Freedom to travel adds to lure of Athens flats for wealthy Hongkongers

Deep-pocketed Hong Kong investors could be surprise beneficiaries of Greece's attempt to woo wealthy mainland investors with promises of visa-free travel in Europe.

In the basement of a Causeway Bay hotel yesterday, London-based property developer Euroterra Capital was doing the hard sell on a seven-storey block of 14 flats in central Athens.

Managing partner Pantazis Therianos said it was a sign of a new chapter as the Greek economy, long a byword for Europe's woes, shows modest signs of recovery, with forecast growth of 2.9 per cent next year.

While mainland investors were key targets - the marketing materials were in English and simplified Chinese - Therianos said five of the first six flats sold went to Hong Kong buyers, with one investor from Singapore. The one and two-bedroom homes are priced from €180,000 (HK$1.7 million) to €300,000.

"We were very surprised," Therianos said of the early sales, adding that potential buyers had also come from Shenzhen and Guangzhou.

"At the moment, prices are low and people believe it's the bottom of the market."

The five Hong Kong buyers included private bankers and a hedge-fund manager.