Significant Changes in Greece’s Real Estate Market Due to New Golden Visa Rules

The real estate market is expected to change significantly with the implementation of new Golden Visa rules starting today, as part of the government’s initiatives to strengthen housing policy.

The transition period granted by the Ministry of Finance, which lasted from March until the start of this new framework’s implementation, ended yesterday. This means that from today, foreign nationals, specifically those outside the European Union, who wish to obtain a five-year residence permit in our country, will need to invest in real estate worth at least €800,000, as opposed to the previous threshold of €500,000.

However, this applies to specific regions, with the minimum investment set at €800,000 for properties of at least 120 square meters, up from €500,000 previously. This new threshold applies to the following regions: Attica, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants.

For other areas of the country, the threshold is lower at €400,000, but still higher compared to the previous requirement of €250,000. Thus, this has also been increased.

Exceptions

The minimum threshold of €250,000 remains in two cases. If a foreign investor wants to buy a property that currently has a different use, for example, industrial, and wishes to convert it into residential use, or if they are investing in a listed building, which they will undertake to renovate and restore.

Additionally, foreign investors who had already made a 10% down payment on the property they intended to purchase by yesterday, the 31st of the month, will adhere to the old system. This means the €800,000 or €400,000 requirements mentioned earlier do not apply, as long as they had made a 10% down payment by yesterday.

Source: GCT–Bill Kouras