Golden Visa Price Hike Fuels Piraeus Property Boom

Effective September 1st, the threshold for property investment in prime locations like central Athens, its affluent suburbs, Thessaloniki, Mykonos, Santorini, and larger islands will jump from €500,000 to €800,000. Other areas will see a rise from €250,000 to €400,000. Additionally, applicants must now purchase a single property exceeding 120 square meters, discouraging the previous trend of acquiring multiple smaller properties.

This move has fueled demand in Piraeus, pushing average property values up by a remarkable 28.9% year-on-year in the second quarter of 2024, reaching €2,471 per square meter. While this remains more affordable than Athens’ southern coastal suburbs (€3,750 per square meter), the growth is undeniable.

Foreign investors, particularly Chinese, Arabs, and Turks, are drawn to Piraeus’ strategic location near Greece’s largest port. Estimates suggest that Golden Visa-related property acquisitions could surpass 5,000 this year.

Besides the five-year residency permit, property investment offers a lucrative return of around 4% annually, notes Kosmas Theodoridis, President of the European Real Estate Brokers Association.

The influx of investment has also impacted the rental market. Delfi Partners research reveals that Piraeus experienced a 14% year-on-year rent increase in the second quarter of 2024, with most rents ranging between €8.20 and €10 per square meter.

However, a significant portion of Golden Visa-acquired properties remain vacant, with some resold after a few years without visa renewal, highlighting a potential disconnect between investment and genuine residency intentions. The most profitable resales occurred between 2019-2020, driven by owners who capitalized on depressed prices during the 2010 financial crisis.