Real estate prices in Greece plunged when the country suffered through its sovereign debt crisis. But as our Filio Kontrafouri reports from Athens, Greece's "residence-for-investment" scheme has been a big hit in boosting local economies by attracting thousands of foreign buyers many of whom are from China.

It is here, underneath the sun of Athens that some golden opportunities have been shining for foreign investors. Real estate prices dropped by almost 50 percent during the country's economic crisis. And then, there's Greece's "Golden Visa Program". It gives buyers and their families who invest over 250-thousand euros in Greek property a visa to the country and with it, much of Europe. Real estate agents say foreign investors are one reason why real estate prices are beginning to go up.

LEFTERIS POTAMIANOS, PRESIDENT ATHENS-ATTICA REAL ESTATE ASSOC. "Investors range from big funds that buy entire buildings or plots for construction to small investors, who buy a house in downtown Athens or near the sea. And there are investors who buy property for short-term returns because we expect that in the next 2 to 3 years, these prices won't exist anymore and they will increase if things continue at this rate."

Greece's residence-for-investment program is one of the cheapest in Europe and has been gaining steam since it started in 2013. By 2017, Greece has granted 2305 residence permits through its "Golden Visa Program", 70% of which were given for properties bought within Athens and the Attica region. State revenue by 2017 reached 1.4 billion euros. And almost half of the buyers are from China, followed by those from Russia.

FILIO KONTRAFOURI KOUKAKI, ATHENS "This once modest and forgotten neighborhood is a prime example of how real estate is changing in downtown Athens. Just a few minutes away from the Acropolis, it has become one of the most sought-after locations for foreign real estate investors."

The booming tourism industry is another draw. Some 30 million tourists are visiting Greece, almost double the number of 2009. Chinese buyers have bought entire buildings and rent the apartments on online short-rental platforms, a business that has also been thriving in Athens.

An army of Greek lawyers, architects, accountants and real estate agents cater to the growing real estate demands of the Chinese. Among them is also this man, who has been living in Greece for almost 50 years. So far, he has helped Greek real estate agents sell over 200 properties to Chinese buyers through the "Golden Visa Program" by charging buyers a small commission.

PETER CHANG TRAVEL AGENCY OWNER "(Chinese buyers) may have to come here 3 or 4 times before buying a house. But because they don't really speak English they prefer to contact us to make the process easier. It's not that they don't trust the Greeks. If they find a Chinese, everything becomes easier for them."

But what's really worth for Greece is that it's beginning to mend its brand name along with its economy and is slowly beginning to gain a global appeal as an investment destination. Filio Kontrafouri, CGTN, Athens.