Greek Golden Visa changes boost house sales in Piraeus

A substantial modification to Greece’s Golden Visa Program set to take effect on September 1, has prompted a surge in home sales, especially in the port city of Piraeus, Kathimerini reported.

The investment threshold for obtaining a residence permit will increase to €800,000 for properties in the center of Athens, the Greek capital’s northern and southern suburbs, the northern city of Thessaloniki, the popular islands Mykonos and Santorini, and all islands with populations exceeding 3,100 inhabitants. In other areas, it will rise from €250,000 to €400,000, with a minimum area of 120 sq.m. for structured properties or properties with building permits.

At the same time, properties that are not used as homes will have a threshold of €250,000, the same for listed properties that require restoration. The renovation must be completed within 5 years if you’d like to renew your Golden Visa, and you cannot use it as corporate head offices.

In the second quarter of this year, buoyed by strong demand, Piraeus’ average property values grew by 28.9% on an annual basis, to €2,471 per square meter, research by Delfi Partners showed.

The suburbs of Piraeus are also experiencing significant increases, with a 23.6% rise in April-June 2024 compared to the same period in 2023. Rents are also rising, with the average asking price in Piraeus now ranging between 8.20-10 euros per square meter, up 14.3% on an annual basis.

It is estimated that acquisitions involving prospective Golden Visa holders will exceed 5,000 this year. The most active foreign investors are Chinese, Arabs and Turks, according to the Kathimerini report.

Launched in 2013, the Greek Golden Visa Program is a residence by investment program that enables non-EU nationals and their family members to obtain permanent residence permits in Greece. The residence permits may be renewed every five years.

Many of the properties acquired as a means to obtain a Golden Visa remain empty and unused, or are sold again after a few years, without the sellers seeking to renew their visa, Kathimerini reported citing real estate professionals.