How do the changes to the Golden Visa affect the Greek real estate market?
The announced changes to Greece's Golden Visa program came into full effect on September 1, 2024. Among other measures, the reforms increased the investment amounts for real estate, depending on its location. Thus, the minimum threshold in areas such as Athens, Thessaloniki, and certain islands is €800.000. Meanwhile, properties converted from former industrial buildings will continue to qualify for €250.000.
These modifications They are redefining the dynamics of the Greek real estate sector. First, the increase has directly affected the demand for properties. According to an article by Noupou Real Estate“Increases in financial requirements have reduced accessibility for some potential investors, which could lead to a decrease in demand for lower-cost properties in less exclusive areas.” This shift is concentrating investment in higher market segments, particularly in regions like the Athens Riviera, where demand for luxury properties remains robust.
Better projects, better investors
For its part, the medium Greek City Times It highlights the fact that “new investment requirements are incentivizing higher quality in real estate projects, as developers seek to attract a more select investor profile with greater financial capacity.” This focus on quality is promoting the construction of more sophisticated and sustainable developments, which can increase property values in the long term.
On the other hand, Pagenews It reports that “changes to the Golden Visa rules are generating a reconfiguration of the real estate landscape, with increased demand for properties in strategic, high-value locations, while less sought-after areas are experiencing a slowdown in price growth.” This phenomenon is creating a greater concentration of investment in prominent tourist and urban areas.
In summary, these reforms seek 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 depend largely on how these changes are managed and on the country's ability to balance attracting foreign investment 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 spouse, children under 21 years of age and the investor's parents and their partner, without the need for additional investments.
You don't need to reside in Greece to maintain your permit, but after seven years of continuous residence, you can apply for Greek citizenship and a Greek passport. This allows you to travel to the 27 countries of the Schengen Area and 161 other destinations worldwide without a visa.
This year, 2024, the Greek Golden Visa was ranked in the world's top 5 by Henley & Partners, highlighting its safety, good educational opportunities, excellent medical care, and a strong rule of law.
If you're interested in investing in property to obtain a Golden Visa, schedule a meeting. with our teamWe are experts in international mobility and will accompany you throughout the entire process.
