Greece is gradually coming out of the long-running crisis, partly because of foreign investments in the resort real estate, the volume of which in the first half of 2014 has doubled. Housing is mainly sold to foreign buyers in the areas of the Cyclades (Mykonos, Santorini), or on the islands of Crete, Rhodes and Corfu, informs the ee24.com citing Ekathimerini.
In January-June 2014, foreigners spent about €117.4 million on real estate in Greece, or two times more than in the first half of 2013 (€60.3m). It is noteworthy that the investments of six months of 2014 exceeded the whole 2012, when foreigners forked over €113 million.
According to the results of 2013 the growth was about 48.5% (€168m) and the rate of 2014 is difficult to predict, but the growth is obvious. This is mainly caused by the 40% fall in sea property prices in Greece during the crisis, increase of tourist flow, property purchase tax, reduced from 8-10% to 3% and the authorities' attempts to attract foreigners by issuing a "gold residence permits " for buying a housing worth €250,000.