Russian Buyers Prefer other South European House Markets
In the last couple of years, Greek Real Estate especially in the areas of Crete and the Aegean has been the preferred investment target for many Russian businesspersons.
There are many reasons for this preference: The common business practices and historic ties between Greece and Russia; the warm weather and the sea; the soundness of Greek banks that many times act as catalysts to these investments; and the fact the real estate in Greece is considered a sound investment that appreciates in value as well as a traditionally strong investment vehicle.
This may be changing. The last couple of months have claimed witness to Russian interest shifting from Greece to other Mediterranean vacation favorites, most notably Spain.