Golden Visa's huge take-up

More than €1.5 bln has been invested in Greek realty for residence permits in 12 months

Third-country property investors aspiring to obtain a Golden Visa made purchases in Greece worth at least 1.57 billion euros between March 2022 and March 2023.

According to the latest official data from the Department of Immigration Policy, during the last 12 months a total of 6,064 requests for new permits have been submitted.

Of these requests, 2,072 residence permits have already been issued and another 3,976 are pending.

Considering that the minimum investment threshold is €250,000, the total funds that have flowed into the country amount to €1.57 billion. However, in practice it is estimated that this number is even higher, perhaps around €2 billion, as there are quite a few who have chosen to acquire more expensive properties or even more than one.

During this year's first quarter a total of 1,052 new licenses were issued, an increase of 141% compared to the corresponding period last year. At this rate it is possible that 2023 will end with over 4,000 new licenses granted, without excluding the possibility that this number will be even higher. At the same time, in the first three months of 2023, requests for the granting of a permanent investor residence permit increased by 156%, reaching 2,367.

According to real estate professionals, the perfect storm is currently being recorded, but in a good sense, favoring a steep increase in purchasing interest from investors from third countries. As Astons, a British company specializing in investment immigration, points out in its related analysis, Greece, Cyprus and Malta are the countries that are benefiting the most from the recent abolition of the corresponding program of Portugal and, it seems, soon also of Spain. Greece is even expected to be a key destination for investors, being one of the last few bastions with an investment immigration program in force and a real estate market that has recorded a continuous price rally in recent years.

Last month searches on the internet about Greece's program soared 34.1% partly due to the end of Portugal's.