ANDhe Government of Greece has raised the minimum requirements to obtain the so-called 'golden visa', residence permit for non-European citizens in exchange for an investment in real estate, in an attempt to alleviate the housing crisis that the country is experiencing.
The amount required, which, depending on the area in which the property is located, was between 250,000 and 500,000 euros, has been raised to a range of between 400,000 and 800,000 eurosthe ecopress.gr portal reported this Monday.
The increases came into effect last Sunday.
Properties in the capital region of Attica and around Athens, as well as in the center of Thessaloniki (Greece's second largest city) and on all islands with more than 3,100 inhabitants, including the islands of Mykonos and Santorini, are those that require a minimum investment of 800,000 euros. For the rest of the country the threshold was set at 400,000 euros.
Greece tightened its Golden Visa rules by raising the total investment required for a third national to obtain a residence permit to 250,000-800,000 euros in an effort to alleviate the country's housing crisis. Greece's Golden Visa program, first launched in 2014 and which grants foreigners a five-year renewable residence permit, in exchange for a real estate investment of 250,000 euros.
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In addition, the requirement is introduced that the surface area of ​​the property acquired by non-EU investors be at least 120 square meters, while Short-term rentals on platforms such as Airbnb are prohibited.
Only if the investment is linked to the restoration of historic buildings or the conversion of industrial facilities into housing does the limit remain at 250,000 euros.
The objective of these policy changes is to guarantee affordable and quality housing for all citizens and at the same time continue with investments but under more balanced conditions
The goal of these policy changes is to “ensure quality, affordable housing for all citizens” while continue with investments but “in more balanced conditions”explained Finance Minister Kostis Jatzidakis when announcing the adjustments in a statement.
The program, which has attracted thousands of investors, mostly Chinese citizens, has increased the lack of homes for long-term rental and has skyrocketed property prices in certain areas of large cities and on the most touristic islands.
Despite this, for the president of the Athens real estate agents association, Lefteris Potamianos, the toughening of requirements for foreign investors is a counterproductive measure.
This photo taken on March 30, 2024 shows an apartment building under construction in a southern suburb of Athens.
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In statements to EFE, Potamianos predicted this Monday that instead of alleviating the real estate crisis, it will worsen even more, since the volume of business in the real estate sector will “decrease considerably.”
He considers that it will also contribute to the decrease in housing available for long-term rentals, since the majority of properties obtained through the 'Golden Visa' program were available for this purpose.
Instead of alleviating the real estate crisis, it will worsen even more, since the volume of business in the real estate sector will “decrease considerably.”
Last year there was record demand for 10,214 requests for acquisitions or renewals of the 'golden visa', according to data from the Ministry of Migration.
In all of 2023, 5,701 permits were granted, while the total investment was around one billion euros.
There are currently 8,800 applications pending processing.
According to data from the Bank of Greece, rents have increased by 20% since 2018, the year the country officially emerged from a nearly decade-long financial crisis.
EFE
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