Who most often receives a residence permit in Greece for real estate investments
The Ministry of Immigration of Greece has updated the statistics of residence permit program for investments in real estate. Since 2014, 7825 investors from around the world have received gold visas for the purchase of real estate. The first three places in activity were taken by citizens of China, Turkey and Russia.
Number of investors who received a residence permit in Greece
| Country | Number of investors* |
|---|---|
| China | 5770 |
| Turkey | 527 |
| Russia | 363 |
| Lebanon | 159 |
| Egypt | 153 |
| Iran | 121 |
| Iraq | 95 |
| Jordan | 68 |
| Ukraine | 63 |
| Syria | 57 |
| Other countries | 449 |
*From 2014 to mid-2020 on real estate investment option.
Taking into account the family members of investors residence permit holders in Greece for the purchase / rent of real estate from 2014 received 23,361 foreign nationals. Of these, 17,475 are Chinese, 1427 are Turks and 976 are Russians.
The most successful year of the work program was 2019 – 2339 investors received gold visas. As a result of residence permit Greece for real estate investments received 10,775 main applicants and their family members.
Real Estate Price Dynamics in Greece
To get a residence permit in Greece for real estate investment, you need to spend on the purchase or lease of the object from € 250 thousand Investors who participate in the program, buy housing, land for development, renting for a long time hotels. In July 2020 DBRS Morningstar credit rating agency published a report. It follows that the demand from foreign investors is a determining factor of price growth in the Greek real estate market.
In the last 3 years the Greek market has been showing steady positive dynamics. According to our real estate experts, this is facilitated by the Greek residence permit program for investment. Until 2017 inclusive, the real estate market was in decline due to the crisis of 2009-2016.
Dynamics of the real estate market in Greece
| Year | Real Estate Market Growth | Growth in foreign real estate investments |
|---|---|---|
| 2018 | +1,8% | +172,1% |
| 2019 | +7,3% | +30% |
Direct investment in real estate in Greece from EU countries is about 80% of the total. The remaining 20% come from China, Russia and Arab countries.
The Greek property market is growing due to the demand for short term rentals in Athens and other tourist areas of the country. This has led to an expansion in construction.
Impact of the crisis on prices
Property prices in Greece fell amidst the pandemic due to a sharp drop in demand – just like in other EU countries. But with the opening of the borders, demand will normalize and prices will recover. Therefore we recommend investing in real estate in the near future. Participants in the residence permit investment program will be able to purchase the best object for the same price.
Previously, we said that at the time of the closed borders conditions of participation in the program of residence permit Greece for the purchase of real estate simplified. You do not need to open an account in a Greek bank, come to the documents. Everything can be done remotely.
