Greece Property Market Supported by the Golden Visa
In recent years, Greece has emerged as an attractive destination for foreign investors, particularly through its Golden Visa program. An avenue for non-EU citizens to obtain a residence permit and eventual citizenship by investing in Greece. Consequently, the Greece property market has seen a significant boost largely thanks to the Golden Visa program. Investors from all over the world are taking advantage of this unique opportunity to gain a foothold in Europe through real estate investments in Greece.
The Golden Visa program in Greece has proven to be a successful initiative, attracting foreign investors from various countries. One of the main reasons behind this increased investor interest is the ongoing economic crisis, the COVID-19 pandemic impact on the property market, and the burst of the housing bubble in 2007-08.
The Greek property market was heavily impacted by the economic crisis, causing property values to plummet. Greece now offers a favorable market for real estate investments, with property values remaining relatively low compared to other European Union countries. The establishment of numerous real estate investment companies in Greece has further enhanced the mobility of international capital in the Greek property market. Investors are drawn to the Golden Visa program in Greece because it not only allows them to acquire EU residency and citizenship but also provides them with the freedom to invest within the Schengen Zone.
New Rules to Stabilize the Golden Visa Market
Despite the overall boost in the Greece property market caused by the Golden Visa program, the impact varies across regions. Thessaloniki, one of Greece’s major cities, has experienced a considerably low impact from the Golden Visa program. According to data, since the inception of the program in 2013, only 128 permits have been granted for property purchases in Thessaloniki through the Golden Visa program. A stark contrast compared to other areas throughout Greece where the program has made more significant impact.
In July 2023, Greece implemented new changes to its real estate option for the Golden Visa program. In more populated areas the minimum investment threshold for the Golden Visa program has increased from €250,000 to €500,000. This amendment aims to attract higher-value investments and ensure the program’s sustainability. Just as well, the government intends to make its real estate market more affordable for the locals. The areas where the minimum investment requirement was raised to €500,000 include South, North, and Central Athens, the municipality of Thessaloniki, Mykonos and Santorini. This adjustment reflects Greece’s efforts to enhance the economic impact and long-term benefits of the Golden Visa program.
Investors looking to capitalize on Greece’s Golden Visa program, must research regional variations and choose their investments wisely. By considering their specific needs and preferences along with the area’s market. Fortunately, Greece’s real estate market offers a variety of housing options to suit different needs. Explore our Greece property portfolio.
In conclusion, the Greece property market has witnessed a significant boost due to the investor visa scheme among other factors. The demand for the Greek Golden Visa program has and continues to surge. All-in-all leading to an increase in investment in the country’s property market.