Greece’s Real Estate Boom: Golden Visa Program at the Forefront

• 6 January, 25

Foreign investments in Greece’s real estate sector continue to rise sharply, with Bank of Greece data revealing €1.9 billion in inflows during the first nine months of 2024—a 17% increase compared to the same period in 2023. Given that real estate inflows totaled €2 billion for the entirety of 2023, 2024 is on track to set a new record for foreign property investments.

Real estate now accounts for 62% of Greece’s total Foreign Direct Investment (FDI), reflecting its growing prominence. Total FDI from January to September 2024 reached €3.1 billion, a 15% annual decline from €3.66 billion in the same period in 2023 and far below the €6.43 billion recorded in 2022. This shift has increased FDI dependency on real estate from the traditional 20-25% to unprecedented levels.

The Greek government’s Golden Visa program has played a significant role in driving this growth. The program, which grants residency permits to non-EU nationals investing in Greek real estate, has attracted thousands of investors. However, recent changes—such as the increased minimum investment threshold of €500,000 in high-demand areas from May 2023—are expected to impact future demand. These adjustments, combined with restrictions on short-term rentals, may lead to a shift in investor interest from smaller properties to larger-scale real estate development projects, including residential, tourist, and logistics sectors.

While such projects promise greater long-term economic benefits compared to straightforward property purchases, they require significant time to mature. Market experts warn that without reversing the downward trend in overall FDI, the anticipated slump in investments could hinder broader economic progress.

Nonetheless, the Golden Visa program remains a key driver of foreign investment, underscoring Greece’s appeal as a destination for international investors seeking residency and lucrative real estate opportunities.

For those interested in securing residency through Greece’s thriving Golden Visa Program, Mercan Asia offers unparalleled support as a trusted Global Investment Center, catering to agents and international clients seeking expert guidance in real estate investments and residency solutions.

Cre: Ekathimerini