Golden Visa: who "holds the reins"

The Golden Visa investment residence permit program is advancing at a record pace in the last months of 2023.

At a time when there is strong demand for the coveted Golden Visa, the government is taking another step forward by trying to bring to the market apartments that have remained closed for years, i.e. “idle”.

It is estimated that the number of closed and unelectrified properties could be as high as 950,000 (15% of the total housing stock). A decisive factor in the increase in the number of “empty” houses is the extremely old buildings present in the country and the high costs required to renovate them.

“Since its launch, the golden visa has essentially exhausted its relevance. But I think, why not give the opportunity to receive a “Golden Visa” to everyone who buys an architectural monument with an obligation to repair it? We are automatically directing investment funds to the real estate category,” Prime Minister Kyriakos Mitsotakis said on SKAI radio, indicating the government’s intentions.

Details about “Golden Visa”
According to the Ministry of Immigration and Asylum, by October there were 37,413 valid permits received by Golden Visa investors. The majority are traditionally Chinese (6 out of 10.61%). Next come the Turks with 698 licenses (6.2% of the total), the Lebanese with 574 (5.1%), buyers from Iran with 355 (3.2%), and from the UK 339 licenses (3.0%). Russians have 324 permits (2.9%), Egyptians have 313 (2.8%).

Of the total 24,8939 requests (new and renewed) filed in the country from 2018 to date, almost half (11,208) were filed between October 2022 and October 2023. At the same time, 7,879 initial Golden Visa applications remain pending. For licenses issued between October 2022 and October 2023, 5,115–3,806 initial and 1,309 renewals were issued.

Search for properties in new areas
Since September, some investors seeking a golden visa have turned to looking for properties in western suburbs areas such as Egaleo, Peristeri and Ilion.

Increased demand for properties located in the southern suburbs, as well as in tourist areas, has inflated the selling price, including in many areas of central Athens, such as Exarchia, Neapolis and Kypseli. In addition, Piraeus, Pallini, Peristeri and Gerakas have already started to be considered by golden visa investors, as there are still suitable properties at attractive prices in the areas.

From 1 August 2023, the Golden Visa threshold has increased from €250,000 to €500,000 for those buying property in parts of Athens, Thessaloniki, Mykonos and Santorini. The real estate market’s hopes for a possible extension of the golden visa limit in the southern suburbs and center of Athens have not materialized. Because these are the 2 areas that attract the greatest investment interest from abroad.

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