A legislative provision with the new and increased limits for those wishing to invest through the “golden visa” is being deposited – possibly today – in the Greek Parliament. This move by the government aims to increase supply in urban areas where there is a shortage of properties for purchase or rent. In Athens and Thessaloniki, where demand for properties is high and supply is limited, the investment limit will be increased from €500,000 to €800,000 to encourage some properties to return to the rental market.
Specifically, with the new limits in areas of greatest interest to foreign investors, such as the northern and southern sectors of Attica, the center of Thessaloniki, Halkidiki, Mykonos, Santorini, Paros in the Cyclades, Rhodes, Patmos in the Dodecanese, Chania in Crete, and many others that are at the center of international interest, the Golden Visa limit will be increased to €800,000 from €500,000 currently.
In areas with moderate residential demand, the limit will be increased from €250,000 to €400,000. Where there is no significant demand for “golden investment” in properties, the limit will remain at €250,000. This way, it is estimated that 5,000-10,000 properties that currently hope to attract foreign investors could be released.
Those who ultimately decide to purchase must commit not to use them for short-term rental platforms like Airbnb.
Currently, the €500,000 limit for purchasing a residence through the Golden Visa program applies to areas in the Northern Sector of Attica, such as Penteli, Kifissia, Metamorphosis, Halandri, Agia Paraskevi, Vrilissia, Nea Ionia, Heraklion, Cholargos, Papagou, Peukia, Lykovrysi, and Marousi. Similarly, in the Southern Sector, it applies to the municipalities of Agios Dimitrios, Alimos, Glyfada, Elliniko-Argyroupoli, Kallithea, Moschato-Tavros, Nea Smyrni, and Paleo Faliro, and in the Central Sector to the Municipalities of Athens, Filadelfeia-Chalkidona, Galatsi, Zografou, Kaisariani, Vyronas, Ilioupoli, Dafni Ymittos. Until today, one could acquire, for example, two properties worth €125,000 each to reach the €250,000 limit.
According to recent data, capital inflows into the country through the Golden Visa reached €4.4 billion, while submitted applications reached 14,875, of which 7,387 have been approved. Chinese investors rank first in real estate purchases through the Golden Visa, while a significant increase has been recorded during the 2021-2023 period from Middle Eastern countries and the United Kingdom. The top ten at the end of 2023 are: China, Turkey, Lebanon, Iran, the United Kingdom, Egypt, the United States, Israel, Russia, and Ukraine.
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Regarding statistics, it is noteworthy that about 20,000 permanent residence permits have been granted so far, corresponding to a similar number of properties, of which only 6% actually make use of the property. The interested population mainly includes Turks and Israelis, who are wealthy and have professional requirements. They attach particular importance to the area, buy the property, and then lease it to third parties. Chinese investors, who flood the market, mainly come from the middle class.
However, the difference in Golden Visa limits depending on the area (€500,000 and €250,000) has redirected some third-country investors to search for properties in areas of western suburbs, such as Aigaleo, Peristeri, and Ilion, as well as Piraeus.
Moreover, interest has been observed in areas such as Pallini, Peristeri, and Gerakas from investors who do not wish to pay €500,000 to the Greek State, as these areas remain at the €250,000 limit. According to market sources, apart from Athens, Thessaloniki, and the cosmopolitan islands of Mykonos and Santorini, there is significant interest in properties in Rhodes, Crete, and Halkidiki.
