China and Turkey Lead Surge in Greece’s Golden Visa Investments, Fueling Property Demand

The Greece Golden Visa program has been a significant driver of foreign investment, with a notable increase in applications for residency by investment.

The demand is particularly high among investors from China, Turkey, Lebanon, the UK, and the US. In 2024, 7,052 applications were submitted in the first ten months, marking a 2.3% increase compared to 2023. Chinese nationals led the charge with 6,521 applications, followed by 1,115 from Turkey and 717 from Lebanon.

Foreign investors, especially from these top markets, prefer properties in central Athens and the southern suburbs, popular areas including Kallithea, Nea Smyrni, Paleo Faliro, and Piraeus. Since the program's inception, 16,860 residence permits have been granted.

The Golden Visa program is contributing to Greece’s booming real estate market. Investment activity is expected to reach 3 billion euros in 2024, following significant growth in recent years—2.54 billion euros in 2023 and 1.3 billion euros in 2022.

However, the surge in foreign investment has also raised concerns about housing affordability for local Greeks. Property prices have increased by 69% from 2017 to Q2 2024, making it difficult for residents to buy or rent homes. Experts also warn that the Golden Visa program may contribute to the "touristification" of urban areas and islands, as many investors purchase properties for short-term rentals, exacerbating the housing crisis.