Significant changes in the real estate market are happening thanks to the new scheme “Golden Visa”, which entered into force on September 1, 2024.
The transition period granted by the Ministry of Finance (MoF) from March until the implementation of the new structure began ended yesterday, with new rules governing Golden Visaentered into force, bringing changes that will impact the entire real estate marketbeing part of the government's housing policy.
Thus, from today, foreign citizens from outside the European Union who wish to obtain a five-year residence permit to stay in the country, will be able to invest in real estate an amount of 800,000 euros and above, compared to 500,000 previously.
Special conditions apply to Attica, Thessaloniki, Mykonos, Santorini and islands with a population of over 3,100 for real estate with an area of at least 120 sq. m. For the rest of the country, the limit is 400,000 versus 250,000.
However, the law also provides for exceptions: mminimum amount 250,000 remains if the investor wants to take a property that is currently used for another purpose and convert it into housing, or if he invests in a registered building that he will renovate and make habitable.
Finally, for those investors who, until yesterday, August 31, made a deposit of 10% of the value of the property they wish to purchasethe amounts of 800,000 or 400,000 euros do not apply, and the old limits apply.
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