Golden visa

Buyers over 50, and middle and upper management executives constitute the primary groups investing their savings primarily in newly built high-end properties

A significant uptick from Brits and Americans has been recorded over the recent 12-month period

The cost for a Golden Visa jumped from €250,000 to as high as €800,000 on September 1, but there are still some ways for third country nationals to get a lower-cost Golden Visa.

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.

Greek Golden Visa applications reached 2,644 in the first quarter of 2024, marking a 12% increase compared to 2023, which saw 2,364 applications

A growing housing problem and the touristification of urban centers and popular islands have forced Greece to increase the limits of its popular golden visa program

Prices in the southern Attica region of Piraeus soared 27.3%, according to the leading real estate website Spitogatos

The amendment aims to ensure the availability of affordable housing and to close loopholes that enabled third-country nationals to exploit golden visas for financial gain

"We are determined to continue, more or less, in the same way, proceeding with all necessary structural reforms, sending the message that this country is investment-friendly," Mr. Hatzidakis said

The primary objective is to raise the investment threshold for obtaining the Golden Visa, to put a brake on the frenzied pace of demand recorded in the expensive areas of the two major urban centers (Athens and Thessaloniki).

A new regulation, set to be tabled in parliament in the coming period, foresees an increase in the minimum golden visa outlay for certain areas at 800,000 euros

In response to a tabled question in Parliament on a housing shortage in some areas, primarily greater Athens, the PM also cited prospect of banning 'Golden Visa' properties from AirBnB-type exploitation

In the majority of cases, foreign investors buy property in Greece not only to obtain the Golden Visa but also because it is profitable, often leasing it for short periods.

One billion euros flow into real estate market last year from scheme, with pending applications in 2024 expected to near two-billion-euro mark

As reported the most popular regions for British buyers are Crete, Kefalonia, and Corfu

One firm estimates that the Greek market is seventh, worldwide, in terms of popularity for purchasing luxury residences, having recently surpassed Portugal and Spain, which are in ninth and 14th place, respectively

Policy changes and geopolitical shifts attract global investors in Greek real estate

Figure Above One Billion Euros in H1 2023