Foreign investments in Greek homes up by a third in 2016

Investments in Greek homes from foreign nationals in 2016 jumped by a third, according to Alpha Bank.

In a weekly report, the bank said that foreign nationals invested 250 million euros to acquire residential property in Greece last year, versus 186 million euros in the previous year.

Investor interest in Greek homes rose due to the country's visa for investment program,which offers foreign nationals a five year residency permit for investments above 250,000 euros and the reduction of a property transfer tax from10% to 3%.

The bank added that future demand for Greek homes from abroad will hinge on the reduction of economic uncertainty in Greece regarding its public debt on the condition that global growth keeps expanding.