In Greece, an Economic Revival Fueled by ‘Golden Visas’ and Tourism

Less than a year after Greece emerged from a multibillion-euro international bailout, Athens is witnessing an investor boom, the International New York Times reported. Hip new hotels with Acropolis views are dotting the skyline. Construction workers are tearing into dwellings owned by Greeks needing cash and converting them swiftly to short-term rentals, Airbnbs or fancy new homes for foreigners. Thousands of visa-seekers, a significant portion of them Chinese investors looking for bargain real estate, are coming to this capital city as well as the islands of Santorini and Corfu in search of homes that will give them a European base. Local homeowners, pressed by Greece’s lengthy financial crisis, are trying to take advantage of the investor bonanza, selling apartments or renting their homes to tourists in a frenzy that is quickly changing the housing market. The newcomers are chasing Greece’s so-called golden visas, which other crisis-hit countries like Portugal and Spain have used for years to lure investors in a bid to stoke an economic recovery. Read more