Greece’s Golden visa and real estate market: what’s really happening
The Renty team has already doubled its sales target.
This isn’t marketing hype — apartments are literally flying off the market. And it’s happening everywhere.
Many deals are completed remotely: buyers don’t even visit in person — they simply purchase whatever’s available.
So what’s going on? Why such high demand — and what comes next?
The conclusion is clear: prices are going to rise.
We’ve done our research and identified 6 key factors driving the current market.
These are based on firsthand observations and a deep dive into the current market situation.
1. The main goal for investors in Greece is to get residency documents
Investors are not coming to Greece for penthouses with sea views — they’re looking for a simple, effective formula:
buy an apartment → get a residence permit → earn rental income.
That’s why they focus on three main criteria:
Get the residency documents as fast as possible
Buy as affordably as possible
Rent it out at the highest possible rate
This isn’t about relocating — it’s about buying European residency with added rental yield.
Documents and ROI are the two main drivers. The higher the yield, the faster the deal closes.
2. Golden Visa rule changes: only one €250,000 category remains
As of September 2024, the rules for the Golden Visa program have changed.
Now, you can only qualify for the €250,000 visa by purchasing a property that has been converted from commercial to residential use.
All other property types now fall into the €400,000–€800,000 range.
Yes, you can still buy for less — but it won’t qualify for the Golden Visa.
What’s the result?
Everyone is now chasing converted apartments priced between €250,000 and €400,000 — but supply is limited.
3. Shortage of Converted Apartments
To create a property eligible for the €250,000 Golden Visa, a developer has to:
Buy a former commercial space — like a shop or car repair garage — which often comes with debts, liens, or legal complications. The deal can take time to finalize. In reality, it’s like gold mining: you have to sift through a ton of sand to find a few valuable grains.
Then comes the hard part — dividing the space into apartments, obtaining all the necessary permits, and installing utilities.
In the past, properties could be sold “off-plan” — now only after purchase and conversion.
The result? Such apartments are extremely limited — especially in Athens.
4. Demand is rising, but supply is tight
According to Greece’s Ministry of Migration, the average demand for the Golden Visa program is around 5,000 applications per year.
There are currently only 2,356 properties available on the Attica market, priced between €250,000 and €1 million.
Of these, only 309 meet the Golden Visa criteria for the €250,000 category — meaning they have been converted from commercial to residential use.
So, for 5,000 potential applications, the market can offer just 309 (!) qualifying properties at the €250,000 mark.
That’s 16 times more demand than supply.
It’s already clear that finding the right property isn’t easy. And here’s another factor.
5. Spain ends its Golden Visa program — and demand shifts to Greece
Until recently, investors could choose between two main programs offering EU residency through real estate investment:
Spain – minimum investment of €500,000
Greece – minimum investment of €250,000
Now, Spain has shut down its program.
Looking at the past 3 years, Spain received an average of 3,200 applications per year.
With its closure, that demand is now shifting — to Greece.
It’s reasonable to assume that part of the applicant flow that previously chose Spain will now shift toward Greece — especially those buyers who weren’t looking for a luxury villa by the sea, but rather planning to invest in real estate to obtain residency.
Below is a chart comparing application volumes in Greece and Spain.
6. Global instability = more demand
Most Golden Visa investors come from countries experiencing political or economic instability.
In recent years, these conditions have only worsened — and demand has grown as a result.
Application volumes by country:
China: 6,398 applications — approx. 56% of all visas issued
Turkey: 1,367 applications
Lebanon: 775 applications
Iran: 556 applications
Russia: 596 applications (mostly before 2022; new applications from Russian passport holders are currently suspended)
USA: 103 applications
Egypt: 250 applications
Ukraine: 112 applications
Jordan: 86 applications
Key market conditions in 2025:
China remains a steady source of demand. In 2024, Chinese citizens submitted over 6,000 applications — 56% of the total. The trend continues in 2025.
Turkey is experiencing an economic crisis and rising inflation, driving capital outflow.
Lebanon is facing political turmoil, instability, and pressure on the banking system.
Russia: Since 2022, new applications have been suspended. However, the market is closely watching for a potential easing of restrictions — which could trigger a spike in applications.
USA: Political uncertainty surrounding the elections and Trump’s potential return is driving interest in alternative EU residency options.
Sources:
IMI Daily – Greece Receives Record 9,289 Golden Visa Applications in 2024
Schengen News – Chinese Nationals Dominate Greece’s Golden Visa Program
Schengen News – Greece Received Over 9,200 Golden Visa Applications in 2024
How buyers are acting right now
From our own experience — and that of our partners — we’re seeing clear trends:
Most sales happen at the pre-sales stage
Apartments are purchased before renovations even begin
Purchase decisions are made within 24–48 hours
Factors like furniture or the view from the window take a back seat — the main priority is whether the property meets Golden Visa requirements
What’s Next
Basic market logic applies: “If demand rises — raise prices.”
Demand will keep growing due to global instability and the closure of other EU programs
Supply will grow slower than demand — because converting and preparing properties takes time and legal effort
Prices will continue to rise
If rumors resurface in summer 2025 — about the Golden Visa program shutting down or raising its investment threshold — price growth will accelerate.
The best time was yesterday. The second-best is today.
Right now, there are just 309 properties on the market that meet the €250,000 Golden Visa criteria.
Demand is dozens of times higher.
Stricter rules may come as early as late summer — just like they did in 2024.
Those who delay may face two options:
Pay more
Or miss out on the residency altogether
The worst decision is to wait.
