As of September 1, 2024, non-EU citizens must pay significantly higher amounts for residency permits in Greece through property purchases, with the investment requirement in major cities like Athens and Thessaloniki increasing from €250,000 to €800,000.

In response to these challenges, the Greek government has implemented policies to address housing shortages and rising real estate prices, including prohibiting the rental of Golden Visa properties as vacation homes through platforms like Airbnb.

While properties purchased under the Golden Visa can be rented out, they cannot be listed as short-term vacation rentals.

The Golden Visa program allows holders to travel freely within the EU and extends to immediate family members, making it an attractive option for investors.

The visa is valid for five years and can be renewed for another five years as long as the property remains owned by the investor.

In other regions of Greece, the investment threshold for obtaining residency permits will rise to €400,000.

In 2023, the Golden Visa program generated over €2.5 billion for the Greek government, with 8,516 applications leading to 1,802 property purchases.

However, the influx of foreign investors has contributed to soaring property prices and rents in urban areas and popular islands, raising concerns about housing affordability.

A special €250,000 visa option is still available for investors who purchase and restore listed buildings, providing a lower-cost entry into the market.

This regulatory change aims to ease the rental market and enhance the attractiveness of the residency program for investors.

Wealthy individuals from China and Turkey have increasingly invested in Greek real estate to obtain EU residency permits, with a notable rise in interest from Israeli citizens amid geopolitical tensions.

Most Golden Visa applicants originate from China, Turkey, and more recently Israel, reflecting the changing dynamics of foreign investment.