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. Last Updated: 07/27/2016

Russia, CIS Largest Buyers of Greek Property Last Year

Buyers from Russia and the Commonwealth of Independent States were the most active foreign property buyers in Greece last year, according to a joint report released by international agency Gordon Rock and Sea-Homes Real Estate & Construction.

According to their research, 80 percent of foreign property buyers in Greece were from the CIS, with most coming from Russia, Ukraine, Kazakhstan and Armenia. The buyers were most interested in property on the island of Crete, the report said.

Before the financial crisis — in 2006 and 2007 — more than 40 percent of potential buyers from the region were interested in property on Crete, a figure that fell to 35 percent in 2009. A considerable amount of demand, 21 percent of potential buyers, shifted to the Chalkidiki Peninsula, which is attractive for its good prices and quality, the report said.

Of the buyers from Russia and the CIS, 60 percent were interested in economy-class properties (costing up to 150,000 euros, or $204,000). Thirty percent were seeking business-class real estate (150,000 euros to 350,000 euros), while the remaining 10 percent wanted elite properties costing more than 350,000 euros, the report said.

The report also noted that the mortgage market had improved for Russian citizens. Banks began offering them up to 70 percent of the purchase price under 10-year mortgages at 8 percent interest, provided that they offered property in Russia as collateral.