In 2024, Greece’s Golden Visa program solidified its status as a leading option for global investors seeking European residency. This ascent is attributed to favorable investment thresholds, strategic geopolitical positioning, and a dynamic real estate market. As traditional programs in countries like Portugal and Spain face uncertainties, Greece emerges as a stable and attractive alternative.
The Evolution of Greece’s Golden Visa Program
Introduced in 2013, Greece’s Golden Visa program initially offered non-EU nationals residency permits for a minimum real estate investment of €250,000, one of Europe’s most accessible thresholds. This entry point remains available in select regions, particularly in less densely populated areas, to stimulate local economies. However, to address urban property market pressures, the Greek government adjusted investment requirements in 2024:
• €800,000 Investment Zone: This higher threshold applies to high-demand areas, including the entire Region of Attica (encompassing Athens), Thessaloniki, and the islands of Mykonos and Santorini.
• €400,000 Investment Zone: For properties located outside these prime areas, the minimum investment is set at €400,000.
Notably, the €250,000 investment threshold still applies under specific conditions:
• €250,000 Commercial to Residential Conversions: Converting Commercial properties (such as offices or industrial buildings) into residential units can qualify for the Golden Visa with a minimum investment of €250,000, regardless of the property’s location or size. This provision encourages urban renewal and offers a more accessible entry point for investors.
These tiered investment levels aim to balance attracting foreign capital with maintaining housing affordability for local residents.
Surging Demand and Application Trends
The program’s popularity is evident in its application statistics. In 2022, Greece received 4,365 Golden Visa applications, more than doubling the figures from 2021. This upward trend continued into 2023, with 1,248 applications recorded by the end of February.
By mid-October 2024, Greek authorities had received 8,898 Golden Visa applications, marking a remarkable 212% increase in demand over the past year.
Several factors contribute to this surge:
• Policy Changes: Announcements about increasing the minimum investment requirement in specific municipalities prompted investors to expedite their applications.
• Program Suspensions Elsewhere: The closure of Golden Visa programs in the UK and Ireland, along with uncertainties in Portugal, redirected investor interest toward Greece.
Demographics of Investors
The program has attracted a diverse group of investors:
• Chinese Nationals: Leading the applicant pool, with 6,937 applications by August 2024, accounting for nearly 55% of total applications.
• Turkish and Russian Investors: Also showing significant interest, with substantial permits issued over the years.
Impact on Real Estate and Economy
The Golden Visa program has significantly influenced Greece’s real estate market, particularly in Athens and its suburbs. Peristeri, located just 6 km west of central Athens, exemplifies this impact. Known for its vibrant community and excellent transport links, including metro access, Peristeri has become a focal point for both investors and developers.
In the first half of 2024, property prices in Peristeri experienced notable growth. For residences up to 80 sq.m., prices increased by 14.3%, reaching an average of €2,093 per sq.m. Larger properties, ranging from 81 to 120 sq.m., saw a 12.3% rise, averaging €2,131 per sq.m.
These trends reflect Peristeri’s growing appeal as a residential and investment destination. The area’s development aligns with broader urban regeneration efforts across Athens, enhancing infrastructure and amenities. Consequently, Peristeri offers a compelling alternative to more saturated markets, providing investors with promising returns and residents with a high quality of life.
Why Greece Is Your Ideal Investment Destination
As global investors increasingly look to Greece for residency opportunities, the Golden Visa program continues to shine as a gateway to Europe. Its competitive investment thresholds, promising real estate market, and stable policies make it the go-to option in 2024. Whether you are drawn to urban hubs like Athens or are exploring up-and-coming areas like Peristeri, Greece offers something for every type of investor.
Essential Living is one of the key developers in Peristeri, we are proud to offer exclusive investment opportunities qualifying under the €250,000 Golden Visa program. Our projects align with the urban regeneration initiatives, transforming commercial spaces into modern residential units and meeting the program’s requirements. With our expertise and commitment to guiding investors through every step of the process, we ensure that your transition to European residency is seamless and rewarding.
Now is the time to invest in Greece and secure your family’s future. Contact Essential Living today to learn more about our projects and start your journey toward Greece’s Golden Visa!
