To address housing shortages and rising property prices, Greece has significantly increased the cost of its “golden visa” program for non-EU citizens.
Starting from September 1, individuals from outside the European Union who wish to purchase property in Greece must pay considerably more for a residence permit. The price for buyers in major cities such as Athens and Thessaloniki, as well as on the larger islands, has risen from €250,000 to €800,000. In other regions, the cost has been set at €400,000, according to an announcement by the Greek government on Sunday (September 1), reported by DPA.
Government’s Efforts to Combat Housing Shortage
The price increase is part of the Greek government’s efforts to tackle the housing shortage and address the rising real estate prices. Golden visas allow their holders to move freely throughout the European Union, and most investors come from countries like China and Turkey. Recently, since the conflict in Gaza began, there has been an increase in interest from Israel as well. The residence permit also covers the buyer’s immediate family members and is valid for five years. If the property remains in the buyer’s possession, the visa can be extended for another five years.
Though buyers are permitted to rent out their properties, short-term rentals through platforms like Airbnb are prohibited under this program. This move is seen as a way to stabilize the real estate market while balancing the interests of both local residents and foreign investors.
