Chinese buyers expected to step up Greek property investment, as Xi lands in Athens to strengthen ties

Chinese President Xi Jinping arrived in Athens on Monday to cement ties with Greece, which is regarded as key to his Belt and Road Initiative.

Greek Prime Minister Kyriakos Mytsotakis, elected in July, has been encouraging Chinese investment, and the visit by Xi comes just days after Mytsotakis and a large Greek trade delegation met him in China. “I also believe that China wants to look at investing in other Greek infrastructure assets as well,” Petropoulos said.

In April 2013, Greece introduced one of the EU’s cheapest golden visa programmes, offering residency for a €250,000 property investment. The programme has been particularly attractive to Chinese investors, as extended family members can also enjoy residency status and, therefore, access to Europe. Moody Analytics’s House Price Index for Greece shows five quarters of price rises, with a 2.54 per cent rise in the first quarter of 2019 and a 3.8 per cent rise in the second quarter. The IMF forecasts Greek GDP growth at 2 per cent, its highest rate since the country plummeted into crisis in 2010 and GDP fell 9.1 per cent in 2011.

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