An IMGW News Report
Recent amendments to Greece’s Golden Visa Programme have raised alarm among real estate professionals, who argue that the changes could disrupt the market and fail to address the housing crisis effectively. Dimitris Biniaris, president of the Federation of Real Estate Brokers of Greece, highlighted that these new regulations have resulted in a surge of permit applications, leading to market distortions and unintended consequences.
“… the Golden Visa Programme continues to play a crucial role in Greece’s economy, generating over €1.2 billion in investments in the first seven months of this year.”
The Golden Visa Programme offers residency to foreign nationals who invest financially in Greece, primarily through real estate. However, Biniaris contends that the programme has not contributed to the ongoing housing shortage. He noted that properties purchased through the programme are typically not owner-occupied but are rented out at rates 10% to 15% lower than comparable properties in Athens and Thessaloniki.
In September, Prime Minister Kyriakos Mitsotakis announced an increase in the minimum investment requirement for the real estate option of the Golden Visa to €800,000 in popular locations. This decision has been met with criticism from industry experts, who feel that government actions are often made without adequate consultation with real estate professionals. Kostas Georgakos, CEO of Prelevits and Georgakos Real Estate, pointed out that significant potential for investment exists, especially in regions like Thessaloniki and Halkidiki, which are accessible to millions of potential investors from neighbouring countries.
Despite these concerns, the Golden Visa Programme continues to play a crucial role in Greece’s economy, generating over €1.2 billion in investments in the first seven months of this year. As the government considers expanding the programme to include startup investments, real estate experts urge a reevaluation of these new policies to ensure they benefit both the market and prospective investors.
