Foreign Investor Interest in Greece’s Golden Visa Fades

Interest in Greece’s Golden Visa program appears to be waning, with new applications dropping sharply in September following major changes to investment rules. According to data from the Ministry of Migration and Asylum, just 392 new applications were filed during the month, significantly fewer than the 780 filed in September 2024. The 49.7% year-on-year decline is the steepest recorded so far this year.

Overall, 5,747 applications were submitted between January and September, compared with 6,108 during the same period last year. While the program continues to attract foreign investors, its momentum seems to be slowing after years of record growth fueled by real estate demand in Athens and on the islands.

Chinese investors still lead by a wide margin, holding 8,792 active residence permits and underscoring Greece’s role as a key entry point to Europe. They are followed by applicants from Turkey (2,698), Lebanon (930), and the United Kingdom (737). There remains measurable interest from the United States, Israel, Iran, and Egypt, where investors view Greece as a stable and accessible investment destination.

The downturn coincides with a significant policy shift that took effect on September 1, which doubled the minimum property investment to €800,000 in Athens, Thessaloniki, and on larger islands (with a minimum permanent population of over 3.100 people), and to €400,000 elsewhere. The previous threshold was €250,000.

Even with the drop in new applications, certain regions continue to benefit. Athens’ southern suburbs -the so-called Athenian riviera- remain a magnet for foreign buyers, while areas such as Crete, Paros, Nafplio, and Patras are drawing attention for vacation homes and secondary residences. The overall cooling trend, however, suggests that Greece’s Golden Visa boom may finally be entering a new, more selective phase.

Source: tovima.com