Free Essay Describing the Residential Real Estate Case Study

A Chinese investor contacted Pmd Real Estate seeking to obtain a residency permit in Greece. By the virtue of being non-European, the investor was entitled to receive a residency permit for the purchased property above 250,000 euros. Pmd Real Estate endeavors to meet all its clients needs from the acquisition, sale rental, financial, legal, to professional services. Subsequently, a comprehensive team from the company entailing officials from all departments held a conference call with the client to bring them up to speed and make sure they were well accustomed to the process. The key agendas discussed in the meeting included but were not limited to the legal process of property acquisition in the country as well as residency permit requirements. A more detailed and comprehensive report was then sent to the client via email.

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Background

The client settled on a budget in the range of 250,000 euros to 320,000 euros on a residential property. Successively, it would be feasible to obtain a residency permit for a property with these budget limits. The company then set out to find property and successively located five viable proposals. The client would then review the proposals before their site visit for property inspection. The companys legal team diligently liaised with the Chinese diplomatic offices and the Embassy to ensure that the client obtained a visa to Greece in time for the inspections.

Alternatives

The following are the proposals that the client was set to review and inspect their respective sites visits:

Paleo Faliro Apartments. This was an 110 square meter apartment, three bedrooms, with one separate kitchen, a spacious living room, dining room, spacious verandas fitted with solar tents, independent heating system, air conditioning, a garage, and a storage room. The asking price was 250,000 euros.

Paleo Faliro, Apartments. The second apartment was on the first floor extending to 143 square meters, with three bedrooms, two bathrooms, a large lounge area, a fireplace, a dining area, kitchen, independent heating system with natural gas, verandas, underground parking. It was also located a walking distance from shops and the beach. The asking price was 270,000 euros.

Paleo Faliro, Seaside Apartment of 145 square meters. This was on the elevated ground floor with two bedrooms, one bathroom, a large lounge area, dining area, open plan kitchen, air-conditioning for heating and cooling, large veranda, awnings, white marble flooring, next to the local retail shops, and 100 meters away from the beach. The asking price 320,000 euros.

The fourth was a luxury apartment of 92 square meters with similar features in addition to internal camera circuit, data network, and LED lights. Located in the heart of Glyfada center, close to public transportation and beach its asking price was 270,000 euros.

Conclusion

Upon review and inspection of all the proposals, the client went with the fifth proposal. The sales manager set up a meeting with the owner who agreed at a price of 235,000 a little higher than the clients bid price of 225,000 euros. In light of the underlying residency permit regulations, the company advised the client to purchase a parking spot at a price of 20,000 euros. This spot was projected to yield a steady annual income with an 8% gross yield. Ultimately, the client received their residency permit having purchased the two properties amounting to 255,000 euros.

References

Magliveras, K. D. (2011). Migration Law in Greece. Kluwer Law International.