The Greek government is currently facing a housing shortage in the country. Stricter rules for the so-called golden visa should now remedy this. The program allows non-EU citizens to obtain a residence permit for at least five years in exchange for investments.
The amount to be invested has now been significantly increased. In popular areas such as Attica, Thessaloniki, Mykonos, Santorini and islands with more than 3,100 inhabitants, 800,000 euros are now owed. In other regions you have to pay at least 400,000 euros.
Golden visas are passports and residence visas for the exceptionally wealthy. The issuing countries hope that people will bring money into the country through property ownership or investments. The program was launched in 2014 during the financial crisis. At that time, real estate prices fell and the construction industry came to a standstill.
The real estate area has increased
The real estate area for potential investors has now been increased to at least 120 square meters. Anyone who wants to convert industrially used buildings into living space must pay 250,000 euros or more. This also applies to historic buildings.
The steps are part of the government’s housing policy, Economy and Finance Minister Kostis Hatzidakis said. They are intended to “guarantee high-quality affordable housing for all citizens.” Investments must continue, but “under more balanced conditions.” Since 2018, rental prices in Greece have risen by 20 percent, reducing household purchasing power.
Investors from Turkey and Israel
The Greek Association of Joint Stock Companies and Entrepreneurship is skeptical that the government’s goals of lower house prices and more long-term rentals can be achieved. The members have already written a letter to the Minister of Economy and Finance and Minister of Development Kostas Skrekas.
To date, around 20,000 permanent residence permits have been granted to real estate investors, most of them from Turkey, Israel and China. Record demand was registered last year.
Source: Krone
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