Just days before the reforms determined by the Greek government for the Golden Visa come into full effect, the demand for real estate by foreign buyers continues to rise, despite the fact that prices have also increased.
The Greek Golden Visa program, with investments starting at 250,000 euros, was one of the most affordable in Europe. After the reforms, the minimum investment in properties has been set at 800,000 euros for certain regions and 400,000 euros for the rest of the country. Additionally, if the investment is for restoring a historic building or converting a commercial property into residential units, the minimum investment can be 250,000 euros.
The government has also established a transition period for those who are already processing their Golden Visa or planning to make their investment before August 30, 2024. These investors will be able to finalize their transactions under the same rules until December 31 of this year, and in some cases, the deadline could be extended until the end of April 2025.
As reported by The Greek Reporter, «foreign investors, digital nomads, and Golden Visa applicants» are among the main parties interested in properties in the Hellenic country, even though real estate prices have risen to historic levels. And it is expected that they will continue to grow.
Why is this happening?
According to a report by the Bank of Greece, the main reason for the increase in housing prices is the rise in construction costs. On the other hand, the Golden Visa and the annual increase in tourism also contribute to the growth of the construction sector and, consequently, to the rise in real estate prices.
Despite all these factors, property prices in Greece remain lower than in other European countries. This has attracted investors from the United States, Germany, Central Europe, and the United Kingdom. According to local real estate players, the appeal lies in a combination of elements: affordable prices, high return potential, lifestyle advantages, and strategic benefits.
Greece’s fiscal landscape also plays a key role in attracting foreign investors. Until the end of 2024, there will be a 24% VAT deduction on new constructions, and the property transfer tax will remain at 3%.
Reasons to Opt for the Greek Golden Visa
The Greek Golden Visa offers several advantages, such as the freedom to travel across the 27 countries of the Schengen area, which opens doors for expanding businesses and creating networks in Europe. It also allows for family reunification, extending residence permits to the spouse, children under 21, and the investor’s and their partner’s parents, without requiring additional investments for each member.
Another key aspect is that it is not necessary to live in Greece to maintain the residence permit. However, after seven years of continuous residence, one can apply for citizenship, and with it, a passport.
And let’s not forget that this year the Greek Golden Visa was ranked in the top 5 worldwide by Henley & Partners, who highlight “its high levels of security, excellent educational opportunities, strong healthcare options, and a reliable rule of law.”
If you want to invest in properties as a way to access the Golden Visa, start your process now! Schedule a meeting with our team, and let’s begin searching for the best options for your investor profile. We are experts in international mobility, and we will accompany you throughout the entire process.
