The results of the 2025 Golden Visa program will shape the targeted changes the government is considering for 2026 real estate policy. The economic team is closely monitoring the data on the program’s performance following the tightening of eligibility requirements. These changes were introduced to relieve pressure on the housing market caused by foreign investment, which has driven property prices beyond the reach of Greek households.

The steep drop in applications in 2025 serves as a key test for the next steps: will the “brakes” remain in place to ease rent prices, or will further adjustments be needed to help solve the housing crisis without sacrificing valuable investment capital?

According to data from the Ministry of Migration and Asylum, after the closure of “opportunity windows” under the old, lower investment thresholds, the property market for Golden Visa acquisition came to a sudden halt:

• In September 2024, there were 822 applications.
• In September 2025, just 392 – a plunge of 52.5%.
  Even more striking: in September last year, 607 permits were approved, while this year only one was granted.

The same trend is seen in renewals, which dropped by nearly 75%. Although the overall decline for the first nine months of the year is milder (-6%), the month-to-month data show that the government’s policy is working — perhaps more effectively than anticipated or desired.

The Map Is Changing: Turks and Israelis Flood In

Behind the slowdown lies a striking reshuffling of investor origins. Chinese investors remain dominant with 8,792 permits (+29%), but the real surge comes from Turkey, where investor permits have soared by 153% (2,698 from 1,067 last year). Investors from Israel also show a significant increase (+84%), followed by those from the United Kingdom, United States, and Lebanon.

The 13,500-Application Backlog and the 2026 Challenge

The system remains congested with 13,499 pending applications, of which 10,703 (79%) concern properties in Attica, highlighting the ongoing pressure on the capital’s housing market.

Now, the government’s economic team faces a difficult equation for 2026: revenues from the Golden Visa program are falling just as Greece needs investment to boost growth. On the other hand, the market “cooldown” in Golden Visa property purchases has been a crucial lever in addressing the housing crisis.

The final figures for 2025 will be closely examined — and will determine whether the government continues along the same path or seeks a new, “golden” balance between housing affordability and investment inflows.