Investors from non-EU countries can buy the right to reside in the EU by owning a property in Greece – the housing market is suffering as a result. Now the price of the “Golden Visa” has risen by more than three times.
Anyone who is not an EU citizen and wants to obtain a residence permit for the European Union by purchasing property in Greece will have to pay significantly more from today. Instead of the previous 250,000 euros, buyers in the major cities of Athens, Thessaloniki and on densely populated islands will now have to invest 800,000 euros. In all other regions of the country, the price will rise to 400,000 euros, the Greek government announced.
With so-called Golden Visas, investors can move freely throughout the EU. Most come from China, Turkey and – since the beginning of the war in the Middle East – increasingly from Israel. The residence permit also applies to family members (first degree relatives) of the buyers and is valid for five years.
If the property remains in the possession of the person who bought it, the visa is extended for another five years. However, a special variant of the visa for 250,000 euros still exists: It is aimed at those investors who buy a listed building and repair it in accordance with the legal requirements.
Good for the state, bad for the rental market
According to the Greek Ministry of Finance, the “investment for visa” business generated revenues of 2.5 billion euros in 2023 alone. At the same time, according to real estate agents in Greek media, the purchase of real estate by foreign investors has led to significantly higher purchase prices for apartments and houses and to higher rents in the country's metropolitan areas and on numerous islands.
In response to the housing shortage and rising prices, the Greek Ministry of Finance has now allowed the purchased properties to be rented out, but not offered as holiday homes on platforms such as Airbnb. The measure is not only intended to ease the pressure on the rental market, but also to make the visa offer even more attractive for investors, thus allowing even more money to flow into the state coffers.
