More than 82.000 residential units in Athens available for Golden visa potential sales
More than 82.000 residential units in Athens available for Golden visa potential sales
  Economy  |  Tourism  |  Greece

More than 82.000 residential units in Athens available for Golden visa potential sales

During 2022, a total of 4,264 applications were submitted for "Golden Visa", a number that along with applications for renewal, was uped to 5,547.
RE+D magazine
16.05.2023

Athens during the first quarter of the current financial year is estimated to have 82,750 additional residential properties for sale in the price range of €500,000 – €1 million. The number of residential units was increased by 276% relative to the corresponding quarter of 2022.

According to a report by PRNewswire the numbers represent a combined increase of 37.8% for homes and 62.1% for apartments.

The changes due to the Golden Visa program were caused by a sharp increase in the supply made available to the market, which resulted in a noticeable increase in housing prices for the country's citizens.

Specifically, the program increased the requirement to €500,000 for the purchase of a property within the municipalities of Athens, Thessaloniki, Mykonos and Santorini. The increase officially applies after May 1, 2023.

Overall, according to recent data, the Greek Golden VISA remains an attractive offer. Within 2022, a total of 4,264 applications were submitted for the issuance of new licenses, a number which together with renewal applications increased to 5,547.

In addition to residency, benefits include additional national and cultural positives such as security, the rule of law, high-quality education, and access to quality health care. Greece also offers special aesthetic qualities that are sought after by tourists and visitors from all over the world.

While the program itself has its own benefits, the weakness of the euro against the dollar and other currencies has strengthened the appeal of these residential investments for those outside the Eurozone.

The sudden urgency to acquire Visa at a lower investment price combined with the weakened Euro are a strong catalyst for the rapid increase in the number of these properties coming to market. Investors who make a 10% deposit before July 31, 2023 are exempt from the cut-off and can still complete the transaction under the older requirement of €250,000 set in 2013.

By the numbers, the data shows that applicants for the Greek Golden Visa program increased by 299%, reaching a total of 1,262 applications in the first two months of 2023, compared to 316 applications registered in the same period last year (2022). The E.U. has recommended that its member states abolish the Golden Visa program, but Greece has not followed these recommendations. Currently, most requests come from China (62%), followed by Turkey (7%), Lebanon (4.6%) Russia (3.8%) – China leads non-users the euro and take advantage of its affordability and investment potential.

China accounts for almost 2/3 of all requests for "gold rush". Chinese nationals and the country's rising middle class yearn for a better quality of life and in many cases seek freedom and a global lifestyle independent of the prosperity promised by their national authorities.

Rising property prices in China's big cities are an additional factor. In Beijing, a 90 sq.m. apartment can cost much more than €1 million that exceeds the threshold of €250,000 (or now in some cases €500,000) for real estate purchases in Greece.