Golden Visa: How the Real Estate Market Has Changed

Golden Visa property investment is in full swing, with foreign investors “scoping out the market” in search of a bargain home in the southern suburbs of Athens and Piraeus.

The greatest increase in the cost of purchases and sales is again observed in those areas where Golden Visa limit remains unchangedAs experts report, in the near future, especially starting in the fall, when a new, even higher investment threshold will come into force, It is planned to significantly limit the volume of purchases and sales related solely to obtaining a residence permit.

Let us recall that, taking into account the changes made, in the whole of Attica, Thessaloniki and on the islands with a minimum permanent population of 3,100 residents The minimum threshold for obtaining a residence permit has increased to 800,000 euros. In the rest of the country the limit has also increased from 250,000 to 400,000 euros. These changes will come into effect on September 1..

Until then, it is possible to obtain a residence permit based on the previous regime, if either a private or preliminary contract for the purchase of real estate is signed (until August 31). Today, the limit of 500,000 euros applies in the center of Athens, the northern and southern suburbs (except Piraeus), the municipalities of Thessaloniki, Mykonos and Santorini. In all other regions of the country, as well as in a large part of the basin, the limit remains at 250,000 euros.

Green Estate (Topo GES IKE) reports that in Piraeus the growth in sales reaches 47% and the price – 102%, while in the western suburbs – 25% and 66% respectively. As for the Northern and Southern suburbs of Athens, sales growth is approximately at the same level, but increase in cost There are many more in the Southern suburbs.

As expected, Glyfada, Voula and Varkiza lead the race as the most expensive areas. Glyfada is second in terms of price increase with a percentage of 42%. The top twenty includes mainly areas of the northern and southern suburbs, located close to the center of Athens.

Concerning the cheapest areasthen the top twenty, as expected, includes the municipalities of Western Attica and Athens, the suburbs of Piraeus and Eastern Attica.

According to Engel & Völkers, Greece is very popular among domestic and international investors, and the wait-and-see attitude – especially on the domestic market – is gradually giving way to a great deal of interest in attractive investments.

As is particularly emphasized, property prices in Greece remain moderate compared to other European countries.

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