Steady ruble pleases Russian buyers in Halkidiki

Real estate company Grekodom Developments expects interest from Russian buyers to increase in 2017 due to the steady ruble and an interest in securing a five year residency permit offered by the Greek government to foreign investors.

Speaking to Greece’s state news agency ANA-MPA, Grekodom Development’s deputy manager Damianos Sahpatzidis said that Russian buyers are eyeing holiday homes in the northern Greek area of Halkidiki above 250,000 euros in order to qualify for the residency permit.

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After purchasing the home, many investors spend large amounts of money on upgrading this asset, which supports businesses in the area, such as furniture sellers, he said.

At the end of 2016, there was an increase in homes bought by Russians, while this year it is expected to be stronger due to a stabilisation of the rubble, he added.