Turks eyeing Greek property

Buying interest in Greek properties from Turkish investors has risen sharply after the failed coup attempt in the neighbouring country, according to a press report.

Citing local brokers, Germany's Süddeutsche Zeitung said that Turkish investors ranging from public servants to business owners coming mostly from Turkey’s large cities are looking to acquire real estate in Greece.

“In the last two years we have had a strong increase in Turkish buyers,” said Vasilis Aksarlis, from Ellika Real Estate.

“The attempted coup in Turkey brought some unexpected customers to Greek real estate agents. When a home or apartment in Greece changes hands, the buyer is more often from Turkey.”

The report adds that there is no official data showing how many Turks are buying Greek property though Aksarlis said that buying interest has jumped by 1,000%.

Apart from looking to take advantage of the property prices that have fallen by some 40% since the start of the crisis, Turkish investors are eyeing a residency permit that comes with investments worth more than 250,000 euros. The permit is valid for five years and can be renewed on the condition that the property is not sold. (2)