Turkeys peaceful invasion into Greece

first_imgGreece has been hoping for foreign investments to help shore up the economy, but the kind of foreign investment it has been attracting recently is probably not what the country’s leadership had in mind. A wave of wealthy Turks are acquiring property in Greece, rapidly earning a place among the most dynamic buyers in the market, along with the British, the Germans, the French and the Italians. Turkish property investment in Greece has been on the rise since the beginning of the crisis, when property prices started to drop, but the trend has mostly been modest so far. According to official Bank of Greece data, the number of buyers from Turkey increased by 11.7 per cent in 2012 and 10.9 per cent in 2013; however, market professionals claim that demand has taken off during 2016, especially after the failed coup in Turkey. Spurred by political insecurity, many wealthy Turks are eyeing Greece as a relatively safe place for property acquisition. Investors are mostly coming from the western part of Turkey, specifically Istanbul and the Aegean coast − they represent the country’s upper classes; their income is well above median and their education level is high. Most of them see Greek land as a safe investment in a time of political turmoil, but few of them are actually looking into relocating to Greece. This kind of peaceful Turkish ‘invasion’ is still in the very early stages, but it will certainly have an impact on the market − and on the relationship between the two neighbouring countries. Facebook Twitter: @NeosKosmos Instagramlast_img

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