Investment thresholds in golden visa program under review

Reports circulating in the market in recent days regarding the Golden Visa program suggest that the government intends to establish three different investment thresholds, depending on the area where the property in question is located.

Wanting to boost the availability of housing in major urban centers, it seems that new, even higher limits will be applied in the areas that are the most popular among foreign investors, with increases also being introduced in other areas. On the other hand, market players believe that the minimum threshold of 250,000 euros will not change in the periphery.

More specifically, in the central, northern and southern sectors of Attica, where the minimum investment threshold was recently doubled to €500,000, another increase to €800,000 is likely.

The same is expected to apply to downtown Thessaloniki, as well as the popular island destinations of Mykonos and Santorini.

Similarly, in places where the present threshold is €250,000 but there is strong demand from foreign investors, particularly in recent months, it is expected that the minimum investment requirement would rise to €400,000 or perhaps €500,000. This modification will have an impact on Piraeus, the western suburbs, and selected northern and eastern suburbs, such as Gerakas, Ekali, Markopoulo, and other parts of Attica that were not included in the list of places where the €500,000 increase was made.

It was exactly in these areas that both foreign buyers and builders had focused on recently, rushing to start constructing new houses to meet the demand of this market. If these modifications are implemented, market participants with an interest in these areas will be severely disgruntled, especially given they come only a few months after the most recent change.

In the remaining parts of the country, where investment interest is currently minimal, the €250,000 limit is expected to continue.

The question is, for the time being, what will happen to the areas in the periphery where there is a strong tourist interest and which are also home to universities. Cities such as Corfu, Iraklio, Hania, Rhodes, Patra and others are experiencing serious housing shortages, although of course no properties have been acquired there by investors through the Golden Visa program.

The new changes are expected to be finalized within the week, and it is estimated that a time frame of a few months will be given until they are implemented as has been the case in the recent past.