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Indian investors flock to Greece Golden Visa programme to secure residency before the new rules increase the investment threshold. Learn about the rush and market trends.
Greece has seen a remarkable surge in property purchases by Indian investors as they rush to secure permanent residency under the Greece Golden Visa programme. The urgency stems from regulatory changes set to take effect from September 1, 2024, which will significantly increase the minimum investment requirement.
Why the Rush for Greece Golden Visa?
The Greece Golden Visa programme, launched in 2013, became popular for offering residency in exchange for property investments. Initially, the investment threshold was set at €250,000 (approximately Rs 2.2 crore), one of the lowest in Europe. This accessible entry point made it an attractive option for non-EU citizens, especially Indian investors looking for secure residency in Europe.
Rule Changes Spark Investment Surge
Between July and August 2024, there was a 37% increase in property purchases by Indian buyers eager to benefit from the current lower threshold of the Greece Golden Visa. However, starting from September 1, 2024, the Greek government raised the minimum investment requirement to €800,000 (around Rs 7 crore) for high-demand regions such as Athens, Thessaloniki, Mykonos, and Santorini.
Impact on Property Prices
The rush to buy properties in Greece, particularly in prime locations, pushed property prices higher, making the real estate market even more competitive. According to Sanjay Sachdev, Global Marketing Director of Leptos Estates, there was an “unprecedented rush” from Indian investors in the months leading up to the regulatory changes. “Many buyers secured under-construction projects with handover periods of six to twelve months,” he said.
