Safari in … Beijing for investments in Greek real estate

Monday, 23 September 2013 – 09:58 By Dietris Delevegos In remote China, more and more real estate sellers and developers are “resorting” to finding buyers, with domestic real estate tending – slowly – to return to foreign investors after the provision of incentives to third-country nationals for the acquisition of real estate worth equal to or greater than 250,000 euros.

The international real estate exhibition – the largest in northern China – which ended yesterday in Beijing, seems to have been one of the best opportunities to promote Greek real estate. At the opening ceremony of the exhibition, Evanuel Stantzos, Commercial Attaché of the Greek Embassy in Beijing, presented to Chinese businessmen Law 4146/2013, which has been in force since last May and provides for the granting of a five-year leave of absence for three years. real estate worth equal to or higher than 250,000 euros.

“The Chinese have shown significant interest in Greek real estate, which must see how this will be practically transformed,” said Dimitris Papachristou, president and CEO of the real estate development company Build Up, which gave a report to “Paron”. . “The Chinese market is showing significant potential.

However, some distortions related to the disproportionate provision of high commissions and lion contracts to Chinese bondholders should be avoided, which in the long run would make the Greek real estate market unreliable. in Markopoulo.

This is the first property purchase from China, which was accompanied by the application for three licenses. The second Greek presence in the exhibition came from Euroterra which develops residential projects and has been founded by Michalis Therianos. Also, the “present” in Beijing was given by Cypriot interest companies, such as Aristo developers interest Miltos Kaipouridis, who promoted real estate in Cyprus.

China, which – despite its internal problems – enjoys high growth rates, has become the “No. 1” destination for investors. Multimillionaires grew by more than 45% from 2007 to early 2013, while household wealth more than tripled from 2000 to date.

Foreign investment is a lifeline At the same time, foreign investment could potentially serve as a “kiss of life” for the dilapidated domestic real estate market, whose vast reserves of some 250,000 unsold properties are unlikely to be vacated. It is no coincidence that Spanish real estate, despite the slump in values ​​and transactions, remains “alive” due to foreign investment.

In fact, in the second half of 2013, Spanish real estate transferred to foreign buyers increased, compared to a year ago, by 29%. Could there be corresponding amounts of foreign investment in the Greek real estate market? If taxation stabilized and country risk, which is now mainly caused by potential political instability, was minimized, then deals from foreigners would increase significantly, analysts note.

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