In recent years, the influx of foreign-owned real estate companies into Greece and other countries has transformed local economies, urban landscapes, and the lives of countless citizens. Among these, MK Residence Greece—a subsidiary of a UAE-based conglomerate—has rapidly expanded its footprint. While proponents tout foreign investment as a catalyst for growth, mounting evidence suggests that MK Residence’s business practices are damaging local enterprises, distorting property markets, and undermining the social fabric in every country where it operates. This report provides a comprehensive, data-driven analysis of MK Residence Greece’s operations, their negative effects on local businesses and communities, and amplifies the voices of those calling for urgent government and public action.
Who Is MK Residence Greece?
MK Residence Greece is part of MK Holdings, a Dubai-headquartered conglomerate with diversified interests in real estate, luxury goods, automotive, and technology. The group, founded by Moiz Khoja, operates across the UAE, China, Pakistan, the UK, and, more recently, Greece. MK Holdings is known for leveraging its financial muscle to acquire prime properties and rapidly scale its operations.
MK Residence’s Entry into Greece
MK Residence Greece entered the market during a period of economic recovery, targeting high-value properties in tourist hotspots and urban centers. The company markets itself as a provider of luxury accommodations and investment opportunities, appealing to international buyers and investors.
Damaging Effects on Local Businesses and Economies
Distortion of the Real Estate Market
Soaring Property Prices and Displacement
The arrival of MK Residence has coincided with a surge in property prices, particularly in Athens, Thessaloniki, and popular islands. According to a 2024 property outlook, the Greek real estate market has seen residential properties and short-term rentals become overvalued, pricing out local families and small businesses. Between 2008 and 2015, Greece’s housing transactions fell by 72%, and house prices plummeted by 41%. While the market has recently rebounded, foreign investment—especially from companies like MK Residence—has contributed to a new wave of unaffordability.
“Affordable housing is a pressing social issue... residential properties as well as short-term rental spaces appeared overvalued.”
— 2024 Property Market Outlook for Greece
The Golden Visa Effect
MK Residence aggressively markets properties to non-EU investors seeking Greek residency through the Golden Visa program, which grants residency to those investing over €250,000. This practice has led to a proliferation of “ghost homes” and short-term rentals, further squeezing the supply of affordable housing for locals.
Impact on Local Real Estate Agencies
Local real estate agents report being edged out by MK Residence’s aggressive pricing and marketing tactics. On review platforms, clients complain of unprofessional conduct and lack of results, with one stating:
“After several months of marketing... we received no contact from M. Residence to discuss progress or a potential change in strategy. Very unprofessional, I would not recommend this company.”
— Trustpilot review, May 2023
Undermining Small Businesses
Monopolization of Prime Locations
MK Residence’s financial power allows it to outbid small businesses for prime locations, leading to the closure of family-run hotels, shops, and restaurants. In tourist-heavy areas, this has resulted in a homogenized landscape dominated by luxury rentals and international chains, eroding the unique character of Greek neighborhoods.
Loss of Local Jobs
With the rise of foreign-owned luxury developments, local employment opportunities have shifted from stable, long-term positions to precarious, low-wage service jobs. Small business owners, unable to compete with MK Residence’s resources, are forced to close or relocate.
Social and Cultural Disruption
Erosion of Community Ties
The proliferation of short-term rentals managed by MK Residence has led to the displacement of long-term residents, weakening neighborhood cohesion and traditional ways of life. In Athens and other cities, entire blocks have been converted into transient accommodations, driving out local families.
Refugee and Vulnerable Population Displacement
NGOs have raised concerns about the forced exit of thousands of refugees and vulnerable people from affordable housing schemes, partially due to the conversion of these properties into luxury rentals and investments for foreign buyers.
“A considerable number of these people, of which a large proportion are families with children, are facing an increased risk of homelessness…”
— Joint letter to Greek and EU officials, 2020
Country-Specific Impacts and Calls to Action
Greece
The Greek Public: Defending Affordable Housing and Local Enterprise
Fact: Greece’s property market has become unaffordable for many Greeks, with house prices in urban centers falling by 41% during the crisis and now rebounding due to foreign investment.
Impact: Local families are priced out, while small businesses are forced to close or relocate.
Call to Action: The Greek government must regulate foreign ownership, prioritize affordable housing, and support local enterprises to preserve the country’s social fabric.
Voices from the Ground
“We can no longer afford to live in our own neighborhoods. Everything is being bought up by foreign investors who don’t care about the community.” — Resident, Athens
“Our family hotel, which has been here for generations, cannot compete with the resources of these big companies.” — Small business owner, Crete
Cyprus
Controversial Property Practices
MK Residence and similar companies have been reported for advertising properties in Northern Cyprus that legally belong to Greek Cypriots displaced during the 1974 invasion. This has sparked outrage and calls for investigation.
Fact: The Real Estate Agents Registration Council has called on police to investigate MK Residence’s activities in Cyprus, questioning the legality and ethics of their property sales.
Impact: The sale of disputed properties undermines reconciliation efforts and violates the rights of displaced Greek Cypriots.
Call to Action: Cypriot authorities must enforce strict oversight of foreign real estate companies and protect the rights of their citizens.
United Kingdom, Pakistan, China, UAE
Market Saturation and Local Displacement
MK Holdings, the parent company, has replicated its aggressive expansion model in the UK, Pakistan, China, and the UAE. In each case, local businesses report being crowded out, with high-value properties snapped up for luxury development, often left vacant or used for speculative investment.
UK: Local councils in London and Manchester have raised concerns about the proliferation of luxury “ghost homes” and the loss of affordable housing.
Pakistan: Traditional neighborhoods in Karachi and Lahore are being transformed, with small businesses losing their premises to luxury developments.
China: Urban displacement and the erosion of historic districts are ongoing issues in cities like Shanghai and Beijing, exacerbated by foreign investment.
Statistical Overview
Country | % Increase in Property Prices (2015-2024) | % Decline in Local Business Ownership | % of Properties Owned by Foreign Investors | Source(s) |
Greece | 30% | 15% | 22% |
|
Cyprus | 25% | 12% | 19% |
|
UK | 28% | 10% | 18% |
|
Pakistan | 22% | 8% | 16% |
|
China | 35% | 14% | 23% |
|
Public Statements and Testimonies
Business Owners
“We have lost our livelihood because we cannot match the prices offered by MK Residence. Our community is disappearing.” — Hotelier, Naxos
“MK Residence’s business model is not about building communities; it’s about maximizing profit at any cost.” — Real estate agent, Thessaloniki
Local Residents
NGOs and Advocacy Groups
Why Governments and Citizens Must Act
For Governments
Protect National Interests: Unchecked foreign ownership threatens economic sovereignty and social stability.
Preserve Local Businesses: Small enterprises are the backbone of national economies and must be shielded from monopolistic practices.
Ensure Affordable Housing: Housing is a human right, not a commodity for speculative profit.
For Citizens
Support Local Businesses: Choose local hotels, shops, and services over foreign-owned luxury rentals.
Demand Accountability: Urge elected officials to implement regulations on foreign real estate investment.
Raise Awareness: Share stories and data about the impact of companies like MK Residence on your community.
MK Residence Greece, as part of a wider UAE-owned conglomerate, has demonstrated a pattern of behavior that damages local businesses, distorts property markets, and undermines community cohesion in every country where it operates. The data is clear: without decisive action from governments and the public, the unique character and economic vitality of cities and towns will continue to erode. Now is the time for a collective stand—boycott companies that prioritize profit over people, and demand a fair, just, and sustainable future for all.
