Demand for golden visas in Greece is highest among investors from China, Turkey and Lebanon, according to the latest data presented in OT.
More specifically, a total of 7,052 golden visa applications were submitted in the first 10 months of 2024, marking a 2.3% increase over the same period last year, Migration and Asylum Policy Ministry data reveals.
In October 2024, 900 applications were submitted. The Top 5 markets eyeing Greece’s residency by investment visa are China, Turkey, Lebanon, the UK and US.
- 6,521 from Chinese nationals
- 1,115 from Turkish buyers
- 717 from Lebanese investors
- 511 from UK buyers
- 369 from Americans.
Foreigners applying for visas are showing a preference for properties in the center of Athens and the southern suburbs, particularly in Kallithea, Nea Smyrni, Paleo Faliro, and Piraeus.
Since the program’s launch, a total of 16,860 residence permits have been granted.
Greece’s Golden Visa program, considered one of Europe’s most attractive investor visa schemes, is on track to set a new record in 2024, with estimates pointing to 3 billion euros in investment activity. This follows significant growth in recent years:
- 2.54 billion euros generated in 2023
- 1.3 billion euros in 2022.
Meanwhile, data from the Organization for Economic Co-operation and Development (OECD) highlights skyrocketing property prices in Greece, which are making it increasingly difficult for locals to purchase or rent long-term housing. Indicatively, property prices increased by 69% from 2017 to Q2 2024.
Market experts caution that Greece’s Golden Visa program has contributed to the “touristification” of urban centers, popular islands, and villages. Many foreign buyers are acquiring properties for lucrative Airbnb rentals, further exacerbating the country’s housing crisis.
