News

”Golden Visa” Investors And Tourism Boosting Greece’s Recovery

Date: 20.03.2019 / By Nick Kampouris / Greece.GreekReporter.com / Comments (0)
Foreign investors, especially the Chinese, are choosing either Athens or the Greek islands for locations to buy their new properties. File photo from Symi..

The Greek economy is currently undergoing a major transformation, mainly because of the real estate boom and record-breaking tourist arrivals, the New York Times reported on Wednesday.

The American newspaper analyzed the two major factors which are contributing to Greece’s rapid recovery after eight years of financial crisis: Tourism and real-estate investment.

In an effort to attract foreign investors and revitalize its real-estate market, Greece initiated the ”Golden Visa” program in 2013. This plan stipulates that any non-EU national who invests more than €250,000 in the country’s real-estate market is granted a five-year visa, with the right to extend it.

However, the Greek state was not the first to implement such a liberal policy. Other European countries which had suffered through the Eurozone’s financial crisis, including Portugal and Spain, tried to take advantage of similar programs.

But Greece has now become the epicenter of this type of investment, as tens and even hundreds of thousands of middle-class Chinese have chosen Greece as their base, in what they describe as a ”European adventure.”

The Chinese feel a definite affinity with Greece, since several of their country’s gigantic corporations, such as the Cosco shipping conglomerate, have already been a part of Greece’s economy for more than ten years now.

Buying a house in Athens, Santorini or Corfu is enabling Greece to serve as a central European base for the Chinese. They are understandably thrilled by the idea that the right to live and travel across the European Union without restrictions for at least five years can be won just by the purchasing of real estate.

However, there are downsides to this unique plan, and the New York Times mentions several deleterious side-effects of the program, along with possible downsides to the boom in tourist arrivals in the city of Athens.

More and more landlords in Athens and elsewhere Greece are refusing to rent their properties to Greek citizens, as they view short-term rentals and foreign investment a much easier way to earn a lot more money.

This situation has pushed thousands of Greek citizens out of Greek city-centers, in the exact same manner as Barcelona saw several years ago, when the city experienced a similar boost in its tourist arrivals and foreign investment.

It is becoming abundantly clear that, while the impressive spike in the numbers of tourists and investors are helping Greece get out of the spiral of recession, the rapid growth of specific sectors of the economy, without rules and regulations, can create real problems and hurt the cohesiveness of Greek society itself.

As the Greek economy is being indelibly transformed, the authorities will have to watch carefully how this metamorphosis affects the citizens of the country, making sure that the welcomed new era of growth will also be an era of sustainability and prudence.



http://greece.greekreporter.com/2019/03/20/golden-visa-investors-and-tourism-boosting-greeces-recovery/

Reviews & Comments


GPE360.com (GreekPropertyExchange.com) has relaunched as the top Greek real estate and property website portal dedicated to Greece and Cyprus’ industry. GPE360.com’s members include top real estate agents, realtors, individual sellers, FSBO, sale by owners, architects, developers, construction companies, lawyers, notaries and others that advertise residential (house, home, land, apartments, flats, villas, land, parcels and commercial listings for those looking to buy, sell and rent across all of the Hellenic Republic. GPE360.com is like the MLS database portal that is advertised in the top Greek diaspora and international markets around the world to those looking to invest - including Australia, the United States, Canada, United Kingdom, Germany, France, Spain, France, Europe, South Africa, Russia and everywhere else. Most foreigners start their home search in popular destinations like Mykonos, Chania, Crete, Athens, Thessaloniki, Cyclades, Santorini, Rhodes, Corfu, Ios, Lefkada and many more cities, prefectures and regions in Greece. GPE360.com has been featured in most Greek news media outlets and in some of the leading international publications in newspapers, magazines, websites, online news portals, television and radio. Notable publications featuring GPE360.com and its founder, Georgios Stroumboulis include the Wall Street Journal, G1 Brasil, India Today, Barron’s, El Mundo, Naftemporiki, Kerdos, Isotimia, Vradyni, Elefterotypia, Elefteros Typos, Imerisia, Ta Nea, Ethnos, Neos Kosmos, GreekReporter.com, PappasPost.com, Voria.gr, Parapolitika.gr, MetroGreece.gr, People Greece, NewsBeast.gr, Radio Neo Show, Antenna ANT1 Satellite TV, MEGA TV, Makedonia TV, Channel 9 (Το Α και το Ω των ακινήτων). GPE360.com is the only real estate website to have produced its own reality TV show called Hellenic Home Hunting (www.HellenicHomeHunting.com). Created, produced and edited by George Stroumboulis’ media company, BouliBrand (www.BouliBrand.com), this TV show caused an international media storm for controversy during the unstable economy period in Greece. Visit www.GPE360.com for the latest property listings and start your search, register for an account to sell or simply browse our news. Stay connected with us on Facebook (www.facebook.com/gpe360), Twitter (twitter.com/gpe360), LinkedIn (https://www.linkedin.com/company/greek-property-exchange-gpe-), YouTube (https://www.youtube.com/user/gpe360), and Instagram (www.instagram.com/gpe360/). Use the hashtag #GPE360 and #HellenicHomeHunting.



featured on the front page of

The Only TV Show Promoting
Greek Real Estate to the World!
WATCH FIRST SEASON