Investors face vandalism and hostility in Exarchia
Properties bought by foreigners under the Golden Visa scheme are targeted by anarchists amid allegations of ‘violent gentrification’
When the Turkish couple signed the contract around this time last year, they were thrilled with their new apartment and the area where it was located. It was situated in the heart of Exarchia, a downtown Athens neighborhood they had never explored despite numerous trips to the Greek capital. The woman, 42, an executive at a company in Istanbul, had received an inheritance and, along with her husband, decided to invest it in Greece through the Golden Visa scheme. “But it wasn’t just a financial investment for us. I felt like I was acquiring a second home in a country I adore. I intended to spend at least a month here with my family every year, and perhaps even more in the future.”
She now tells Kathimerini that the couple could never have anticipated the ordeal they were about to face. At least another five investors – three Turks and a Chinese couple – who purchased apartments in the same building at the corner of Tzavella and Mesolongiou streets, where teenager Alexis Grigoropoulos was killed by a police bullet 15 years ago, have faced similar issues. Their properties have been vandalized, and anarchist groups have prohibited any use of them.
The apartments were bought from Destiny Ependitiki MIKE, a private equity company founded in 2015 that specializes in acquiring and developing properties, mainly targeting the Chinese market. In 2018, the company – and its founder, Evangelos Papaevangelou (then vice president and executive board member of Jumbo, Greece’s largest toy retailer) – was accused of selling properties to Chinese buyers using POS systems to bypass capital controls imposed at that time in China. The case was archived by the Athens Misdemeanor Court, and the company continued its operations normally. By 2018, according to its own figures, the company had sold 152 residences worth €40 million and had secured €20 million in deposits for properties under construction. One of these was the seven-story apartment block in Exarchia.
By 2023, at least six apartments in the building had been sold to foreign buyers through the Golden Visa program. Three of these were purchased without the buyers ever visiting, relying solely on photographs. Even those who had seen the apartments had not noticed any issues during the day. “If there had been even a hint that we were unwelcome, we would never have bought it,” says the Turkish woman.
Their real estate agent had shown them various properties next to Syntagma Square, in Koukaki, and some in Zografou. However, when they visited the newly constructed Exarchia building, they felt an immediate connection, even before entering the apartment. “Everywhere we saw young, happy people, and there was a positive energy. The area had charm and authenticity. I can’t quite describe it; it had a magical atmosphere.” Although the developer informed them that construction would take a few more months to complete, they were undeterred and went ahead with the purchase.
Security issue
‘I invested in an official government program, putting all my savings into a property, but now no one can help. It’s like a bad joke’
The Turkish couple first sensed there was a problem with the property a few months later, when the handover of the keys was delayed. They were informed that a second entrance would be constructed at the company’s own expense and that the metal sheeting around the building would not be removed. “How can we rent it out like this?” the couple asked, puzzled. “It’s a security issue. There are some reactions,” they were told, though details were scant. They were assured that properties on the ground floor on Koletti Street had recently been rented to locals opening a cafe, and that the reactions would eventually cease.
Indeed, the Turkish real estate agent visited and saw that work was under way on the ground floor. However, a few weeks later, she found the work had been abandoned midway – the spaces have remained sealed ever since. By the end of summer, one of the Turkish families decided to travel to Greece to assess the situation themselves. The person managing their property went to the apartment one afternoon to prepare it for their arrival but called them in a panic. “I was attacked when they realized I was entering the building. They shouted and threw bottles at me. Fortunately, I managed to leave. Don’t even think about staying there. You will be in danger,” he warned.
Under siege
A similar situation occurred with a Chinese couple, friends of the new owners of the apartment on the first floor. Last September, Spyros, who had mediated the purchase and was unaware of the problems, handed over the keys on the morning of their arrival, when everything in the neighborhood seemed calm. Out of politeness and because they were guests, they didn’t mention that every night, a crowd gathered outside and threw bottles onto their balcony – the only one with light – while shouting slogans. On their last night, Spyros and his Chinese wife visited them to say goodbye. When the crowd realized that they were entering the building, they tried to prevent them. “You chose to invest here? Get out of here!” they shouted aggressively. Terrified, the couple locked themselves in the apartment and called the police twice. They were assured that a patrol car would be sent, but no help ever arrived. “We stayed awake all night, in the living room with the lights off to avoid drawing attention. Around 5.30 a.m., when the last of the crowd finally left the pedestrian street, we dared to go out and return home,” they recall.
The situation, they tell Kathimerini, is constantly deteriorating. It’s not just the graffiti or the huge banners with slogans. Entering the small garden at the entrance, there are broken bottles everywhere, and the smell from the abandoned garbage is intense. Red paint has been splashed up to the second floor, and the balconies on the first floor are also vandalized with bottles – parts have been burned by Molotov cocktails. Despite cleaning and repainting the property twice, the vandalism recurred within just a few days.
The Turkish couple attempted, but failed, to rent out at least the parking spaces. They then found a Greek teacher who was looking for a summer rental and offered him one of the apartments rent-free. “If they see that a Greek is staying there, maybe the tensions will ease, and we’ll be able to use it for long-term rental,” they thought. However, when the teacher visited the apartment, he left, terrified.
Whenever they contacted the police, they were informally told that the area was sensitive and that intervention was not possible. With the help of a Greek lawyer, the couple sent a letter to the police and the Ministry of Citizen Protection, detailing the situation, which had “dramatically worsened despite repeated complaints and updates about the seriousness of the situation at the police station on Kallidromiou Street.” A lawsuit has also been filed by the Chinese owners regarding their experience that night trapped in the building. As the months pass, however, they feel they are deadlocked.
Alexis and Berkin
Recently, the two Turkish families decided to visit the building and speak directly to the anarchists. “You didn’t account for history. Your luxury apartments are located at the site of the murder of Grigoropoulos; this is where the 2008 uprising began,” they were told. The Turks were aware of this. Upon arrival, they were surprised to see, next to the memorial, a photo of Berkin Elvan, the 15-year-old Turkish boy who was fatally injured by police during the Gezi Park protests in Istanbul in 2013. “I was moved to see his photo on the wall. We had also protested against his murder,” they said.
They also learned that the founder of the Destiny real estate agency had faced accusations in the past and that there were broader concerns about the “violent gentrification” of the area. The Turkish woman showed them photos of her old apartment in Istanbul, which she had been forced to leave due to exorbitant rent increases. “It’s a global phenomenon, a problem that governments need to address. I don’t represent any fund. We bought this apartment with our savings. What will change if you destroy it?” she asked. “They listened to us, and then, while looking us in the eyes, they continued to throw bottles into our building. They made it clear that no one will be able to stay here.” Disheartened, they returned to Turkey. “I invested in an official government program, putting all my savings into a property, but now no one can help. It’s like a bad joke,” she said.
