An IMGW News Report
Over a tenth of real estate transactions in 2023–24 were linked to residence permits, but recent policy shifts may temper demand.
The Golden Visa scheme has driven a surge in Greek property transactions, accounting for 10.77% of total sales in 2023 and 2024, according to data from the Hellenic Property and Investment Authority. Investor anticipation of rising thresholds for residency eligibility fuelled a sharp increase in applications, propelling demand to record levels.
“Whether investment flows persist at current levels will depend on how efficiently the revised framework accommodates demand.”
Figures from the Greek’s Migration Ministry indicate that 8,477 residence permit applications were submitted in 2023, with a further 9,289 in 2024. These transactions correspond to a minimum investment of €4.44 billion—though the actual figure is likely higher, as many investors acquired properties exceeding the €250,000 threshold. Over the same period, total real estate transactions amounted to €41.2 billion, split between €18 billion in 2023 and €23.2 billion in 2024, according to the Hellenic Property and Investment Authority.
The recent boom reflects a rush to lock in permits before the government’s tighter rules take effect. Minimum investment thresholds have doubled to €500,000 in key urban centres such as Athens, Thessaloniki, and Mykonos, limiting access for lower-tier investors. Meanwhile, bureaucratic bottlenecks have emerged, with the Greek authorities struggling to process a backlog of applications. A recent IMGW News article (link) highlights that some investors have faced months-long delays, exacerbating uncertainty in the market.
“Industry experts report a surge in interest from American investors—especially Greek expatriates—who made up nearly half of all US applications last year.”
Despite these constraints, demand remains resilient. Analysts at Astons, a British investment migration firm, note that Greece’s programme remains among the most competitive in southern Europe, particularly after Spain’s decision to discontinue its equivalent scheme. Industry experts report a surge in interest from American investors—especially Greek expatriates—who made up nearly half of all US applications last year.
Yet, with higher entry costs and administrative delays, Greece’s property market may face a correction. Whether investment flows persist at current levels will depend on how efficiently the revised framework accommodates demand.
