The number of people wishing to obtain golden visas in Greece has increased by 152%

The activity of foreign investors in Greece increased by 152% from January to July 2023; those wishing to become holders of “golden visas” rushed to purchase real estate before the minimum purchase price under the program doubled.

By the first of August, the day when the cost of the Greek “golden visa” increased from 250,000 euros to 500,000 euros, 5,740 applications were registered. During the same period in 2022, 2,279 applications were submitted. In the last month, July 2023, 565 applications for residence permits for investments were processed.

Golden Visa applications in the seven months of 2023 exceeded demand and revenues in 2019, when 4,071 applications resulted in property acquisitions worth approximately €1.02 billion, and in 2022, considered the benchmark year for the Greek Golden Visa program launched in 2014 year.

Last year there were 4,365 applications, equivalent to an investment of €1.09 billion. In 2023, in its first five months, Greece’s residence-for-investment scheme has already boosted the economy by almost €1 billion.

According to property market insiders, it is not yet clear whether strong demand will continue from investors, mainly from China, who have focused on the southern suburbs of Athens in recent years. Investors unwilling to spend more than €250,000 may turn their interest to areas such as Piraeus, the western suburbs of Athens and the Argosaronic Islands, experts say.

According to the Ministry of Immigration and Asylum, the Chinese remain the key drivers of the program: of the 36,060 resident investor permits in force, 61% are held by Chinese nationals, 6.4% by Turkish property buyers, 5% by Lebanese and 3.2% by Russians . Since the start of the program, notes GreekReporter, approximately 11 thousand residence permits have been issued.

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