Short answer:
The Golden Visa program has increased demand from foreign investors for properties in Greece, particularly in Athens, major cities, and popular islands. When buyers are willing to pay a premium for a visa, local prices are driven up.
When you want to attract foreign investors and capital from abroad through attractive housing incentives, there is a price to pay—literally. Anyone familiar with the intricacies of the Greek real estate market can attest that the high demand for Golden Visas is driving housing prices skyward—and who suffers as a result? Mainly the locals.
In an interview with *Globes*, Yossi Dasas, an Israeli-Greek attorney, explained that “market prices are being artificially driven up, including rental prices, which is pushing Greeks out of city centers.” According to him, the Chinese are primarily interested in obtaining a visa and less so in the price of the apartment and the associated return on investment, which leads to an unrealistic surge in prices. Although the phenomenon is more pronounced in Athens and other major cities, real estate prices on the Greek islands are also rising rapidly, partly due to growing demand from foreign investors. “An apartment that an Israeli purchased through him in Athens for 75,000 euros was sold to Chinese investors for double the price within six months,” he said.
Another Greek real estate agent interviewed for the article echoed his comments: “The Chinese are willing to purchase properties at prices slightly above market value, as long as they get the Golden Visa. Let’s say the market price of a property is 220,000 euros; they’ll add a little more, or the asking price will be higher from the start.” According to him, this trend indicates high demand forreal estate investments in Greece among Chinese investors. The same broker claims that the influx of Chinese buyers has sent prices soaring and that “thousands of Chinese companies are buying apartments and then reselling them to Chinese buyers, but at double the price. I know of an Israeli guy who bought an apartment for €12,000 in 2016 and sold it to a Chinese company for €81,000.”
