Since September 1, 2024, the real estate market in Greece has been operating with significant changes to the Golden Visa program, as increased investment thresholds for granting residence permits to third-country nationals are now in effect.

Evia, in addition to Attica, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 inhabitants, is now included in the new, higher threshold of €800.000 for granting residence permits through the Golden Visa program, as clarified by the General Secretariat for Migration Policy in instructions sent to the country’s Decentralized Administrations.

Furthermore, it is specified that in case of investment through real estate purchase in the aforementioned areas, this must be done in a single property, and if it’s a built property or one for which a building permit has been issued, a minimum main area of 120 square meters is required.

For the rest of Greece, the minimum acquisition value of real estate at the time of acquisition, as well as the total contractual rent for cases of long-term lease or timeshare lease of tourist accommodation, is set at €400.000. Similarly, it is specified that in case of investment through real estate purchase, this must be done in a single property, and if it’s a built property or one for which a building permit has been issued, a minimum main area of 120 square meters is required.

The minimum area restriction does not apply to cases of unbuilt real estate or property for which no building permit has been issued (e.g., lot, plot).

However, there are two significant exceptions to the new thresholds, concerning properties changing use and listed buildings. This means that in the following cases, there are no minimum square meter requirements and the minimum investment amount remains at €250.000:

• Property that is an industrial building or part of an industrial building that may be converted to residential, provided it hasn’t operated as commercial for the last five years
• Listed building or part of a listed building for restoration or reconstruction, and once restoration or reconstruction is completed

It’s worth mentioning that a significant change incorporated in the new law is the prohibition of short-term rental (e.g., via Airbnb) and subletting of properties acquired through the Golden Visa.