Greece has increased the investment needed for its Golden Visa program to 800,000 euros to address a housing crisis. The program, popular among Chinese investors since 2014, previously required a 250,000-euro property investment for a renewable five-year residence permit.
Starting Sunday, the new threshold for the Golden Visa program will be 800,000 euros in regions like Attica (including Athens), Thessaloniki, Mykonos, Santorini, and islands with over 3,100 residents. Finance Minister Kostis Hatzidakis said these changes are part of the government’s housing policy to offer affordable housing through partnerships with the private sector.
Data from the Bank of Greece shows a 20% rise in rents since Greece emerged from its economic crisis in 2018. Under the new Golden Visa rules, investors must buy properties of at least 120 square meters, while historic or converted industrial buildings require a 250,000-euro investment.
Despite high demand and investments in 2023, concerns remain about the government’s ability to lower house prices and increase long-term rentals. Greece’s property market and construction industry faced challenges during the economic downturn that started in 2008.
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