From prime real estate in Athens’ historic triangle and small studios once bought en masse as a “cheap ticket” to a Golden Visa, the program is now heading in a new direction. Following the increase in minimum investment thresholds, developers and investors have not abandoned Attica – on the contrary, they remain active there, but with a new strategy. They are now seeking different types of properties, mainly former commercial spaces that can be converted into residences, and older apartments that, after full renovation, can qualify for the €250,000 investment category.

The geographic focus hasn’t fundamentally changed. Attica still attracts over 80% of total Golden Visa investments. However, whereas luxury apartments in Koukaki and Kolonaki or cheap studios in Kypseli and Patissia once dominated, today a new investment profile is emerging: properties with conversion potential, usable square meters, and enough value to meet the minimum threshold.

Neighborhoods with older housing stock and renewed interest, such as Vyronas, Nea Smyrni, Sepolia, Ano Patissia, Neos Kosmos, and Pangrati, are now on the front line. There’s also some interest in the provinces, despite the investment threshold having risen to €400,000.

Developers and buyers who aim not only for a residence permit but also for long-term returns are targeting larger properties – mainly detached houses, tourist residences, and mid-scale investments on islands or in semi-mountainous regions. Demand is growing in areas with steady tourist flows and high quality of life, such as Crete, the Ionian Islands, the Peloponnese, and Central Greece. While Attica remains dominant, the provinces are now offering alternatives that combine permanent residence potential, yields, and investment stability.

In any case, this emerging interest may mark the first major opportunity to tap into a market that until recently seemed reserved for large investments and new developments. Now, an old shop, a ground-floor office, or an unfinished or forgotten apartment – with documented renovation or conversion costs – can become a “ticket” for a foreign investor seeking a residence permit in Greece.

This shift is reflected in the numbers:

In the first four months of 2025, there were 3,477 Golden Visa applications, a 25% increase compared to the same period in 2024 (2,778 applications). However, this positive trend reversed in April 2025, with 564 applications compared to 790 in April 2024 – a 28.5% drop, attributed mainly to the implementation of stricter investment thresholds and buyer fatigue in the high-cost property segment.

Overall, since its launch, the Golden Visa program has contributed over €4.47 billion to the Greek economy, with 18,363 total approvals, 13,549 active residence permits, and 12,958 pending applications. The period of major boom was between 2021–2023, when real estate purchases for Golden Visa issuance peaked in central Athens.