Real estate in Greece: the return of the Chinese and new players

Obtaining a Golden Visa in Greece continues to generate interest: the volume of funds entering the real estate market from abroad in the first half of 2023 exceeded 1 billion euros, the balance among those wishing to obtain a Golden Visa has changed compared to last year, and new ones are appearing on the scene players.

Real estate experts and bankers note that the difficult situation in the Middle East and generally in the Eastern Mediterranean countries in recent months has increased the interest of investors from Israel and other Arab countries, as well as investors from Iran, who are choosing the Golden Visa in a higher percentage than in the past , not only in the logic of investment, but also in relocation due to the conditions prevailing in the region as a whole.

This opinion is supported by the fact that three out of ten new permits are issued to investors themselves, and more than half of them are residence permits for members of their families.

The influx of these funds continues to be dominated by Chinese investors, who, although showing a slight decline over the past two years, continue to make up the majority of property buyers in Greece and have recently seen an increasing trend in the number of applications for the Golden Visa.

Purchases
Despite changes to the Golden Visa system, which increase the required investment percentage for purchasing real estate in some areas of the country, significant events in Ukraine, the Middle East and problems in the Chinese economy have not weakened investor interest.

Last year alone, there were 5,547 Golden Visa applications, of which half were granted, resulting in the purchase of more than 2,500 properties throughout Greece.

This year through October, 2,659 golden visas have been issued, according to official data, indicating continued interest. The greatest interest in the Golden Visa so far is investors from Chinaas 6 out of 10 licenses issued are for Chinese citizens, followed by investors from Turkey, Lebanon, RussiaEgypt, Israel, Iran, Great Britain, USA and Ukraine.

Villa on the island of Corfu Greece 600,000 euros

According to the Ministry of Immigration and Asylum, until October 2023, the number of valid Golden Visa permits for permanent investors was 37,413. Traditionally, the largest number of Golden Visa “clients” are Chinese – 6,159. They are followed by Turks with 698 licenses, immigrants from Lebanon with 574 licenses, Iran with 355 licenses, UK with 339 licenses, Russians with 324 licenses, Egyptians with 313 licenses, as well as smaller numbers from the US (253), Israel (157) and Ukraine (98).

Applications for investor permanent residence permits (initial grant and renewal) between October 2022 and October 2023 totaled 11,208, of which 3,307 were granted, 22 were rejected, and 7,879 were pending. The majority of pending applications came from investors from China (69.6%), followed by investors from Turkey (8.1%) and Iran (3%).

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