4/3/2025

Almost 20,000 (19,962) applications for residence permits through the Golden Visa program have been submitted from the beginning of 2023 until this February, surpassing all previous records in the more than ten-year period (since mid-2014) of its implementation. These applications correspond to investments of at least €5 billion, significantly increasing the contribution of real estate as a percentage of total foreign direct investment in the Greek economy.

At the same time, however, this performance also reflects a market distortion caused by successive policy changes made by the government over the past two years in an effort to curb these investments. The goal was to prevent a continuous decline in housing availability for domestic buyers. In practice, however, the opposite occurred, triggering an investment "frenzy" from people rushing to take advantage of the last available window to secure a residence permit in Greece for themselves and their families.

According to the latest data from the Ministry of Migration and Asylum, the number of applications reached 8,475 in 2023 and 9,411 in 2024. In the first two months of this year alone, an additional 2,076 applications were recorded (1,096 in January and 980 in February). These applications come from the last group of investors who secured property and residency rights under the previous regulations. Specifically, following the increase in the minimum investment amount (to qualify for a residence permit) to €800,000 in Attica, Thessaloniki, and the major islands (and to €400,000 from €250,000 for the rest of the country), a deadline was set until September 1, 2024, for interested parties to sign a preliminary agreement or private contract under the lower investment thresholds. Around 3,000 investors were unable to finalize their contracts by the end of 2024 (which was the final application deadline), leading to a two-month extension until the end of February.

As a result, the number of applications in the past two years has exceeded the total number of investors who have been granted residence permits since 2014. Specifically, from mid-2014 until today, the number of active permits (valid for the past five years) stands at 13,549. Including the 4,814 permit renewals from first-wave investors (2014–2019), the total number reaches 18,363. Of these, 9,275, or 50.5%, are investors from China, while another 1,893 permits (10.3% of the total) have been granted to Turkish investors.

At the same time, the investment "frenzy" of the past two years has created a massive backlog of pending applications, now totaling 12,958, indicating significant congestion in the processing services. In the first two months of this year, 1,127 permits were issued. However, 3,591 applications from 2023 alone remain pending. This situation is expected to gradually normalize in the coming months, as the new investment thresholds will likely slow the influx of third-country investors into the Greek real estate market.

Nevertheless, demand is expected to persist, either for selected high-profile properties, such as those along the Athens Riviera, or for opportunities in regional cities with strong demand, such as Heraklion and Chania. Additionally, investments in property repurposing—such as converting office spaces or warehouses into residential units—are anticipated with great interest, as such projects will still allow investors to secure residence permits with a €250,000 investment.

Source:https://www.forbesgreece.gr/forbes-elliniki-ekdosi/3910137/i-xrusi-dietia-tis-golden-visa-oi-arithmoi?utm_term=Autofeed&utm_medium=Social&utm_source=Facebook&fbclid=IwZXh0bgNhZW0CMTEAAR387oPKUBSPff5Yql2JBNGGfJVS_kuBnmTdqxa4zRPniGVaNQ5PdN-qlo8_aem_xLafkf2YVQrNwvhrTaM1cg#Echobox=1743616750