Interested candidates for Golden Visa will now have to invest more in Greece. The price will depend on the area they want to invest in.
The government authorities of Greece have decided to increase the Golden Visa investment price. In real states, one must pay more money to get the Greek Golden Visa.
The legislative provision with the new and increased limits for those who want to invest through the “golden visa” has been submitted to the Parliament – on 26 February. This is a brave move by the government that aims to increase supply in urban areas with a shortage of buy-to-let properties. Those who finally decide to buy the properties should commit not to make them available on short-term rental platforms such as Airbnb.
In Athens and Thessaloniki, where the demand for real estate is strong and the supply is limited, the investment limit will increase from 500,000 euros. It will reach 800,000 euros, provided that some properties return to rent.
In particular, with the new limits in the areas of greatest interest to foreign investors, such as the northern and southern sectors of Attica, the center of Thessaloniki and Halkidiki, Mykonos, Santorini and Paros from the Cyclades, Rhodes, and Patmos from the Dodecanese Islands, Chania from Crete and many others that are at the center of international interest, the Golden Visa limit will increase to 800,000 euros from 500,000 euros.
In areas with moderate housing demand, the threshold will increase from 250,000 euros to 400,000 euros. Where there is no significant demand for “golden investment” in real estate, the limit will remain at €250,000. In this way, it is estimated that 5,000-10,000 properties can be released which are currently hoped to attract foreign investors.
However, the difference in the limits of the Golden Visa depending on the region (500,000 euros and 250,000 euros) directed some third-country investors to search for real estate in areas of the western suburbs, such as Aegaleo, Peristeri, and Ilion, but also Piraeus.
Today, the limit of 500,000 euros for the purchase of a residence with the Golden Visa program concerns areas of the Northern Sector of Attica, specifically Penteli, Kifissia, Metamorfosi, Chalandri, Agia Paraskevi, Vrilissia, Nea Ionia, Heraklion, Cholargo, Papagou, Pefki, Lykovrisi and Maroussi.
In the Southern sector, it applies respectively to the municipalities of Agios Dimitrios, Alimos, Glyfada, Hellinikon-Argyroupoli, Kallithea, Moschato-Tavros, Nea Smyrni, and Palaio Faliro, and in the Central Sector to the Municipalities of Athens, Philadelphia-Chalkidona, Galatsi, Zografou, Kaisariani, Byron, Ilioupolis, Dafni Hymettos. Also until today, one could obtain e.g. two properties of 125,000 euros, to cover the limit of 250,000 euros.
Based on the latest data, the funds that flowed into the country from abroad through the Golden Visa approached 4.4 billion euros, submitted applications reached 14,875, and 7,387 have been approved. First in the ranking for the purchase of real estate through the Golden Visa are the Chinese, while a significant increase is recorded in the three years 2021-2023 from the countries of the Middle East and also from the United Kingdom.
The top ten at the end of 2023 are:
- China,
- Turkey,
- Lebanon,
- Iran,
- United Kingdom,
- Egypt,
- USA,
- Israel,
- Russia, and
- Ukraine.