Greek "golden visa" rose in price from 250 to 500 thousand €

Greek Prime Minister Kyriakos Mitsotακis shocked the real estate market on Saturday by announcing that investments in the Golden Visa program are doubling from 250,000 euros to 500,000 euros. The announcement came almost out of the blue with the argument that real estate would once again be available to Greeks.

The Prime Minister did not elaborate on this issue and did not say when the double cost will come into force. He simply fired off a statement at the dumbfounded crowd like fireworks, which is sure to cause a stir in the real estate market.

Although real estate agents have not officially responded yet on Monday, criticism has already appeared in in social networks.

“Doubling the amount of investment means a hybrid war against China,” one Greek wrote on social media. Others called the new policy simply “wrong”. However, the first signs appeared in early March, when the Greek authorities supported the all-European appeal and canceled this program for Russian citizens.

“A total doubling to 500,000 euros for a Golden visa is wrong. Alternatively, it could only be increased for 2 major urban centers and serve as an incentive to help regions such as Epirus and Western Macedonia,” wrote one and another: “Clarifications needed on what exactly will be done with the golden visa, because the announcement an increase to EUR 500,000, not accompanied by any other compensatory measures, will mark the end of this investment program.”

The Golden Visa changes are turning the real estate market on its head, some real estate websites write. Referring to the data, they remind that “investors who have already begun to abandon the Golden Visa program today will be further limited by a higher amount required.

Real estate players say they will focus on high-end markets such as the southern suburbs of Athens, mainly on the so-called Athenian Riviera, but also in select locations in the northern suburbs of the Greek capital.

Recall that in the first half of 2022, according to the Ministry of Immigration and Asylum – the General Secretariat of Immigration Policy, there was a decrease of more than 5% in the issuance of 5-year permits to investors owning real estate worth more than 250,000 euros, according to the website Real Estate & Development .

“That is, out of the total number of 9,614 licenses that were issued from the start of the program until December 31, 2021 and were active, six months later the total number of active licenses decreased by 539 and now stands at 9,074,” the message says. experiencing stress.

Country

Total residence permits issued to investors-buyers of real estate by country Up to 31.01.2022

Total residence permits issued to investors-buyers of real estate by country Until 06/30/2022

% Change

31/1/2О22-3О/6/2О22

China

6391

5949

-6.92%

Turkey

619

587

-5.17%

Russia

599*

431*

-28.05%

Lebanon

307

341

+11.07%

Egypt

251

229

-8.76%

Iran

198

229

+15.66%

Iraq

137

123

-10.22%

Ukraine

112

USA

106

121

+14.15

Jordan

84

Great Britain

111

Israel

82

Other countries

815

872

+6.99%

General

9619

9075

-5.66%

Source/Editing: Ministry of Immigration and Asylum, General Secretariat for Immigration Policy, Date: January 31, 2022 and June 31, 2022 / Panhellenic Real Estate Network.

* until the ban from 1/03/2022


It is noted that in many cases, foreigners who wanted to take advantage of the Golden Visa program bought property in areas where housing was affordable until a few years ago, such as the Athens districts of Pagrati and Kipseli, renovated it and put it up for sale at a price of double the price.

Today, those who want to take advantage of the program will have to focus on newly built and more expensive areas, such as the southern and northern suburbs of Athens (Palaio Faliro, Nea Smyrni, Alimos, Glyfada, Kifisia, Papagou), where prices for the cost of new apartments range from €400,000 and up, while larger and more luxurious homes in Voula Vouliagmeni start at €500,000.

Competition

Changes to the Golden Visa program have also recently been made by Portugal, which, with a cost cap of €250,000, has applied geographic restrictions to eligible areas for real estate investment as it has been observed that most investors are concentrated in coastal areas and metropolitan centers such as Lisbon and Porto.

In Spain the limit is also 500,000 euros, in Malta it is 150,000 euros, in Cyprus it is 300,000 euros, and in Switzerland it is 450,000 francs.

Turkey, with a $400,000 investment, ensures free movement within the European Union.





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