Greece’s Golden Visa demand surges tenfold before investment price hike
The Greek Golden Visa market became extremely “heated” in the last quarter of 2022 due to news of the investment requirement for real estate rising to €500,000.
At the beginning of September 2022, in a surprising move, Prime Minister Kyriakos Mitsotakis announced plans to double the investment requirement for the real estate option of Greece’s Golden Visa program.
Shortly after, credible sources confirmed that this plan was real and would be implemented at some point in 2023, but it would only apply to certain urban areas.
Golden Visa Greece before the increase in real estate investment requirements
While information about this plan remains incomplete and unofficial, its impact on the market and investor sentiment has been significant, as evidenced by the latest statistics from the Greek Ministry of Immigration.
Soaring demand for Greece’s Golden Visa at the end of 2022
Specifically, in 2022, the lowest point for the Golden Visa program occurred in August, with only 86 new applications submitted. However, just one month later, in September—when initial news about the planned increase in investment requirements surfaced—demand for Greece’s Golden Visa surged, with 337 new applications, representing a fourfold increase compared to the previous month.
By November 2022, as more specific information regarding the timing and scope of the planned changes was revealed, demand for the Golden Visa skyrocketed, resulting in a total of 833 applications. This means that within just three months, the news of the investment requirement increase contributed to a nearly tenfold rise in applications for the Golden Visa.
This sudden surge in demand left Greek authorities struggling to process the influx of new applications from investors worldwide. Consequently, by the end of 2022, the backlog of pending applications for Greece’s Golden Visa had reached 2,800.
Latest updates on the plan to increase investment requirements for Greece’s Golden Visa
Since the shock announcement by the Greek Prime Minister, related information about the plan to increase the investment requirement for the Golden Visa real estate option has mostly been shared through reputable individuals and organizations directly involved with the program.
This means that a specific plan, formally submitted to Greece’s legislative bodies for official implementation, remains distant.
According to the latest updates, the plan to double the real estate investment requirement from €250,000 to €500,000 for Greece’s Golden Visa is expected to be applied in 2023. However, it is believed that the Greek government will implement a “transition period” before the official changes take effect, leaving specific timelines still uncertain.
This uncertainty is considered a crucial factor affecting investor sentiment, prompting many to make early decisions to invest in Greece’s Golden Visa to benefit from the old investment requirement.
Which areas will be affected by the proposed changes?
Another noteworthy update about the Greek government’s reform plan concerns the geographic scope of the changes. Investors will still have plenty of options to invest in real estate with the €250,000 requirement, except for urban areas
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It is easy to see the similarities between the reform plan for Greece’s Golden Visa and the changes that were implemented for Portugal’s Golden Visa program in 2022. This reflects a shift by local governments to attract foreign direct investment from the Golden Visa to less developed urban areas.
For investors, while the opportunity to invest “at a low price” in the hottest urban areas of Greece is coming to an end, it also presents a chance to reassess the potential of other regions. With lower real estate prices compared to major urban areas, the growth potential of these regions is certainly not to be underestimated.
As a team of many years of experience, GlobalCiti is planning to offer a comprehensive A-to-Z consultation for our valued clients. With the Golden Visa in hand, you hold the key to an open door to Europe.
Contact us today for more details and the best support!
