In response to mounting pressure on the Greek property market, the government has announced significant changes to the Golden Visa program, which grants residency rights to foreign investors. The minimum investment amount required to secure a Golden Visa will be increased to €800,000 in popular areas such as Athens, Thessaloniki, and select islands. Additionally, the investment threshold in the rest of the country will rise to €400,000. These adjustments, set to take effect on March 31, aim to address the impact of the program on housing costs and rental availability in Greece.
The tightening of the Golden Visa requirements comes after a previous increase in August, when the minimum investment amount was doubled to €500,000 in high-demand locations. The latest changes seek to encourage more long-term rental housing options by limiting property purchases to a single unit with a minimum size of 120 square meters. Furthermore, properties obtained through the program will no longer be permitted for short-term rental, a move aimed at stabilizing the housing market and deterring speculative investments.
With over 25,100 applications and 17,184 permits granted since the inception of the Golden Visa program, the Greek government has noted a surge in interest from foreign investors, particularly from Chinese and Turkish nationals. This influx of investment has contributed to the soaring property prices in Athens and other sought-after areas. By raising the investment threshold, the government hopes to strike a balance between attracting investment and safeguarding the local housing market from excessive inflation.
The impact of these changes is expected to be felt not only by potential Golden Visa investors but also by local residents and tenants. The government's focus on promoting long-term rental housing reflects a broader effort to address the housing challenges facing Greece. As the country's economy continues to recover and attract foreign investment, the government remains vigilant in ensuring sustainable growth and a stable housing market for all.