Investments made through Greece’s Golden Visa Program real estate option accounted for 10.77 per cent of all real estate deals in the 2023-24 period.
The increase in transactions shows the increasing demand for residence permits in Greece. It is particularly noted in the past two years when requests hit a record high, Schengen. News reports.
According to a report from Kathimerini, comparing the statistics of the tax authorities for the total value of real estate purchases as well as sale transactions in 2023 and 2024 with the data of the Migration Ministry concern applications for residence permits, it shows that one in ten property deals involved an investor through the Golden Visa Program.
While in 2023 the number of residence permit applications was 8,477, in 2024, it increased to 9,289. These requests account for a minimum investment of a total of €4.44 billion. However, the amount is likely to be higher after some investors spent over €250,000 each.
For a period from 2023 to 2024, real estate transactions reached a total of €41.2 billion, with €18 billion in 2023 and €23.2 billion in 2024, according to the Hellenic Property and Investment Authority.
Increase in Golden Visa Program Foreseen for 2025
Greece’s Golden Visa Program offers residency to non-EU nationals in exchange for financial investments. The real estate investment option is the most famous option of this program. However, in a bid to deal with the housing crisis, last year, Greece decided to increase the minimum amount required for Golden Visa investments, in some of the most famous parts of the country to €800,000.
According to a report from Kathimerini, high investments such as those registered in 2023-2024 are unlikely to continue as a result of the changes applied to the Golden Visa program last year.
The increase registered in the past two years was led by investors rushing to benefit from this program before new changes took effect.
Last year, authorities in the Hellenic Republic reported that from the beginning of this year, new changes would be applied to this program.
Among them, attracting investors through more productive ventures instead of real estate investment options. In addition, Greek authorities also provided additional details related to the startup option in the Draft Budgetary Plan for 2025.
A recent report by the Global Investment Immigration Firm, Astons has predicted that Greece’s Golden Visa program will continue to experience growth driven by several factors among them the abolishment of Spain’s golden visa program and increasing demand from US investors.
The abolishment of Portugal’s real estate investment option from this scheme also led to a surge in the number of real estate investment options of Greece’s Golden Visa Program.
Source link
