The slowdown in property purchases under Greece's "Golden Visa" program, prompted by the increase in thresholds, unexpectedly helped to alleviate the housing shortage in Athens, increasing supply on the long-term rental market.
After a record 2024, when real estate investments under the program amounted to EUR 2.75 billion, 2025 saw a significant decline. In the first nine months of last year, the inflow of real estate investments under the program fell by 24%, reaching approximately EUR 1.46 billion (compared to EUR 1.925 billion for the same period in 2024). In the third quarter, the decline accelerated to 32.7% (EUR 527 million compared to EUR 783.7 million a year earlier).
This happened after the entry into force of new, higher thresholds for the “Golden Visa“ program.
The decline in interest in the program coincided with legislative changes that gave a boost to the long-term rental market:
A 2024 law banned short-term rentals (e.g. via Airbnb) of newly acquired properties under the “Golden Visa” program.
Of the approximately 16,000 properties purchased by foreigners by the end of 2024, almost 15,000 entered the long-term rental market immediately after the purchase.
It is expected that between 1000 and 2000 completed apartments will soon enter the market. Furthermore, the conversion of unused commercial properties could add 3,000 to 5,000 apartments in the Athens metropolitan area by 2027.
Investors have found a way to reach the lower threshold of EUR 250,000: purchasing and converting old historical or commercial buildings (offices, warehouses) into residential apartments.
This exception has triggered a wave of renovations in the center of Athens (Exarchia, Piraeus, etc.).
These projects have lower construction costs and, most importantly, provide the necessary supply of housing in a market with a shortage.
Despite the overall decline, foreign buyers still account for approximately 40% of transactions in the Athens residential real estate market. Authorities have significantly reduced the processing time for applications, and some recent applications have been approved in less than 30 days, which is in sharp contrast to the 18-month delays typical for 2024.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg