBUTOR<\/span><\/p>\n<\/p><\/div>\n<p class=\"contrib-tagline preload-hidden\" style=\"margin-top: 0.25rem;margin-bottom: 0.5rem;margin-left: 75px;padding: 0px;border: 0px;font-style: italic;font-size: 0.75em;line-height: 1.3em;font-family: 'Noto Sans', Helvetica, Arial, sans-serif;vertical-align: baseline;color: #939393\"><span class=\"ng-binding ng-scope\" style=\"margin: 0px 3px 0px 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">I cover the real estate markets, investments and technology.<\/span>\u00a0<\/p>\n<p class=\"short legal-disclaimer top preload-hidden ng-scope\" style=\"margin-top: 0px;margin-bottom: 0px;margin-left: 75px;padding: 0px;border: 0px;font-variant: inherit;font-weight: inherit;font-size: 9px;line-height: 1.1em;font-family: 'Noto Sans', Helvetica, Arial, sans-serif;vertical-align: baseline\">Opinions expressed by Forbes Contributors are their own.<\/p>\n<\/section><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"contrib-group\">\u00a0<\/div>\n<div class=\"article-text clearfix\">\n<div class=\"\">\n<p style=\"margin-top: 0px;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\">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\u00a0real estate\u00a0market where many properties are being purchased at a healthy rate\u2013in particular purchases by Russian investors.<\/p>\n<div class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"dam-image getty size-large wp-image-135770734\" src=\"\" alt=\"\" \/> <\/p>\n<p class=\"wp-caption-text\" style=\"margin-top: 0.5em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: italic;font-variant: inherit;font-weight: inherit;font-size: 11px;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\">A view of one of the villas in Porto Heli taken on December 8, 2011. AFP PHOTO \/ Vassilis Psomas<\/p>\n<\/p><\/div>\n<p style=\"margin-top: 1em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\">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\u2019s 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\u00a0<a style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none;color: #003891\" href=\"http:\/\/www.forbes.com\/europe-news\/\" target=\"_self\" rel=\"noopener\">Europe<\/a>\u00a0and the US.<\/p>\n<div class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-109 size-full\" src=\"\" alt=\"omri\" \/> <\/p>\n<p class=\"wp-caption-text\" style=\"margin-top: 0.5em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: italic;font-variant: inherit;font-weight: inherit;font-size: 11px;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\">Source: Bank of Greece;OECD<\/p>\n<\/p><\/div>\n<div class=\"inread ng-isolate-scope inread-active\">\u00a0<\/div>\n<p style=\"margin-top: 1em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\"><span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: bold;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">Low Prices Continuing to Fuel\u00a0<\/span><span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: bold;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">Investment\u00a0<\/span>Since the third quarter of 2008, the overall price of real estate in Greece has fallen by an average of 40%. It\u2019s little wonder that Russian investors in particular are looking at Greece as a\u00a0<span class=\"quotecard ng-isolate-scope\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\"><a class=\"ng-binding\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none;color: #003891\" href=\"http:\/\/www.forbes.com\/companies\/prime\" target=\"_self\" rel=\"noopener\">prime<\/a>\u00a0<\/span>opportunity, assuming it can get out of its current economic woes. However, while investors from many other countries are concerned that investing in Greece may be a losing proposition with the country being threatened out of the Euro, Russian investors have demonstrated a stronger determination to put their money into the Grecian real estate market despite fears of a total collapse.<\/p>\n<p style=\"margin-top: 1em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\"><span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: bold;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">Recession and Real Estate Prices Slide<\/span>\u00a0Despite being buoyed by Russian investment in the luxury sectors, the real estate market as a whole continues to slide in large part because the government raised property taxes to help end the budget shortfall that it is experiencing. In addition, apartment prices fell by 5.6% in the second quarter of 2015 which again is not a good sign of\u00a0the Greek economy. Interestingly enough, Greece has one of the highest rates of home ownership in all of Europe at 80%, ten percent higher than the European average. The combination of falling apartment prices, higher property taxes and tightening credit restrictions have led to a perfect storm of troubles for the Greek economy and the real estate market in particular. If the contraction of Greece\u2019s economy continues as predicted, then it will be virtually impossible<\/p>\n<div class=\"vestpocket\">\n<div class=\"article-vp-wrapper ng-scope standard\"><span class=\"vp-topper ng-binding\" style=\"margin-top: 0.25em;margin-right: auto;margin-bottom: 0.25em;padding: 0px;border: 0px;font-weight: bold;font-size: 0.94em;line-height: normal;font-family: 'Noto Sans', Helvetica, Arial, sans-serif;vertical-align: baseline\"><br \/><\/span> <\/p>\n<div class=\"vp-slick-slider slick-initialized slick-slider\">\n<div class=\"slick-list\">\n<div class=\"slick-track\">\n<div class=\"vp-box ng-scope slick-slide slick-cloned\">\u00a0<\/div>\n<div class=\"vp-box ng-scope slick-slide slick-cloned\">\u00a0<\/div>\n<div class=\"vp-box ng-scope slick-slide slick-cloned\">\u00a0<\/div>\n<div class=\"vp-box ng-scope slick-slide slick-current slick-active\">\n<div class=\"vp-inner ng-scope\">\n<div class=\"vp-overlay\">\u00a0<\/div>\n<div class=\"ratio1x1 image-bg ng-scope\">\u00a0<\/div>\n<div class=\"box-overlay\">\n<h5 class=\"ng-binding\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0.5em 0.5em 0.5em 1em;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: 17px;line-height: 19px;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline;color: #ffffff;width: 197px;clear: both\">Yet Another Housing Bubble For London?<\/h5>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"vp-box ng-scope slick-slide slick-active\">\n<div class=\"vp-inner ng-scope\">\n<div class=\"vp-overlay\">\u00a0<\/div>\n<div class=\"ratio1x1 image-bg ng-scope\">\u00a0<\/div>\n<div class=\"box-overlay\">\n<h5 class=\"ng-binding\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0.5em 0.5em 0.5em 1em;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: 17px;line-height: 19px;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline;color: #ffffff;width: 197px;clear: both\">Cuba: The Next Best Real Estate Investment For Americans?<\/h5>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"vp-box ng-scope slick-slide slick-active\">\u00a0<\/div>\n<div class=\"vp-box ng-scope slick-slide\">\n<div class=\"vp-inner ng-scope\">\n<div class=\"vp-overlay\">\u00a0<\/div>\n<div class=\"ratio1x1 image-bg ng-scope\">\u00a0<\/div>\n<div class=\"box-overlay\">\n<h5 class=\"ng-binding\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0.5em 0.5em 0.5em 1em;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: 17px;line-height: 19px;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline;color: #ffffff;width: 197px;clear: both\"><span class=\"label\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">Photos:<\/span>\u00a0The Hottest Real Estate Markets On Earth<\/h5>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"vp-box ng-scope slick-slide\">\n<div class=\"vp-inner ng-scope\">\n<div class=\"vp-overlay\">\u00a0<\/div>\n<div class=\"ratio1x1 image-bg ng-scope\">\u00a0<\/div>\n<div class=\"box-overlay\">\n<h5 class=\"ng-binding\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0.5em 0.5em 0.5em 1em;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: 17px;line-height: 19px;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline;color: #ffffff;width: 197px;clear: both\">Will Millennials Buy Their Homes Online? The Chinese Are Already Doing It<\/h5>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"vp-box ng-scope slick-slide\">\n<div class=\"vp-inner ng-scope\">\n<div class=\"vp-overlay\">\u00a0<\/div>\n<p> <a class=\"thumb gallery-container ng-scope\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none;overflow: hidden;height: 197px;background-color: #797979\" href=\"http:\/\/www.forbes.com\/pictures\/fflf45fkhe\/the-richest-person-in-ev\/\" target=\"_self\" rel=\"noopener\"><span class=\"reason ng-binding ng-scope popular-video-gallery\" style=\"margin: 0px;padding: 0.15em 0.5em;border: 0px;font-weight: 800;font-size: 0.66em;line-height: normal;font-family: 'Noto Sans', Helvetica, Arial, sans-serif;vertical-align: baseline;text-transform: uppercase;text-align: left;color: #000000;float: left;min-height: 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0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none;overflow: hidden;height: 197px;background-color: #000000\" href=\"http:\/\/www.forbes.com\/sites\/wadeshepard\/2017\/01\/21\/india-tells-sri-lanka-take-your-trincomalee-deep-sea-port-and-shove-it\/\" target=\"_self\" rel=\"noopener\"><span class=\"reason ng-binding ng-scope popular-video-gallery\" style=\"margin: 0px;padding: 0.15em 0.5em;border: 0px;font-weight: 800;font-size: 0.66em;line-height: normal;font-family: 'Noto Sans', Helvetica, Arial, sans-serif;vertical-align: baseline;text-transform: uppercase;text-align: left;color: #000000;float: left;min-height: 18px;background-color: #ffd821\">+25,864 VIEWS<\/span><\/a> <\/p>\n<div class=\"ratio1x1 image-bg ng-scope\">\u00a0<\/div>\n<div class=\"box-overlay\">\n<h5 class=\"ng-binding\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0.5em 0.5em 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0px;padding: 0.15em 0.5em;border: 0px;font-weight: 800;font-size: 0.66em;line-height: normal;font-family: 'Noto Sans', Helvetica, Arial, sans-serif;vertical-align: baseline;text-transform: uppercase;text-align: left;color: #000000;float: left;min-height: 18px;background-color: #ffd821\">MOST POPULAR<\/span><\/a> <\/p>\n<div class=\"ratio1x1 image-bg ng-scope\">\u00a0<\/div>\n<div class=\"box-overlay\">\n<h5 class=\"ng-binding\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0.5em 0.5em 0.5em 1em;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: 17px;line-height: 19px;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline;color: #ffffff;width: 197px;clear: both\"><span class=\"label\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">Photos:<\/span>\u00a0The World&#8217;s Highest-Paid Models 2016<\/h5>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"vp-box ng-scope slick-slide\">\n<div class=\"vp-inner ng-scope\">\n<div class=\"vp-overlay\">\u00a0<\/div>\n<p> <a class=\"thumb video-container ng-scope hasimage\" style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;text-decoration: none;overflow: hidden;height: 197px;background-color: #000000\" href=\"http:\/\/www.forbes.com\/video\/5212941218001\/\" target=\"_self\" rel=\"noopener\"><span class=\"reason ng-binding ng-scope popular-video-gallery\" style=\"margin: 0px;padding: 0.15em 0.5em;border: 0px;font-weight: 800;font-size: 0.66em;line-height: normal;font-family: 'Noto Sans', Helvetica, Arial, sans-serif;vertical-align: baseline;text-transform: uppercase;text-align: left;color: #000000;float: left;min-height: 18px;background-color: #ffd821\">MOST POPULAR<\/span><\/a> <\/p>\n<div class=\"ratio1x1 image-bg ng-scope\">\u00a0<\/div>\n<div class=\"box-overlay\">\n<h5 class=\"ng-binding\" style=\"margin-top: 0px;margin-bottom: 0px;padding: 0.5em 0.5em 0.5em 1em;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: 17px;line-height: 19px;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline;color: #ffffff;width: 197px;clear: both\">Super Mario Run Is Coming To Ios On December 15<\/h5>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"vp-box ng-scope slick-slide slick-cloned\">\u00a0<\/div>\n<div class=\"vp-box ng-scope slick-slide slick-cloned\">\u00a0<\/div>\n<div class=\"vp-box ng-scope slick-slide slick-cloned\">\u00a0<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"knob icon icon-chevron-right\">\u00a0<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"margin-top: 1em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\"><span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: bold;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">The Growing Greek Debt Crisis<\/span>\u00a0If it defaults, Greece would be the first European country to do so with Italy, Ireland and Spain not too far behind in terms of their debt. However, one reason that the situation is Greece is not seen as too serious by some economists is that the country only has a relatively tiny share of the global market. So, if Greece would totally collapse the impact, at least in terms of the global economy would be considered minimal. However, the greater danger is that Greece would be seen as a bellwether of other European countries currently in danger of defaulting on their debt. Italy in particular would be devastating because it possesses the 8<sup style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: 12.32px;line-height: inherit;font-family: inherit\">th<\/sup>\u00a0largest economy in the world. If Greece succumbs to its debts, the fear is that it would set off a chain reaction that might plunge the world into a recession. It does not help that Greece\u2019s stock market has plunged considerably since 2008 and currently there is no end in sight. Also playing a big role in the economic slowdown is the tightening of credit which has hampered investment to a large degree. Today, the real estate market is roughly 95% cash when it comes to investments which means that it is very difficult for a broad range of investors to buy up properties. This narrowing of the real estate market to mostly those who have cash has meant that many real estate agents in Greece are closing up shop. With such limited opportunities for ordinary people to buy property, that means the real estate market as a whole has dried up considerably. Unless things change for the better quickly, it may be that the real estate market will not recover for a very long time to make it worthwhile for most investors.<\/p>\n<p style=\"margin-top: 1em;margin-bottom: 1em;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: 1.4em;font-family: Georgia, 'Times New Roman', Times, serif;vertical-align: baseline\"><span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: bold;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">Politics\u00a0in Greece\u00a0<\/span>Despite heated debate, reelected\u00a0Prime\u00a0Minister Alexis Tsipras was able to pass<span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">\u00a0a package of economic changes\u00a0and austerity measures this week, taking a step toward unlocking the first $2.3 billion slice of loan money from the country\u2019s nearly $98 billion\u00a0<\/span><span style=\"margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: inherit;font-size: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline\">international\u00a0bailout program.\u00a0It is Mr. Tsipras\u2019s first real test since his re-election last month on a pledge to enforce Greece\u2019s third bailout as painlessly as possible.\u00a0<\/span>This situation will play strongly in Greece\u2019s real estate market, which, despite the great reduction in value over the past several years may plummet further if Russian investors decide to pull out and go to more promising situations.<\/p>\n<p><span style=\"font-family: Georgia, 'Times New Roman', Times, serif;font-size: 17.6px\">While it is too soon to make the determination on whether Greece\u2019s 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\u00a0the economic situation to clear and for the bond\u00a0yield to lower dramatically.<\/span><\/p>\n<p>source :\u00a0http:\/\/www.forbes.com\/sites\/omribarzilay\/2015\/10\/19\/russians-are-buying-up-real-estate-in-greece-should-you\/#516d97984ac0<\/p>\n<p>\u00a0<\/p>\n<p style=\"color: #333333;font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;font-size: 14px\">You can contact us :\u00a0<a href=\"mailto:kostas@investgreece.g\">kostas@investgreece.g<\/a>r \u00a0via whatsapp or viber .\u00a0<\/p>\n<p style=\"color: #333333;font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;font-size: 14px\"><span style=\"color: #666666;font-family: DroidSansRegular;font-size: 13px\"><a style=\"color: #0c3152\" href=\"mailto:kostas@investgreece.gr\">kostas@investgreece.gr<\/a><\/span><span style=\"color: #666666;font-family: DroidSansRegular;font-size: 13px\">\u00a0veya 00306987098983 whatsapp ve viber vas\u0131tas\u0131yla irtibata ge\u00e7ebilirsiniz<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a0real estate\u00a0market where many properties are being purchased at a healthy rate\u2013in particular purchases by Russian investors.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[631],"class_list":["post-1044","post","type-post","status-publish","format-standard","hentry","category-yunanistan-haberler","tag-russians-are-buying-up-real-estate-in-greece"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Russians Are Buying Up Real Estate In Greece, Should You? 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However, despite seemingly desperate economic conditions there is a\u00a0real estate\u00a0market where many properties are being purchased at a healthy rate\u2013in particular purchases by Russian investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.investgreece.gr\/index.php\/2017\/01\/22\/russians-are-buying-up-real-estate-in-greece\/\" \/>\n<meta property=\"og:site_name\" content=\"Invest Greece Yunanistan Emlak\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-22T12:31:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-02T17:48:11+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/blogs-images.forbes.com\/files\/2015\/08\/omribarzilay_avatar_1440599354.jpg\" \/>\n<meta name=\"author\" content=\"Kostis Arslano\u011flu | Kostantin Kaini Arslanoglou\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@KostaEmlak\" \/>\n<meta name=\"twitter:site\" content=\"@KostaEmlak\" \/>\n<meta name=\"twitter:label1\" content=\"Yazan:\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kostis Arslano\u011flu | Kostantin Kaini Arslanoglou\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tahmini okuma s\u00fcresi\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 dakika\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.investgreece.gr\\\/index.php\\\/2017\\\/01\\\/22\\\/russians-are-buying-up-real-estate-in-greece\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.investgreece.gr\\\/index.php\\\/2017\\\/01\\\/22\\\/russians-are-buying-up-real-estate-in-greece\\\/\"},\"author\":{\"name\":\"Kostis Arslano\u011flu | Kostantin Kaini Arslanoglou\",\"@id\":\"https:\\\/\\\/www.investgreece.gr\\\/#\\\/schema\\\/person\\\/e8c186c54186cd738cb9dbcdfe7851dd\"},\"headline\":\"Russians Are Buying Up Real Estate In Greece, Should You? 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