What Decisions to Make on Marketing to Foreign Buyers? (Part 3)

Case study. Greece real estate and Russian buyers in 2015-2016.

Why should Greek property sellers choose the Russian buyers as their first target? Let’s have a look at the reasons.

Lately, many sources from all over the world publish articles on Russian real estate buyers in Greece. Although the history of the Russians buying properties in Greece has been long and successful due to the close distance, culture, religion and relations between the two countries, right now it is a new wave. Here are some recent facts from various publications:

“The debt crisis has created lots of bargains for foreigners in Greece. Tourists have come in record numbers. And of course the residential real estate sector is a buyer’s market for the foreigners. Great properties for sale are available in any price range for any buyer.

“Prices for the Greek luxury villas have dropped by 50% since the beginning of the crisis in 2009. The Greek middle class homes are now for sale at 30% cheaper.

“Although no one can predict what can happen in the Greek crisis further, the Russian oligarchs are on the shopping spree and buy the Greek most beautiful villas, because the prices for luxury homes around Athens and in the islands of the sunny country are so low already.

“A recent survey of Russian and Greek real estate agents who sell luxury properties to the Russian wealthy buyers states that the number of the Russian buyers is two times more than the usual.

“One of the surveyed realtors says that if a villa on the beautiful Greek island of Syros cost 1.6 million euros a few years ago, it is now for sale for just 800 000 euros.

“The survey concludes that these parallel processes of the falling real estate prices in Greece and the falling cost of the ruble in Russia at the same time made it profitable for the Russians to invest in the Greek real estate. And all the surveyed real estate agents confirm the trend.” Bingo!

On top of the attractive real estate prices, there is the Greece government’s so called “Golden Visa” Program which provides residence rights for the foreign property buyers in the country and it is also interesting for some Russian buyers.

Copyright © 2017 by Olga Kellen
All Rights Reserved

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