37% Increase in Property Purchases by Indians via Greece’s Golden Visa Program
Key Takeaways
1. Property purchases by Indian investors through Greece’s Golden Visa Program have increased by 37%.
2. This surge follows recent changes implemented in the program this month.
3. One significant change is the rise in the minimum investment amount required for the Golden Visa.
Greece’s Golden Visa Program has seen a 37% rise in property purchases by Indian investors from July to August. This increased interest stems from changes made to the program that took effect on September 1, including an increase in the minimum investment threshold.
Sanjay Sachdev, Global Marketing Director of Leptos Estates, noted an "unprecedented rush" of Indian homebuyers in recent months. Many of these investors are purchasing properties that are still under construction, with completion timelines of six to twelve months. Due to the heightened demand, Leptos Estates has reported selling out its available residential stock in Greece.
New Changes to the Golden Visa Program
Greece’s Golden Visa Program, which grants residency in exchange for financial investments, has undergone several modifications. To address the housing crisis, Greek authorities have decided to increase the minimum investment amounts required through this program.
Prime Minister Kyriakos Mitsotakis announced that in some regions, the minimum investment requirement could rise to €800,000 ($890,000) for real estate in the country’s most sought-after areas. He stated that discussions with the finance minister are underway regarding further increasing this threshold in areas with high rental prices.
In popular regions like Thessaloniki, Mykonos, and Santorini, where populations exceed 3,100, the minimum investment requirement will increase from €500,000 to €800,000. Meanwhile, in other regions, the required amount will rise from €250,000 to €400,000.
Starting this month, the revised Residency by Investment program aims to promote balanced development, mitigate rapid price increases, and direct investments toward less popular areas.
Greece’s Golden Visa Program is one of the most well-known of its kind in Europe, contributing nearly €1 billion to the country in the first five months of 2023, according to data from Greece’s Immigration and Asylum authorities.