In recent years, Greece has emerged as the top destination for property purchases tied to the Golden Visa program, witnessing a significant investment boom, with citizens from China, Turkey, Lebanon, Israel, and the UK flocking to secure Greek residencies. In Turkey and the Middle East, political and financial instability seems to be the drive behind affluent citizens seeking investment opportunities and a potential second home for relocation.
According to data from the Ministry of Migration Policy, a record-breaking 7,052 applications were submitted between January and October, a 2.3% increase compared to the same period last year. In October alone, 900 residence permit applications were filed.
To date, the Golden Visa program has granted 16,860 permits, including 12,577 initial permits and 4,283 renewals.
Among investors, Turkish nationals showed significant growth, submitting 1,115 applications, followed by British investors (511), Americans (369), and Lebanese (717). However, Chinese applicants remain the frontrunners, with 6,521 applications recorded by October.
The program is expected to set a new record this year, with investments surpassing €3 billion. Last year, foreign capital inflows exceeded €2.54 billion, up from €1.3 billion in 2022, with investor interest primarily focused on the southern suburbs, including Kallithea, Nea Smyrni, and Palaio Faliro, as well as Piraeus.
As for the 2025 real estate market outlook, analysts note two primary trends driving investment interest:
1. Capitalizing on Demand: Owners of lower-value properties are leveraging the market’s momentum by working with real estate agents and brokers to target buyers from China, Israel, the U.S., and other countries, aiming to profit from the price difference.
2. Renovation Opportunities: Owners of incomplete or dilapidated properties are seeking to sell them to construction companies for renovation or redevelopment.
Looking ahead, 2025 is expected to be pivotal for real estate prices. Following seven consecutive years of price increases, experts anticipate a continued upward trend, albeit at a slower pace.
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