Back in September 2022, the Greek government announced the adjustments in the residence permit program, otherwise known as Greece Golden Visa. The minimum real estate investment amount was set to double in 2023.
This almost immediately kickstarted the influx of foreign Valuemaps requests. Investors were rushing to beat the price. The number of golden visa applications over the first eleven months of 2022 grew by 50% year‑on‑year. More than 800 applications were approved in November alone.
Altogether, 4,365 investors applied for a residence permit in Greece in 2022. This was a new record for the program.
Starting July 31, 2023, the minimum property investment requirement for the Greece golden visa program will grow from €250,000 to €500,000 in the selected areas of the country:
Athens. The North, Central, and South sectors.
Attica. The Vari-Voula-Vouliagmeni municipality.
Macedonia. The Thessaloniki municipality.
Aegean. The Mykonos and Santorini island regions.
Only one property of €500,000 value could be acquired in these regions. In the rest of Greece, program applicants can still invest from €250,000 regardless of the number of properties. Additionally, investors who will pay a 10% deposit before July 31, can change selected properties.
Foreigners currently make up 85% of property buyers in Greece. Since 2017, they have invested €3,27 billion in the real estate option under the Greece Golden Visa program.
They obtain not only a residence permit status in the country but an income-generating asset. Real estate value in Greece grows by 1.2% every year, and the average annual rental yield is 4.3%.
83 m² — 94 m²
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