Golden Visa Demand Slows Down Amid Policy Shift

Greece’s Golden Visa program appears to be entering a phase of de-escalation, as recent data points to a noticeable drop in the number of residence permit applications submitted by foreign investors.

According to figures released by the Ministry of Migration and Asylum, a total of 441 new applications were filed in June 2025, marking a 26.5% decline compared to the same month in 2024, when 600 applications were recorded.

This shift follows steady growth since September 2022, when Prime Minister Mitsotakis hinted at raising the minimum investment threshold, prompting a surge in real estate purchases by foreign investors anticipating policy changes.

Since then, the program has seen a steady influx of interest, largely driven by successive amendments by the government aimed at curbing foreign acquisitions of residential properties. Ironically, these measures had the opposite effect in the short term, creating artificial demand as investors rushed to finalize deals before new rules took effect.

Now, June’s figures offer the first tangible indication that the market may be cooling, with expectations of a continued decline in application numbers in the months ahead.

Who Are the Investors?

Chinese nationals continue to lead Greece’s Golden Visa program with 7,795 permits, underscoring the country’s appeal as a gateway to the EU. Turkish investors follow with 2,161 permits, driven by domestic economic and political unrest. Lebanese, British, and Iranian applicants have also shown strong interest, while demand from Egyptian and Israeli investors is on the rise.

“Golden Visa Is Not the Cause of the Housing Crisis”

Amid rising debate over foreign investment and housing access, the Real Estate Committee of the Hellenic Association of SAEE defended the Golden Visa program, calling it unfairly blamed. “Addressing the housing crisis is vital, but the Golden Visa is not the problem,” the statement said.

Citing ministry data, the committee noted that just 6% of investors live in their purchased homes, while 94% are rented out long-term under new 2024 regulations. Many of these properties, it added, are in neglected areas, helping to revive stagnant parts of the market.