In recent years, many of us have become familiar with the Golden Visa—a program that allows non-EU nationals to purchase real estate in EU countries in exchange for residency rights and easier access to the region. It’s a scheme that has spurred investment and effectively turned real estate into a booming industry. And Greece, with its highly competitive prices compared to the rest of Europe, has emerged as one of the most attractive destinations. But while the program brings economic benefits, it also creates a ripple effect of challenges for locals.
A Market on the Rise
Greece’s property market has seen explosive growth, largely fueled by the Golden Visa. Increased demand from foreign investors—particularly from China, Turkey, Lebanon, the UK, and Iran—has triggered a real estate surge.
Investment thresholds for the program have recently changed:
In high-demand areas like Athens, Thessaloniki, Mykonos, Santorini, and other hot zones, the minimum investment is now €800,000.
In other regions, the bar is set at €400,000.
Who’s Buying?
According to the latest figures from the Ministry of Migration, Chinese investors top the list with over 6,520 Golden Visas issued as of February 2025. They’re followed by:
Turkish investors: 1,400+ visas
Lebanese investors: nearly 800
British buyers (post-Brexit surge): over 500
Iranian investors: 300+
For these buyers, Greek real estate represents an opportunity for stable returns, whether through long-term rentals or future resale value. Greece’s affordable property prices—especially when compared to other European capitals—and its strategic location are key drivers.
Interestingly, only 6% of foreign buyers use the properties themselves. The vast majority—94%—opt to rent them out, mostly as long-term leases. It’s also worth noting that rental prices for properties owned by foreigners tend to be more reasonable than those set by local landlords.
Why They’re Really Buying
Most of these buyers aren’t looking to flip a profit. They’re affluent individuals seeking a secure foothold in Europe—for mobility, lifestyle, or business purposes. Their motivations are more strategic than speculative.
The Impact on Greek Residents
The surge in demand has inevitably driven up property prices, especially in tourism-heavy areas. Real estate values have soared in recent years, with central Athens and popular islands seeing the sharpest increases. As a result, many Greeks now find it increasingly difficult to afford homes, whether to buy or rent. We've previously explored this issue in depth [here] and [here].
On the upside, areas that were previously overlooked are now seeing a revival. Redevelopment efforts and a rise in new construction projects are helping meet the growing demand and revitalizing once-quiet neighborhoods.
But this also underscores a deeper issue: with so many properties being sold to foreign investors, locals face a shrinking pool of affordable housing options. Rents are rising, availability is tightening, and for many residents, especially in urban centers, housing has become a daily struggle.
A Double-Edged Sword
The Golden Visa has undoubtedly boosted Greece’s economy and property sector—but it’s not without cost. The country appears to be doubling down on attracting non-EU investors, while, for now, turning a blind eye to the mounting difficulties faced by Greek citizens—particularly in cities like Athens—who are struggling to keep up with skyrocketing rents.
As Greece continues to market itself as an international investment haven, the challenge will be striking a balance between economic growth and protecting the right of residents to affordable housing.
