Golden Visa drives prices up

Foreign investments in Greek property will likely post a record high this year. Bank of Greece data show 1.1 billion euros flowed into the country from abroad in January-June, up 39.5% from last year, when foreign investments amounted to €788 million. Growth accelerated in Q2, when €605.8 million was invested, for a 46.2% yearly increase. Throughout 2022 €2 billion had flowed in, up 68% from 2021. The reasons investment interest from abroad is growing in 2023 are the appeal of short-term rentals, the demand for residence permits - the Golden Visa program - and that Greek properties are still cheaper than in other countries.

A further rise in the minimum invested amount required for foreigners to obtain a so-called Golden Visa has boosted house sales, especially in Piraeus, the capital Athens' port.

Starting September 1, the minimum amount to be invested in properties in the center of Athens, the capital's northern and southern suburbs and the municipalities of Thessaloniki, Mykonos and Santorini, as well as on islands with a population exceeding 3,100, will rise from €500,000 to €800,000. In other areas, it will rise from €250,000 to €400,000. Also, to discourage prospective Golden Visa applicants from buying a series of small properties to meet the criteria, they must buy a single property of an area of at least 120 square meters.

During the second quarter of 2024, from April to June, demand drove average property values in Piraeus up 28.9% from the same period in 2023, to €2,471 per...

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