Russians buying up property in Chalkidiki to get residence permits

Investing in real estate over 250,000 Euros

According to “Grekodom Development”, a subsidiary of the Mouzenidis Group dealing in real estate, 2017 is expected to see a resurgence in property purchases by Russians in the region of Chalkidiki, Macedonia. The company’s deputy director, Damianos Sachpatzidis, said that as the Russian Ruble stabilises even more, the interest of Russian buyers in the area will rise in 2017. Some have already invested over 250,000 either in direct real estate purchases or property renovation and long-term leases in an effort to receive 5-year residence in Greece. “The Russians’ real estate interest revolves around property worth over 250,000 Euros, because these purchases give them a 5-year residence permit in Greece”, he points out. The middle-class Russians have shown a particular preference for the properties in the area of Kassandra in Chalkidiki due to its close proximity to large hotel units.