Golden Visa: Record sales in 2023 – Which nationalities are buying property |

THE golden visa it has brought our country 1.3 billion euros in profits from the beginning of the year until November, with sales estimated to break all records by the end of 2023!

What is a Golden Visa?

The Golden Visa Program was introduced by Law 4146/2013. It is not actually a visa but a 5-year residence permit granted to third-country nationals who either acquire a property worth 250,000 euros or invest capital of 3-100 million euros in infrastructure projects or in Greek businesses, with the creation of 150 jobs. Third-country nationals who fall into one of the above categories can obtain a residence permit upon application and submission of the necessary supporting documents.

We remind you that in the last five months of the year, the threshold for obtaining a passport increased from 250,000 to 500,000 euros for the central, northern and southern sectors of Attica, Mykonos, Santorini and the municipality of Thessaloniki.

So from the beginning of 2023 until August 1st, there was an investment “frenzy” on the part of those interested to secure a property in areas of high demand without having to spend at least €500,000.

This fact is confirmed by the data, as 9,459 permanent investor applications were submitted by November, which represents an increase of 117% compared to the first half of 2022. The initial grant applications were 7,752, which corresponds to real estate investments of at least 1 , 9 billion euros.

The number of Golden Visas issued this year reached 5,302 (an increase of 112%), from which the minimum investment amount of 1.3 billion euros depends. Citizens from China hold the most valid passports (45%), followed by Russia (14%), Turkey (10%) and Egypt 5%, with citizens of Israel also expected to enter the game following hostilities in the Middle East.

TtE data

According to the data provided by the Bank of Greece (BoG) in the latest interim monetary policy report, in 2022 alone and in the first nine months of 2023, foreign direct investment in the real estate market amounted to 2.9 billion euros.

“During the 9th month of 2023”, notes the central bank, “foreign direct investment in real estate reached a net income of 1,644 million euros, which exceeded by 28.7% the corresponding level of income recorded in 2022 (1,277 million euros)”.

At the same time, a Berkshire Hathaway HomeServices report estimates that the influx of high-income buyers to the Greek real estate market will show a 20% increase at the end of 2023, reaching 1,200 investors.

The Greek market is ranked 7th in the world ranking of the most popular countries for purchasing luxury homes. In fact, it surpassed both Portugal and Spain, which ranked 9th and 14th respectively.

Two bitter conclusions

First, that real estate is largely behind the success of the economy and foreign investment. How healthy this is for the country and the economy is a matter of great debate.

Second, that this influx of foreign buyers makes houses an elusive dream for Greeks, and also explains the skyrocketing rents, which is also the bane of much of society.

Leave a Comment