Navigating the 2024 Updates in Greece’s Golden Visa Real Estate Market

In 2024, Greece’s esteemed Golden Visa Program will undergo significant legislative updates, set to take effect in August. This marks a pivotal shift in the residency framework for non-EU investors. The changes aim to align foreign investment with sustainable real estate development in Greece, adapting the program to the evolving dynamics of the global investment landscape.

Key Updates and Their Implications

Introduction of Investment Tiers:

To address the diverse demand across Greece, the program will now feature a dual-tier investment system:

• Tier 1 Investments: Areas such as Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 will now require a minimum investment of €800,000, up from €250,000. This adjustment aims to correspond with the premium value these regions hold.
• Tier 2 Investments: For the rest of Greece, the investment threshold is set at €400,000, opening up more opportunities across the nation and encouraging economic diversity.

Both investment categories mandate a focus on a single property with a minimum size of 120 square meters, simplifying the investment process while ensuring quality.

Investment Focus and Restrictions:

The program emphasizes investing in one property to maintain a high standard across investments. Additionally, it introduces a prohibition against the short-term rental of properties acquired under the Golden Visa, aiming to support long-term housing strategies.

Transition Measures for Investors:

Acknowledging the importance of a seamless transition, the program permits an advance payment of 10% until August 31, 2024, with the finalization of contracts by December 31, 2024. This measure provides flexibility, allowing investors to select an alternative property by April 30, 2025, should their initial choice not proceed.

Navigating the Changes

The updates to the Greek Golden Visa Program signify a notable shift, aiming to attract global investors by promoting economic growth and better quality of living. This period presents an important opportunity for investors to reassess their real estate strategies in Greece, taking full advantage of the program’s path to European residency. In light of these changes, the appeal of investing in premium properties like Marina Bay in the Athenian Riviera is undeniable. With the investment threshold currently at €250,000, and Marina Bay offering apartments starting at €275,000, now is an advantageous time to invest in Greece’s luxury real estate sector.

As Greece adapts its Golden Visa Program to the evolving needs of investors and its own economic landscape, the program remains a key gateway to Europe, offering significant lifestyle and investment opportunities. Investors looking to navigate these changes are advised to seek personalized, professional advice, ensuring informed decisions that align with Greece’s updated investment landscape.