Greece
Indian Investors Rush to Secure Greece’s Golden Visas Before New Rules Take Effect. Indian investors are racing to secure Greece’s Golden Visa before new regulations raise the investment threshold. Between July and August 2024, property purchases by Indian buyers skyrocketed by 37%, as they hurried to lock in residency permits under the current €250,000 investment requirement.
The urgency comes in response to the Greek government’s recent decision to increase the minimum real estate investment to €800,000 in high-demand areas, effective from September 2024. This regulatory change has sent waves through the international investor community, with Indian buyers leading the charge to complete transactions before the higher threshold is enforced.
What’s Changing in Greece’s Golden Visa Programme?
Launched in 2013, Greece’s Golden Visa Programme has been one of Europe’s most popular residency-by-investment schemes, offering non-EU citizens permanent residency in exchange for real estate investments. For years, Indian investors have been drawn to the program’s relatively low entry cost of €250,000, spurring a property boom in Greek hotspots like Athens, Thessaloniki, and the islands of Santorini and Mykonos.
However, the new regulations mark a significant shift. Starting in September, the minimum investment in these high-demand regions will jump to €800,000. The move is designed to stabilize soaring property prices and redirect investment to less saturated parts of the country.
Indian Investors Fueling Greece’s Property Boom
With the looming September deadline, Indian investors are rushing to finalize deals. Greek real estate developer Leptos Estates reported a surge in demand, noting that many Indian buyers are securing properties in under-construction projects to ensure their residency status under the existing rules.
These investors are eager to capitalize on the lower investment threshold before it increases, ensuring a foothold in Greece’s robust real estate market. Their investments have been a driving force behind the recent property price surge, with Athens, Thessaloniki, and popular islands witnessing year-on-year price increases of up to 10%.
The new €800,000 threshold is expected to temper the rising costs in these sought-after areas, encouraging investors to explore emerging markets with lower entry points. This could open new opportunities in regions across Greece that have yet to experience the same level of saturation.
Why Indian Investors Are Drawn to Greece
The appeal of Greece’s Golden Visa Programme for Indian investors extends beyond property ownership. The visa grants access to the European Union’s benefits, including top-tier healthcare, education, and the freedom to travel, work, and establish businesses across EU member states.
Additionally, Greece’s real estate market has proven resilient post-pandemic, offering annual rental yields of 3-5%, making it an attractive option for long-term financial gains. The Golden Visa also serves as a potential pathway to EU citizenship, further enhancing its value.
As property values in Greece continue to rise, Indian investors are seizing the opportunity to invest in a stable market with promising returns. Though the upcoming increase in the investment threshold may cool demand in popular areas, it is likely to drive interest toward lesser-known regions, where investors can find lower prices and untapped potential.
A Shift Toward New Markets
As Greece continues its post-pandemic economic recovery, real estate remains a key growth driver. With Indian investors playing a significant role in shaping the market, the shift in the Golden Visa rules may encourage exploration of new markets, potentially transforming the investment landscape.
While the upcoming regulatory changes may temper the real estate frenzy in prime locations, they are also expected to create fresh opportunities in emerging areas, driving a new phase of growth in Greece’s property market.
