Russian interest in Greek homes for sale resilient; budgets at 350K

Interest in acquiring a home in Greece from Russian speaking investors proved to be more resilient than elsewhere in Europe, according to property developer and brokerage Tranio.

In a survey of 414 experts from 35 countries, Tranio says that demand for housing abroad among investors from Russia and the CIS amidst the pandemic fell by more than 20 percent but in Greece the drop was less, between 10-20 percent.

Nearly two thirds of Russian speaking investors cited residency as being the main driver for buying a home in Greece, Tranio added, stressing that three in ten target capital gains from an investment in the southern European country.

The average transaction budget for Russian-speaking investors in Greece in 2020 was 350,000 euros, Tranio added.

Russian and Chinese investors had been largely driving demand for Greece’s residency-for-investment program when numbers have dropped off due to the pandemic and travel restrictions to Asian visitors.

In recent years, Chinese buyers made up the bulk of investors targeting Greece’s golden visa programs, the cheapest in the European Union, followed by nationals from Russia, Turkey and Egypt.

Official data shows that 903 residency permits had been issued in 2020, down 73 percent from a year earlier. In the first five months of the year, this number had reached 117.

According to Astons, foreign investors prefer Athens and buy flats or apartments in central areas like Kolonaki and Plaka, where prices for premium properties start from 4,000 euros per sq. m.

Other areas popular with foreign buyers are homes along the Athens Riviera, the southern coast of the capital, the port area of Piraeus, Thessaloniki and the islands of Crete, Corfu and Rhodes.