Over EUR 1.1 bn has been invested in Greek real estate as a result of the Golden Visa Programme, offering residency permits to non-EU nationals who purchase property worth at least EUR 250,000.
According to the latest statistics from Enterprise Greece, the official Investment and Trade Promotion Agency, the number of residency permits issued to non-EU nationals up until September 2017 amount to 2,014. Considering that until the end of 2016, 1,550 residency permits had been issued, this means that in the last 9 months alone there have been 464 new permits issued, whilst the number is expected to grow dramatically since the property purchases made this summer have not had their corresponding visa applications processed yet.
Including family members, the total number of residency permits from the start of the programme until now amount to 4,962, with the highest number being awarded to nationals of China, Russia, Turkey, Egypt and Lebanon.
Interestingly, the statistics show that the average investment used to apply for the Golden Visa is in the region of EUR 500,000, which far exceeds the minimum requirement of EUR 250,000. This trend suggests that foreign investors prefer larger and more luxurious properties, perhaps due to the fact that they can be acquired for a dramatically lower price than in the past, as average property prices have dropped by 45% since the beginning of the financial crisis.
According to real estate agencies, the acquisition of property in Greece is not usually a means to obtain a residency permit, but is typically a welcome bonus which is worth taking advantage of upon the completion of the purchase.
Together with the destabilising geopolitical developments in the main investor’s countries of origin, these factors strongly suggest that the sustainability of the investments is guaranteed for the foreseeable future.
For Greek speakers, further reading is available on the relevant Kathimerini newspaper article.