Chinese investors are interested in the auctions of foreclosed real estates in Greece, where they can obtain a permanent resident permit in the European Union through property purchase.
Real estate auctions are essential for the Greek banks, to be able to write off the nonperforming assets. These sales must help the financial institutes to become lending institutions again, after the economic crisis. It looks like a destructive process for the owners of those investments, who can not pay their debts. Auctions were held during to last years; however, in 2016, the banks managed to organise only 5641 auctions compared to the 52,027 similar events in 2009. Meanwhile, the objective is to put more than 15,000 properties through the process, during 2018.
The recovering Greek real estate market offers not only affordable costs but the qualifying amount of investment allows not just the wealthy investors to move into the European Union. Moreover, the property market recovers slower than thought before, and it is still at least 25% cheaper than in the pre-crisis period.
Naturally, the foreign investors are continually looking for affordable EU immigration solutions. Only the demand from China increased by 158,5%, according to Juwai.com. Meanwhile, the Chinese candidates account for the 42 percent of all Golden Visas issued in Greece. These investors were more than careful with the Greek market, but it's clear that they point of view has changed rapidly during 2017. As the whole Union and especially Greece has recovered from the crisis, the investors aim the most affordable housing markets, where advantageous immigration schemes wait for the affluent applicants.
If you are not well informed on the European Union's common real estate market, it's important to note that the qualifying amount of investment is only 250,000 euros for the Greek residency by investment program. This amount is enough to buy a decent family home in the Mediterranean country, even in the capital. Athens offers the modest style and high quality of life in an important touristic and financial centre of the European Union.
However, Greece has more to offer than its beautiful capital. Precisely, 6000 islands are waiting for the investors and the countryside, close to the capital have more than enough breathtakingly perfect seasides, mountain landscapes and culture everywhere. Between 2012 and the summer of 2017, 1684 investors obtained the right to live, work and travel in the Schengen Zone through the Greek residency by investment program. There were only 20 applicants in the first year of the scheme, but 1550 wealthy candidates chose the option in 2016. It is not a coincidence because all similar EU immigration programs offer residence permits in exchange for more money. And perhaps, the most attractive issue is that Greece grants permanent residency permit for the investors. Meanwhile, the other EU Member States introduced the process with the initial temporary resident status, which can be only changed after several years to the more valuable permanent status, which leads directly to the citizenship.
Do you need more information on the Greek Golden Visa Program or the Greek real estate auctions? Ask here for more details! (http://220.127.116.11/contact/)