Ancient architectural landmarks, a comfortable climate, and the romantic Aegean Sea have made Greece a world-renowned tourist and vacation destination. Greece's investment immigration program, characterized by its low threshold, high cost-effectiveness, and generous benefits, has attracted many high-net-worth individuals in China to choose Greece as a livable destination for their future planning. Today, the editors at Worldway Immigration will use data to analyze just how popular Greek investment immigration is. At the same time, Worldway's immigration experts remind investors that Greece is currently in a period of relatively relaxed policy, and investors who purchase property in Greece during this time will certainly gain!
The surge in Greek permanent residency
Big data shows that the 2017 "Greek Golden Visa" (residency by investment) program was widely welcomed by investors, with Chinese investors undoubtedly serving as the primary force driving overseas property purchases. Last year, a total of 1,011 Chinese families applied for Greek residence visas, and the Greek immigration office issued a total of 2,525 residence cards to Chinese investors. Both sets of data indicate that Chinese investors account for more than 40% of the market share.
Booming tourism industry
The number of tourist arrivals has shown a stepped increase. According to statistics, the number of people entering Greece in the first half of 2017 increased by 10.5%, and tourism revenue in Greece grew from 1.79 billion euros in the same period last year to 2.047 billion euros. It is estimated that the number of tourists visiting Greece this year will increase by 50%.
Increasingly convenient flight accessibility
Following the launch of the Beijing-Athens direct flight on September 30, and with Greek airlines planning to add 18 new international flights departing from the capital, Athens, in 2018, we can see that a post-economic-recovery Greece is opening up to the world with an increasingly open and active posture. The first quarter of 2018 has ended; according to data provided by airlines, demand for flight seats to Greece from foreign travel agencies increased by 21% this year, and it is expected that Greece will likely set new records for inbound and outbound traffic in 2018.
Regarding investment
According to analysis by the Bank of Greece, funds flowing from overseas into the Greek real estate market in 2017 alone are estimated to have reached as high as 500 million euros, an increase of approximately 72% in capital flow compared to the same period last year during the first seven months. In addition, the robust development of the Greek shipping and tourism industries has led to a massive influx of foreign capital into the Greek market. Commercial giants such as COSCO, Wanda, and Alibaba have successively entered the Greek market, driving the continued development of the Greek economy and attracting a large number of international investors.
Real estate volume
According to the latest survey data released by relevant Greek real estate institutions, between 2016 and 2017 alone, the total volume of property transactions in the Greek capital of Athens exceeded 20,000 units. This figure is equivalent to three times the total real estate transaction value from the outbreak of the 2008 financial crisis until the launch of the Greek property-purchase immigration policy in 2013. Among these, investors from mainland China accounted for as much as 63.2%. As the Greek economy continues to grow, the investment value of real estate will be further highlighted. Now is the golden opportunity to invest in property, and Greek listings are being frantically snapped up by investors!
Just how hot is the Greek property market?
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