Greece: 7,7% of interested investors are foreigners, rushing to get golden visas before the changes

An interactive Map of Real Estate Value Zones or Valuemaps.gov.gr, which provides objective real estate prices in Greece, was launched in June 2021. Today it is used not only by local buyers but also foreigners, interested in investment options.

Greece Golden Visa: residence permit by investment

As revealed by the Greek Ministry of Finance, 44,490 users sent requests via Valuemaps over the January—February 2023 period. Of them, 3,500 potential buyers inquired from abroad, with four countries leading:

• US — 490 buyers;

• Germany — 420 buyers;

• UK — 347 buyers;

• China — 331 buyers.

Also, a reportedly significant number of users inquired from Japan.

The most noteworthy spike in interest came in the period from September 2022 to February 2023. The Valuemaps app processed several million searches and real estate value calculations by over 130,000 users, of whom 7,7% — which is approximately 10,000 people — were foreigners.

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%.

The Greece Golden Visa program has several investment options. Participants choose the real estate ones more frequently.

At least €250,000 can be invested in:

• buying residential or commercial real estate;

• renting a hotel or tourist accommodations for 10 years;

• buying a plot of land for construction or agriculture projects;

• entering a timeshare agreement;

• inheriting real estate or receiving it as a gift.

Examples of properties in Greece

Greece, Santorini

€388,000 — €905,000

Villa in a gated complex overlooking the sea and vineyards in Santorini

109 m² — 224 m²

3—5

2—4

Greece, Santorini

€505,000 — €550,000

Mediterranean style villa next to the sea in Santorini with guaranteed rent

84 m² — 94 m²

3

1

Greece, Kissamos

€830,000 — €1,550,000

Traditional style villas on the seafront in Crete, Greece

126 m² — 157 m²

3

3

At least €400,000 can be invested in buying shares, corporate bonds, or Greek Treasury bonds.

At least €500,000, from July 31 onwards, can be invested in real estate in the selected areas of Athens, Attica, Macedonia, and Aegean.

Investors in the Greece Golden Visa receive:

• 5-year residence permit for the entire family;

• visa-free entry to the Schengen Area;

• tax optimisation;

• eligibility for European Union citizenship after 7 years of residency.

Immigrant Invest is a licensed agent for government programs in the EU and the Caribbean. If you want to become a resident of Greece and buy property in the country, please consult our investment program experts.