Athens, September 3 (financeflashnews.com) – As of September 1, non-EU citizens looking to purchase property in Greece will need to pay significantly more for a residency permit. The cost for acquiring a Golden Visa has increased from the previous €250,000 to €800,000 for buyers in cities like Athens and Thessaloniki, as well as on major islands. In other regions of the country, the new price is €400,000. This change, announced by the Greek government on September 1, is part of its efforts to address housing shortages and rising real estate prices.
Impact on the Real Estate Market and Investments
Greece introduced the Golden Visa program several years ago, allowing non-EU citizens to obtain residency permits in exchange for investments in real estate. Golden Visa holders are permitted to move freely throughout the EU, making this an attractive option for wealthy investors, particularly from China and Turkey, and increasingly from Israel following the outbreak of conflict in Gaza. The residency permit also extends to the buyer’s immediate family members and is valid for five years. If the property remains in the buyer’s possession, the visa can be renewed for another five years.
Measure to Combat Housing Shortages
The Greek government justifies the increase in Golden Visa costs as part of its strategy to combat housing shortages and rising real estate prices, which are creating difficulties for local residents. Many investors, after purchasing properties, rent them out, thereby increasing pressure on the housing market. Greece has therefore restricted the possibilities for short-term rentals, particularly through platforms like Airbnb.
Guide for Prospective Golden Visa Applicants:
- Check Current Requirements – As of September 1, 2024, new rules are in effect that have raised the minimum investment needed to obtain a Golden Visa.
- Location is Key – Investments in Athens, Thessaloniki, and major islands require at least €800,000, while other regions require €400,000.
- Consider Rental Options – Purchased properties can be rented out, but not through short-term rental platforms like Airbnb.
- Plan for the Long Term – The residency permit is valid for five years, with the option to renew if the property remains under your ownership.
FinanceFlashNews Notes:
The increase in the minimum investment for acquiring a Golden Visa in Greece could significantly impact the flow of foreign investments into the country. Previously, the cost for a Golden Visa was among the lowest in the EU, making Greece an attractive destination for investors. With the new, higher requirements, interest may shift to other countries with more favorable conditions. On the other hand, this move could stabilize real estate prices in the Greek market and alleviate pressure on local residents, who are struggling with rising rental costs.
Keywords: Greece, Golden Visa, real estate, investments, EU, housing market, residency permit, property prices, short-term rentals
