Greek brokers expressed displeasure with the government's decision to increase the minimum amount to obtain a golden visa to EUR 800,000. They fear that this will lead to a decrease in investment in the country's economy, reported the portal Ikonomikos Tahidromos, which specializes in financial and economic information.
The decision to increase the minimum price of the “golden visa” for foreign investors up to EUR 800,000 in major cities and islands, and up to EUR 400,000 in the rest of Greece, entered into force on March 31. The government explained this by saying that investors under this program will now rent more expensive housing that does not compete with the average apartment or house bought by a Greek family. According to the portal, real estate market participants assume that due to the sharp increase in the price of the "Golden Visa", investors may leave Greece and head for countries with lower thresholds for such visas. They note that foreign investors not only bring in new funds, but also support construction activities. This is due to the fact that Greeks cannot afford the high prices of newly built properties due to a lack of bank financing.
The president of the Association of Real Estate Brokers in Athens and the Attica Capital Region, Lefteris Potamianos, in a conversation with the portal, expressed the opinion that “the changes will scare investors and create a serious problem with the liquidity of the Greek economy." Potamianos noted that the "golden visa" how the investment tool helped the economy“ and emphasized that “there is no evidence to justify the government's measures”. "The paradox is that with the previous increase in the price of the Golden Visa" from €250 thousand to €500 thousand for a number of areas, there investors never appeared. Prices continued to rise for both rentals and sales, he explained.
In turn, the Association of Limited Liability Companies and Business Partners said that the government is completely suspending the competitiveness of Greece's golden visa program. According to his representatives, “the impact of his decision on attracting investments through the program will be extremely serious”.
The Greek government has increased from March 31 the minimum amount that citizens of non-EU countries must invest in real estate in order to obtain a five-year residence permit in the republic (“golden visa”). The Ministry of National Economy and Finance announced that the minimum requirement for obtaining a “golden visa” is the price of real estate in the capital region, in Thessaloniki, on the islands of Mykonos and Santorini, popular among foreigners, as well as on islands with a population of more than 3,100 people, according to the new rules, will be 800,000 EUR. In the rest of the country, it is equal to EUR 400,000 (compared to EUR 500,000 and EUR 250,000 before). The site area must be at least 120 sq.m.
"Golden Visa" it will be possible to extend it by 5 years, until the property remains the property of the citizen of a third country who bought it, the agency specifies. Investors under the Golden Visa program who started procedures before March 31 will be able to complete them under the old conditions.
The purchased property can only be rented out for long-term rent. Also, if the site is residential or converted into residential premises, then it cannot be used as the company's head office or branch office. In this case, a fine of EUR 50,000 is imposed and the residence permit is cancelled.
A year and a half ago, the price of a “golden visa” had doubled. In September 2022, Prime Minister Kyriakos Mitsotakis announced that in order to increase the affordability of real estate for Greeks, the minimum amount of investment by foreigners in real estate in Greece for the issuance of a residence permit under the Golden Visa program increases from EUR 250,000 at EUR 500,000 in areas with expensive housing and will remain at the level of EUR 250,000 in areas with low housing demand and low rents. According to the newspaper Ethnos, 45% of Golden Visa recipients in Greece - Chinese citizens, 10% - Turkish.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE