Latest News and Updates

(Source: Capital.gr 12.02.2025)

 

The 9,289 applications submitted in 2024 for the granting of residence permits, through the "Golden Visa" investment immigration program, correspond to real estate investments worth at least 2.32 billion euros, constituting a new historical high. This peak comes as a continuation of another record year, in 2023, when 8,477 applications were submitted and is explained by the new reality that has emerged regarding the minimum investment limit, which came into effect from September 1, 2024 onwards (800,000 euros for the whole of Attica, Thessaloniki and the islands, with a minimum permanent population of 3,100 inhabitants).

It is noteworthy that in December alone, and according to official data from the Ministry of Migration Policy, a total of 1,137 applications for residence permits were submitted, while in all of 2020, due to the pandemic, the number did not exceed 1,485 applications. According to a relevant analysis by Astons, a significant part of the demand for residence permits in Greece is due to investors from the US, among whom it should be noted that there are also several second- or even third-generation expatriates who have never even visited Greece. "Astons estimates that Greece is the recipient of at least 50% of "Golden Visa" applications from American citizens, due to the attractive framework of the "Golden Visa", which offers a five-year duration for them and their family members, while the Greek housing market is booming and offers significant returns," the British company, which is also one of the largest providers of investment immigration services internationally, states.

At the same time, it should be emphasized that this large increase in applications also has its "side effects", as the services cannot cope with this large volume and have accumulated a total of 12,087 pending applications for initial investor licenses, a number that is almost three times the annual approval rate. For example, in 2024, 4,536 licenses were granted, compared to 4,231 in 2023. Therefore, once the current volume of pending applications progresses, it is likely that the "anthropogeography" of investors will also change, as there seems to be a decline in the number of Chinese investors and an increase in those from Turkey, Lebanon, the USA and Great Britain.

According to Astons, despite the changes that will certainly limit new applications, it seems that strong investment interest is maintained, even for Attica, where many now emphasize increasing the stock of housing, resulting from a change of use (e.g. offices, industrial properties, warehouses, etc.), as in this case, the minimum investment limit is maintained at 250,000 euros, from 800,000 euros. Another reason, according to Astons, that investment demand for the Greek market will continue, is the fact that Spain is preparing to stop its own corresponding Golden Visa program through the real estate market. This will turn the Spanish public towards Greece, which offers a similar lifestyle and more affordable properties.

(Source: Kathimerini 24.01.2025)

 

Three new categories of real estate investment through the Golden Visa program are identified by British investment migration company Astons in a new analysis of the Greek market.

One of the new trends is certainly the shift of buyers away from Greece’s main cities. According to market sources, some buyers have started to move outside of Attica and Thessaloniki, looking for better opportunities and of course lower costs for obtaining a residence permit, since the limit is 400,000 euros. According to Eleni Kontogeorgou, president of the Athens Notary Association, “there are already reports from notaries in the region of an increase in real estate transactions involving foreign investors and property transfers for €400,000.” 

Market sources say the purchasing interest outside Attica is limited so far, although searches are being made and a shift of a small portion of investors toward cities located near Attica, such as Corinth or even Patra, has certainly started. Based on the analysis of Astons, investors should move to cities in the country with an upward trend in sales prices, such as Kavala, where the price increase over the last 12 months has reached 21%, to €1,630 per square meter.

The second and equally important change recorded by Astons concerns the great interest of investors in acquiring homes resulting from a change of use, as this ensures a residence permit for just €250,000, even in Attica and Thessaloniki, where the limit has otherwise been increased to €800,000. “We are observing an increase in investments by real estate development companies, which buy old buildings such as hotels and offices and proceed with their complete reconstruction, converting them into apartments of modern specifications, which are aimed precisely at investors through the Golden Visa program, for €250,000,” the company’s analysis states.

The third category of investment remains the modern and luxurious properties in the southern and northern suburbs of Attica, or on popular islands where the investment limit has now been set at €800,000. Although the volume of transactions will be smaller, the profile of investors purchasing such properties is completely different from what has prevailed to date.

(Source: Kathimerini 14.01.2025)

 

The Trump effect and the imminent ending of Spain’s Golden Visa scheme continue to boost American interest in Greece’s five-year residence card program based mainly on realty investments, with a new report by leading international property experts Astons pointing to the fact Americans are diverting their attention to Greek Golden Visas.

The trend that started immediately after Donald Trump’s election in November continues strong in the US and a new analysis from Astons has shown there has been a surge in search interest for Spanish Golden Visas following the recent announcement that the country’s program is coming to an end in early April. However, Americans are already looking to Greece as their next destination of choice for alternative residency.

The London-based company has analyzed Google search trends data from the US for various Golden Visa-related search terms to see how interest in those terms has changed over the past few months (October – December 2024). 

The data reveals that US Google search interest for the term “Residency by Investment” has climbed by 24.9% over the past month. With the April 3 deadline for applications in Spain fast approaching, search interest in ‘Spain Golden Visa’ has increased by 21.6%. Nevertheless, search interest for ‘Greece Golden Visa’ has seen an even greater increase, of 50.4%, in just two months.

“With Spain announcing the end to its Golden Visa the clock is now ticking and there’s been a surge in interest from US citizens who are looking for a Plan B destination in Europe, with this demand expected to remain until April 3 when the Spanish Golden Visa scheme closes,” points out Alena Lesina, a citizenship, residence permit, and real estate investment expert at Astons.

“However, it’s clear that Americans are already diverting their attention to Greece which is rapidly becoming the most in-demand Golden Visa destination in Europe,” she notes.

Astons notes that there’s plenty of reasons to look to Greece over Spain: “Greece is one of the most welcoming of Golden Visa nations, and its program is undoubtedly going to benefit from increased interest after Spain closes its door. This makes it a particularly attractive place to invest early and ahead of the curve, because as demand for Greek property increases, so too will values, delivering great benefit to existing investors,” Lesina says.

Astons particularly points at Greece’s Golden Visa requirements, saying they are much more affordable than Spain’s, with a minimum required investment of just 250,000 euros. It argues that applications are often processed in as little as three months, after which residency can be granted for the whole family for five years. Once the five years is up, residents are given the opportunity to renew.

The report adds that like Spain, there is no requirement to reside within the country and become a tax paying resident in order to secure residency and the Greek Golden Visa can be extended as long as the investors maintain their property investment.

Of course there is also the lifestyle element that Astons mentions: “The lifestyle benefits of Greece are envied around the world. Stunning weather with beautiful beaches and landscapes combine with a great education system, good policing, political stability, a liberal society, a strong economy and a property market packed with opportunities for investors.”