Golden Visa: Investors turn to the countryside and changes in the… mix

• 22 February, 25

In the commercial real estate market in Athens, which, with their conversion into residences, maintains the limit of 250,000 euros, the interest of foreign investors is shifting, while areas near Athens and Thessaloniki are increasingly gaining ground where the new limits require purchases of 800,000 euros for the coveted “passport”.

Notaries are recording increased interest in Chalkida, Corinth, Nafplio and Patras, while in Athens the 120 square meter limit combined with 800,000 euros keeps interest alive only in the southern suburbs where, in any case, the houses that changed hands with Golden Visa were worth many times more.

The new limits

Law 5100/2024 established new property value limits for obtaining a Golden Visa. For the Attica Region, the Thessaloniki Regional Unit of the Central Macedonia Region, the Mykonos and Thira Regional Units of the South Aegean Region and for the islands with a population, according to the latest census, of over 3,100 inhabitants, the minimum acquisition value of the real estate at the time of its acquisition is now 800,000 euros. This amount concerns a single property, while if it is a structured real estate or a property for which a building permit has been issued, a minimum area of ​​120 square meters of main spaces is required.

For the remaining areas of the country, the minimum acquisition value of real estate is  400,000 euros  , while the restriction of a property with an area of ​​at least 120 square meters still applies.

However, the law defines two exceptions . In cases of investment through the purchase of real estate and if its main premises are changed to a residence (for example from a commercial property, a craft or an industrial building), the minimum acquisition value is 250,000 euros and the change of use must be completed before submitting the request for the granting of the investor’s permanent residence permit. The limit of 250,000 euros also remains for listed buildings , which according to notaries show almost zero interest from investors.

Who buys?

The Chinese are by far the best customers, but as notaries report, in recent months the interest of the Turks has been increasing , and they are now in second place among buyers. According to data from the Ministry of Immigration Policy for October 2024, the Chinese are at the top of the list of Golden Visa applications with 6,521 applications out of a total of 12,577 or 51.85% . They are followed by the Turks with 1,115 applications ( 8.87% ), the Lebanese with 717 ( 5.70% ), the British with 511 applications ( 4.06% ) and the Iranians with 509 applications ( 4.05% ). In fact, more and more real estate companies are being jointly established, mainly in Greece, but also in Bulgaria, by Greeks and Turks who engage in business with the Golden Visa.

At this stage, the market is mainly moving with preliminary agreements that have not yet been transformed into contracts based on the previous limits.

A recent amendment by the Ministry of Trade, Industry and Tourism granted a two-month extension until February 28, 2025 of the deadline for completing the investment to obtain a Golden Visa residence permit. This extension concerns procedures that are already at an advanced stage and that, due to individual conditions, have been delayed while they are very close to completion.

Mercan Group Launches New Project in Greece: Athens Port Residences. This project complies with Greece’s latest Golden Visa policy, requiring a minimum investment of €250,000.

Contact Mercan Asia – Global Business Center for more project details!

Cre: b2green