Real Estate Experts Express Concerns Over New Regulations for Greece’s Golden Visa
Key Points
1. Greek real estate professionals have raised concerns about recent modifications to the Golden Visa Program.
2. Experts argue that the program has not contributed to the country's housing crisis.
3. Real estate investments through Greece's Golden Visa have surged to €800,000 in certain regions.
Real estate professionals in Greece have voiced concerns regarding recent amendments to the Golden Visa Program.
Dimitris Biniaris, President of the Federation of Real Estate Brokers of Greece, mentioned that these adjustments have caused market disruptions.
"Due to the series of changes, there was a surge in permit applications, leading to market distortions and unintended consequences."
—Dimitris Biniaris, President of the Federation of Real Estate Brokers of Greece
Golden Visa Program Not to Blame for Housing Shortage, Experts Assert
The Golden Visa Program, which grants residency to foreign nationals investing in Greece, has undergone changes aimed at addressing the housing crisis. However, experts in the real estate sector argue that the program did not contribute to the housing shortage, as the properties involved were mostly rental units, not owner-occupied homes.
"This program never caused housing shortages, as the properties sold were not owner-occupied but were instead rented out, often at 10 to 15 per cent lower rates compared to similar properties in Athens and Thessaloniki."
— Dimitris Biniaris
Investment Requirements Now Higher in Key Regions
As of September 1, new rules introduced by Prime Minister Kyriakos Mitsotakis have increased the minimum investment threshold in sought-after areas to €800,000. This decision has been met with criticism from Biniaris, who claims such changes are often made without consulting industry experts.
Kostas Georgakos, CEO and Co-Founder of Prelevits and Georgakos Real Estate, highlighted that the most popular investment regions include Thessaloniki, Halkidiki, Kalamaria, Pieria, and Kavala.
"We have 30 to 40 million people who can drive to Northern Greece. Many businessmen from neighbouring countries have established companies and are actively involved in real estate development."
— Kostas Georgakos
The Golden Visa Program has significantly bolstered Greece’s economy. According to Imi Daily, it generated over €1.2 billion in the first seven months of this year alone. Additionally, Prime Minister Mitsotakis has announced plans to broaden the program to cover startup investments.