The changes announced to Greece’s Golden Visa program came into full effect on September 1, 2024. Among other measures, the reforms increased the required investment amounts in real estate, depending on the location. For instance, the minimum threshold in areas like Athens, Thessaloniki, and certain islands is now €800,000. Meanwhile, properties converted from old industrial buildings will still qualify with an investment of €250,000.
These modifications are redefining the dynamics of the Greek real estate sector. Firstly, the increase has directly impacted property demand. According to an article by Noupou Real Estate, “the increases in financial requirements have reduced accessibility for some potential investors, which could lead to a drop in demand for lower-cost properties in less exclusive areas.” This change is concentrating investment in higher-end segments of the market, particularly in regions like the Athens Riviera, where demand for luxury properties remains strong.
Better projects, better investors
Additionally, Greek City Times reports that “the new investment requirements are encouraging higher quality in real estate projects, as developers seek to attract a more selective and financially capable investor profile.” This focus on quality is driving the construction of more sophisticated and sustainable developments, which could increase property values in the long run.
On the other hand, Pagenews states that “the changes in Golden Visa rules are reshaping the real estate landscape, with an increase in demand for properties in strategic and high-value locations, while less sought-after areas experience a slowdown in price growth.” This trend is creating a greater concentration of investments in prominent tourist and urban areas.
In summary, these reforms aim to attract more solid investors and promote higher-quality real estate projects, but they also present challenges in terms of accessibility and regional equity.
The future of the Greek real estate market will largely depend on how these changes are managed and the country’s ability to balance attracting foreign investments with the well-being of its local population.
Are You Interested in Investing in the Greek Golden Visa?
This Visa offers benefits such as family reunification, extending the residence permit to the investor’s spouse, children under 21, and the parents of both the investor and their spouse, without requiring additional investments.
It is not necessary to reside in Greece to maintain the permit, but after seven years of continuous residence, one can apply for citizenship and a Greek passport. This passport allows travel across the 27 Schengen countries and 161 other destinations worldwide without a visa.
In 2024, the Greek Golden Visa was ranked in the global top 5 by Henley & Partners, highlighting its security, excellent educational opportunities, outstanding healthcare, and a strong rule of law.
If you’re interested in investing in properties to obtain the Golden Visa, schedule a meeting with our team. We are international mobility experts and will guide you through the entire process.
