Short answer:
Demand for Golden Visa properties in Greece has surged because the program allows for European residency through the purchase of real estate. The increase in the investment threshold in sought-after areas has created pressure to act quickly before the more affordable options disappear.
When it comes to foreign real estate investment in Greece, one cannot help but first mention the “mother of all incentives”—the program responsible for quite a few deals in recent years: the Golden Visa. As mentioned earlier, the Golden Visa allows investors who purchase a property worth €250,000 or €500,000 in certain areas to obtain European residency for 5 years, with the option of unlimited renewal subject to continued ownership of the property. Residency allows one to live in any European country that is a member of the “Schengen Agreement” and enjoy social benefits in the areas of healthcare and education (though it does not grant a work visa, only the right to establish a self-employed business). One of the significant advantages of the Greek Golden Visa is that residency is also granted to the investor’s children (up to age 24), parents, and the parents of their spouse. Additionally, after 7 years, it can serve as a basis for applying for European citizenship.
A quick look at data from the Greek Ministry of Migration illustrates just how much demand for the Golden Visa has risen; in 2015, the number of applicants stood at 1,061, whereas in 2018—three years later—it surged by 400% to 5,777 people. In 2019, there was another dramatic surge to 11,430 (!) applicants, and although the number of applications dropped sharply in the following two years (2020–2021), likely due to the COVID-19 pandemic, demand continues to rise.
In 2022, the Greek Minister of Migration announced that 2,767 visas had been issued that year, an 81% increase compared to the previous year. Furthermore, data from the Central Bank shows that in that same year, the total amount of investment in Golden Visa properties stood at no less than 692 million euros. These figures indicate growing interest in purchasing an apartment in Greece as a means of obtaining a Golden Visa. Regarding 2023, the Greek Immigration Office reported that in the first half of 2023, the number of applications for Golden Visas reached 20,103, of which 5,822 were initial applications and 955 were for renewal and extension. The remaining applications (13,326) were for family members of the investors.
