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The Greek Golden Visa programme remains a significant draw for non-EU citizens looking to live in Greece or enhance their Schengen travel access. Offering permanent residency status in Greece in exchange for a qualifying property investment of €250,000 or more, this programme can cover three generations of family members and is an interesting option to consider.  Â
 As one of Europe’s most popular residency-by-investment schemes, it provides a streamlined pathway to tap into Greece’s stunning lifestyle all year round while offering enhanced access to the Schengen area for 90 days out of every 180 days. No more visas are required. The property market has also performed exceptionally well over the past two years, therefore adding to the investment appeal.Â
On 1 September 2024, the programme changed its criteria for qualifying golden visa property investments within the €250,000 category. A property at this price threshold now requires a certified “change of use” status. This includes converting commercial or industrial buildings for residential use or redeveloping old historical buildings. Â
As property developers now pivot to the new programme requirements, Sable International is preparing to launch newly qualifying Golden Visa projects in late January 2024, once all our rigorous due diligence has been concluded.
Real estate market boom
In 2023, the country’s housing market experienced substantial price growth, with apartment prices rising by 13.4% year-on-year. The Greek real estate market continued its trajectory of growth and development in 2024, driven by increased foreign direct investment, government incentives, and key infrastructure projects. Â
Greece remains an attractive destination for investors and homebuyers, offering relatively affordable options compared to other European markets. The price per square meter for new apartments in Athens ranges from €4000 to €5,500, coming off a rather low base of close to €3,000. Â
To provide greater context and comparison, we can look at the historical impact of the Portuguese Golden Visa on the real estate market in Lisbon. Early investors were purchasing prime property at approximately €4,000 per square meter, and ten years later, these same properties command €12,000 per square meter. We expect a similar gradual and sustained price increase in Athens due to the ramped-up demand for the Greek Golden Visa. Â
For the moment, the Greek Golden Visa programme understandably ticks many boxes in terms of finding a place in the sun. It offers one of the most affordable ways to secure you and your extended family the right to live in an EU country and to traverse seamlessly across the Schengen area. Furthermore, the property investment angle is beginning to make sense in terms of both rental yield and the potential for proper capital growth.
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