Rising Flights for the Golden Visa – Where is Investment Interest Headed?

A surge has been recorded recently in the residency permits issued through the ‘Golden Visa’ program. Despite any modifications, the program continues to attract investment interest. As foreign buyers now turn their attention to areas outside Athens, they aim to acquire properties at more affordable prices. A new analysis by Astons, an international specialist in real estate, reveals the regions in Greece offering the best investment opportunities, based on annual price increases reaching up to 28% over the last 12 months. Greece ranks among the most attractive destinations for investors seeking residency through the Golden Visa. The system of granting residency permits is structured into three categories according to geographic location and the nature of the investment. The first category covers popular areas such as Athens, Thessaloniki, and Greek islands, with a minimum required investment of €800,000. The second category includes the remaining regions of the country, where the minimum investment rises to €400,000. Finally, the third category concerns investors who choose to convert commercial properties into residences, regardless of location, with a minimum investment of €250,000. Choosing the right area for investment largely depends on the performance of the local real estate market. Several regions have seen strong price increases in the past year. The largest annual price increase was recorded in Piraeus, Attica, which also shows the highest demand from Golden Visa investors. The average price per square meter rose from €2,000 in Q3 2023 to €2,556 in Q3 2024, marking a 27.8% increase. For an average property of 120 square meters, this translates to a total cost of €306,720. However, Piraeas requires a minimum investment of €800,000. Significant growth was also observed in Kavala, where the average property price increased by 20.9%, rising from €1,348 in 2023 to €1,630 in 2024, with the average value of a property amounting to €195,600. Other areas with strong price increases include Chios (20.6%), Sporades (19.9%), Grevena (17.5%), Lakonia (14.6%), Halkidiki (14%), Messinia (13.4%), Achaea (13.2%), and Zakynthos (11.5%). The latest analysis by Astons indicates that Greece has seen a 14.6% increase in the number of migrants settling in the country over the past decade. In 2024 alone, nearly 25,000 Americans chose to relocate to the country, though this trend may reverse due to rumors about the potential abolition of the Golden Visa. According to UN data, over 1.4 million migrants settled in Greece in 2024. Most came from Europe (913,652), Asia (372,146), Africa (68,690), and North America (38,416). Nationally, the largest migration flows to Greece originated from Albania (474,441), Germany (123,912), Georgia (90,365), Bulgaria (90,365), and Russia (78,992). Additionally, 24,748 migrants from the USA and 19,156 from the UK settled in Greece, marking a decade-long increase of 8.6%. The Golden Visa program remains a popular choice for those wishing to obtain residency in Greece. In 2024, 8,837 applications were submitted, the highest number since 2019. Increased investment activity is observed due to concerns that the program might be abolished. Astons emphasizes: ‘Greece is one of the most sought-after destinations in Europe for high-income migrants. However, there are rumors about the possible discontinuation of the Golden Visa program, without official confirmation. The European Commission is pressuring for its termination, as happened in Ireland, Spain, Portugal, and the UK. Nonetheless, Greece currently maintains the program, at least for the next year. Investors would be wise not to delay decisions in case the government decides to discontinue it.’