ECONOMY

Property incentive finds takers

The total value of residential properties acquired in Greece by non-European Union citizens over the last few years in the context of an incentive which provides a five-year residence permit to those who buy real estate totaling at least 250,000 euros is estimated at some 200 million euros, according to Deputy Development Minister Notis Mitarakis.

Addressing the 15th Prodexpo real estate conference over the weekend, Mitarakis revealed that a total of 519 investors have already made use of the provision, with 436 permits already issued and another 83 pending, following the submission of applications.

The vast majority of applicants are Russian (185 permits) and Chinese (119), while a distant third nationality is Egyptian, with 33 permits, ministry data showed.

However a significant share of those permits are not destined for new buyers, but rather current property owners who may have acquired their assets in recent years and are now rushing to apply for the permit.

The conference also heard that the existing legal framework remains one of the biggest obstacles dissuading new investors from entering the market.