In 2024, a record-breaking 9,289 applications were submitted for residence permits under Greece’s Golden Visa program, representing real estate investments totaling at least 2.32 billion euros. This surge follows a strong year in 2023, when 8,477 applications were submitted, and is largely due to the revised minimum investment limits effective from September 2024.
Greece’s Golden Visa program grants five-year residency rights to non-EU nationals investing in real estate, operating on a three-tier system:
– Tier A: Investment of 800,000 euros in popular areas such as Athens, Thessaloniki, and the Greek islands.
– Tier B: Investment of 400,000 euros in other regions of Greece.
– Tier C: Investment of 250,000 euros in commercial properties converted into residential units.
According to official data from the Greek Ministry of Migration and Asylum, December 2024 alone saw 1,137 applications, compared to just 1,485 applications for the entire year in 2020, a year heavily affected by the pandemic.
Astons, a leading investment immigration service provider, reports that the United States accounts for at least 50 percent of applications, driven by the attractive five-year residency for investors and their families, alongside a booming Greek housing market.
Backlog in processing: 12,087 pending applications
However, according to Astons, the surge in applications has led to a backlog in processing, with 12,087 pending applications as of 2024. The number of approvals has not kept pace with the demand, with 4,536 permits granted in 2024, up from 4,231 in 2023. This growing delay could impact the demographic of investors, with fewer Chinese applicants and increasing interest from countries such as Turkey, Lebanon, the USA, and the UK.
Despite potential limitations on new applications, investment interest remains strong, especially in Attica, Aston notes.
The demand for housing is increasing, driven by the repurposing of offices and industrial properties, where the minimum investment limit remains at 250,000 euros.
Furthermore, Spain’s plans to end its Golden Visa program could redirect investment to Greece, which offers similar lifestyle benefits and more affordable properties.
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