Golden Visa: Investors scramble to get in before cap increases

The Greek property market is expected to see some action in the last 10 days as new Golden Visa rules coming into effect at the end of the month – increasing the cap – are likely to change the market.

Interested parties are rushing to take advantage of the 250,000 limit that is still valid to get the coveted golden visa at a lower cost. new deals before the limit is raised to 800,000 euros, Even unfinished buildings, old private houses, and old real estate properties whose owners want to withdraw from rental (due to increased need for repairs) due to the obsolescence of the housing will participate.

The program is expected to be completed this year “Golden visa” will set a new record: Investment volume will exceed €3 billion. Last year, the inflow of funds from abroad exceeded €2.54 billion, compared to €1.3 billion in 2022, with 8,516 applications submitted and 1,802 final approvals.

As a reminder, with the changes made, the minimum threshold for obtaining a residence permit has increased to 800,000 euros in the whole of Attica, Thessaloniki and the islands with a minimum permanent population of 3,100 people. In the rest of the country, the limit has also increased from 250,000 to 400,000 euros. These changes will come into force on September 1.

The great interest of foreign investors is directed mainly to the southern suburbs and Piraeus. The study of the “Housing Market Observatory” Green Estate (Topo GES IKE) reports that in Piraeus the growth of sales reached 47%, and the price increased by 102%. At the same time, in the western suburbs the corresponding figures were 25% and 66%, and in the suburbs of Piraeus – 11% and 35%. As for the Northern and Southern suburbs, the growth of sales is approximately the same, but the growth of prices in the Southern suburbs is much higher.

As expected, Glyfada and 3B (Voula, Vouliagmeni, Varkiza) lead the race for the most expensive areas. Glyfada is second in terms of value increase with 42%. The municipality of Filothei-Psychiko completes the top three, followed by the municipalities of Alimos, Elliniko-Argyroupoli and Paleo Faliro, where the growth in values ​​is at 29%, 28% and 14% respectively.

The top twenty includes mainly areas in the northern and southern suburbs located near the center of Athens and the capital's municipality.

As for the cheapest areasthen the top twenty, as expected, includes the municipalities of Western Attica and Athens, the suburbs of Piraeus and Eastern Attica. In 14 of the above-mentioned areas, double-digit growth is observed, and in 11 growth exceeds 25%.

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