Thousands of homes acquired in previous years by Chinese, Turkish, Israeli, and other foreign Golden Visa investors are preparing to return en masse to the Greek market from spring 2026, either for rent or sale. Along with these, a second, equally strong wave involves properties that have been converted over the last three years from commercial space to residential projects that are now being completed at speed and, for the first time, will create such a large and compact pool of available housing within a very short period of time. It is already estimated that between 1,000 and 2,000 ready-made apartments are in the final stages of being made available, and this stock is expected to increase significantly by 2027.

Data from the major Golden Visa agencies show that the vast majority of foreign investors never used the properties for owner-occupation. Instead, they chose almost from day one to put them up for long-term lease. 94% of the properties purchased through the scheme were channelled into the rental market, with just 6% being used by the investors themselves. Of the approximately 16,000 properties purchased in total by the end of 2024, nearly 15,000 were recycled directly into rental, confirming that Golden Visa is in fact operating as a mechanism to produce properties for disposal rather than as a homeownership program.

Revertions

With the change in the legislative framework, which stipulated that investments of 250,000 euros are exclusively for conversions of old commercial properties into residential properties, the market was driven by an unprecedented wave of reconstructions. The increase of the threshold to 800,000 euros for the purchase of residential property in Attica, Thessaloniki, and tourist islands made the solution of conversions a one-way street. Offices, old shops, warehouses, and buildings that had been vacant for over a decade are now the focus of projects that deliver new homes at investment-competitive prices. And because the conversions are based on the existing frame, costs are lower, and timelines are faster.

In Attica, these projects are mainly concentrated in Exarchia, Metaxourgio, Kypseli, Piraeus, and areas with old commercial buildings. It is estimated that from these conversions alone, between 3,000 and 5,000 apartments will fall on the market by 2027. At the same time, legislation prohibiting short-term rentals in properties included in the program ensures that all this stock will be obligatorily channeled into long-term rentals.

Chinese investors remain the most dynamic group, accounting for around 65% of Golden Visa issuance. They typically buy many small apartments in bulk and prefer the guaranteed rental model, where the developer fully assumes the lease and maintenance obligations. Turks follow with about 6%, Russians with about 5%, while investors from Lebanon, Egypt, and other Middle Eastern countries are moving into lower budgets of 250,000 euros. The fastest growing group at the moment is the Israelis, who are mainly turning to conversion projects in the centre of Athens. American and Canadian investors make up a smaller, but steadily growing share of the market.

The common denominator for all these investors is a passport to the Schengen countries and, secondarily, the return on investment. This combination leads to the vast majority of Golden Visa properties, old and new, ending up back on the rental or sales market. Thus, the pool of available housing is strengthened at a time when the Greek housing rental market remains stiflingly expensive for the middle and lower classes.

New applications

The catalyst that changed the pace of the market was the new ministerial decision that “unfreezed” tens of thousands of pending applications. For almost six months, the market had been paralysed: lawyers had stopped submitting new applications, notaries could not complete files, and investors were holding back. The new decision now fully clarifies how changes of use are certified, how listed buildings are included, what documents are required to issue or renew residence permits, and what conditions each investment must meet.

According to official figures, 13,499 Golden Visa applications are pending, of which 10,703, or 79%, are in Attica. Many of them were submitted just to “get in line, as investors knew that there was no possibility of approval until the new decision was issued. The ministerial decision now allows the applications that were on hold to be issued and paves the way for thousands of new submissions. This frees up a huge amount of funds that had been frozen for over half a year and re-energizes the builders, engineers, and lawyers who had seen the entire industry frozen.

Market players believe that the clarity provided by the new ruling will reignite interest from investors from Asia, the Middle East, and North America, reinvigorating investment in properties suitable for conversion. Technical offices now know exactly how to draw up the reports required, notarize the certificates they need to issue and lawyers the documents needed to complete each file. In this context, the entry of new properties into the market from spring 2026 – but also the following ones, depending on the progress and speed of conversions to residential properties – is expected to have a significant impact on the real estate market.