Golden visa fuels demand for Greek homes

Greek property is getting the attention of Chinese buyers seeking permanent residency, as recent restrictions on Portugal’s popular golden visa scheme make Greece a more attractive option, according to analysts.

Greece’s fast track residency programme, which has been in place since 2013, received 36 per cent more inquiries in the first quarter of this year than in the whole of last year, according to consultancy Henley & Partners.

Inquiries from mainland and Hong Kong buyers shot up 40 per cent from the last quarter of 2021.

Since the start of the year, house purchases in Portugal’s capital city of Lisbon, Porto and parts of the Algarve region have no longer qualified under the fasttrack visa scheme, a move intended to cool down home prices and encourage investment in other Portuguese cities.

Investors seeking citizenship can still invest in those popular cities, but they have to put their money into commercial properties such as serviced apartments or hotel units that can serve as flats to rent out.

Greece has emerged as a popular Mediterranean alternative.

“Interest in Greece is picking up this year, which could possibly be due to the changes Portugal has made to its programme and the delays in processing time,” said Dominic Volek, group head of private clients at Henley & Partners.

Since Greece launched its programme nine years ago, it has attracted 9,600 applicants and netted close to ¤2 billion (HK$16.5 billion) in investment. About 70 per cent of the applicants were Chinese, according to Henley & Partners.

Although the Greek residency programme carries a minimum investment of ¤250,000 for a real estate purchase, higher than the minimum ¤200,000 in Portugal, it has its advantages. One is that it does not require an applicant to stay in the country to keep the residency, whereas Portugal requires a 35-day stay during a five-year period.

One property agent who recognises the growing importance of Greece’s residency scheme is Lisbon-based Luiz Felipe Maia, managing director of Maia International Properties. He advertises Portuguese property to Hongkongers, but plans to tap the growing appetite for Greek homes too.

“I am just waiting to receive [Greek] stock from developers so we can start advertising,” Maia said.

Although Portugal real estate remained “hot”, he said Greece’s golden visa scheme was likely to become more popular.

Those who buy property in the Greek capital are likely to see their investment grow in the coming years, according to property consultancy Savills.