Imagine you are in a country that is looking to increase investment in a floundering real estate market. Even though real estate prices are now at 40 percent from their peak, Greece has not recovered from the 2009 debt crisis, and is offering visas to non-European Union citizens when they invest 250,000 Euros in real estate. This is cheaper than Portugal’s offer of a visa which requires twice the investment of at least 500,000 Euros. Those prices translate to 374,000 Canadian dollars in real estate in Greece to obtain a visa, and 748,000 Canadian dollars to get a visa in Portugal.
There are three direct flights a week from China to Greece, and for those Chinese investors in Athens real estate their buying power enables them to purchase two properties for the price of one in Portugal. Despite curbs on the exporting of currency from China, Chinese investment has continued in Greece, along with Russian and Turkish real estate investment.Read more »