Of the 16,000 properties purchased through the Golden Visa program in Greece, 15,000 are not being used as residences by foreign investors, such as Chinese, Turks and Russians, but have returned to the Greek market as long-term rental properties. As agencies and companies specializing in the Golden Visa program point out, the majority of these properties are being utilized through leases that ensure long-term stability for both investors and the local market.

Only 6% of foreign investors who obtained Golden Visa use their properties for personal use. The remaining 94% chose to lease them on a long-term basis, contributing significantly to the supply of rental properties in areas such as Attica, the south suburbs and tourist hotspots such as Crete, Rhodes and Corfu.

Restrictions on short-term rentals through platforms such as Airbnb have pushed most investors into long-term leases, with demand for homes remaining high.

Chinese investors, who are the largest group of Golden Visa holders, prefer the guaranteed rental model. As the companies operating in the industry explain, guaranteed income is a key factor in their choice.

In this context, property sales and renovation companies offer contracts that guarantee investors a fixed income for three years.

The process works as follows:

• 1. Purchase and renovation: Investors acquire properties that have already been renovated by the company.
• 2. Guaranteed income: The company commits to pay a fixed monthly rent, regardless of the rental of the property.
• 3. 3: The company undertakes the management of the property, covering expenses such as utilities and maintenance, leaving investors stress-free.

Management and maintenance of the property, including the management of the property, including maintenance and services.
From the start of the program until the end of 2024, 12,539 residence permits have been issued. These transactions account for about 7% of the total property sales in Greece.

The new legislative changes have raised the minimum investment threshold to 800,000 euros for areas such as Attica, Thessaloniki, Mykonos and Santorini, while for other areas it is set at 400,000 euros. With these interventions, the government aims to reduce pressure on property prices and rents, particularly in areas of high demand, and to boost the availability of housing for long-term rentals.

However, the debate over the Golden Visa program has flared up, with PASOK proposing its abolition, believing it leads to a rise in property prices and restriction of access for Greek citizens. Nikos Androulakis has stressed that the program favors foreign investors at the expense of locals, calling for its replacement with policies focused on supporting Greek society.

However, market representatives point out that Golden Visa has helped boost the Greek economy, providing an influx of capital and creating new jobs. They stress that the return of more properties to the market through long-term leases is balancing demand and helping to stabilize the housing market. At the same time, they stress that the tighter conditions of the programme now ensure that investments are made in areas where there is a need for growth.

The bottom line is that the Golden Visa programhas created a new model of cooperation between investors and management companies that serves both the investors themselves and the needs of the housing market. While the program has boosted the economy and stabilized demand, there are still problems for managers and condominium co-owners.

According to POMIDA, many owners, especially foreigners who acquired properties through Golden Visa, avoid paying utilities, fail to provide contact information and, when they sell their properties, evade their obligations by shifting the debts to buyers or other co-owners. The problem continues to grow, creating an additional financial burden on co-owners who are being asked to cover the fraudulently omitted obligations of previous owners.