As the new rules for the Greece Golden Visa program are set to take effect on August 31st – the minimum threshold will rise from 250, 000 euros to 800,000 euros in some regions – investors interested in buying Greek property are rushing to take advantage of the lower-cost opportunity in the remaining 10-day window until the end of the month.
Data indicates that prospective investors are expressing heightened interest in even half-constructed buildings, old single-family homes, and older properties.
The Greece Golden Visa Program is a residence-by-investment program launched in 2013 that enables non-EU nationals and their family members to obtain permanent residence permits in Greece. The residence permits may be renewed every five years.
According to the changes implemented, the minimum investment for securing a residence permit has increased to €800,000 across the entirety of Attica, Thessaloniki, and islands with a minimum permanent population of 3,100 residents. In the rest of the country, the threshold has also increased from €250,000 to €400,000. These changes will take effect on September 1st.
Until September 1st investors still have an opportunity to secure a residence permit under the previous terms, provided that a private agreement or a pre-purchase contract is signed by August 31st. Currently, a €500,000 limit applies in central Athens, the northern and southern suburbs (excluding Piraeus), Thessaloniki, Mykonos, and Santorini.
In all other areas of the country, as well as much of the wider Athens area, the threshold remains at €250,000.
Waiting Lists for a Golden Visa
The president of the European Real Estate Association, Kosmas Theodoridis noted on the “Babel” podcast by Oikonomikos Tachydromos (OT.gr), that the waiting list was increasing in many popular areas in Athens proper. He noted, however, that from September 1st onwards, a window of opportunity would open for buying homes as the increased Golden Visa thresholds of up to €800,000 will take effect, potentially causing a slowdown in the market.
Where Investors Are Focusing
Foreign investors are mainly eyeing assets in the southern suburbs and Piraeus, with significant increases in the value of transactions seen again in areas where the Golden Visa threshold has not changed.
Market sources predict that, especially from the fall onwards, when the new, higher investment threshold comes into effect, the volume of property transactions linked to securing residence permits will significantly decline.
Under the new provisions of the amendment regarding the issuance of a 5-year residence permit to third-country nationals (Golden Visa), conditions are as follows:
- In the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, and in islands with a population of over 3,100 residents, the value of the real estate property that the applicant must own increases to €800,000.
- In other areas of the country, the required property value is set at €400,000. The investment must concern a single property (not multiple properties of lesser value) with a minimum area of 120 square meters. The purchase of an undivided co-ownership share of a property is allowed, with the minimum value set at €800,000 and €400,000 respectively.
- For buildings with a different original use that are converted into residences, the minimum investment amount is set at €250,000.
