Marios Rafail, head of Henley & Partners’ Geneva office, told Kathimerini that the perception of Greece’s Golden Visa program driving up rental prices is misguided.
New applications for residence permits through the program dropped significantly in April, marking the first decline since September 2022. Ministry of Migration data shows a 28.5% decrease, with 564 applications submitted compared to 790 in April 2024.
This follows a surge triggered by Prime Minister Kyriakos Mitsotakis’ 2022 announcement of a higher minimum investment threshold, which fueled property purchases as investors rushed to beat deadlines. Successive changes to discourage foreign investment inadvertently spiked demand, distorting the market. Over the past two years, 17,888 properties were bought, totaling €4.47 billion in investments—surpassing the program’s first decade. From mid-2014 to 2024, 17,455 permits (initial and renewals) were issued, with 16,024 applications still pending.
Despite April’s dip, the first four months of 2025 saw 3,477 applications, up 25% from 2,849 in 2024, driven by purchases under the old €800,000 threshold before it applied to Attica, Thessaloniki, and islands with over 3,100 residents.
Source: www.ekathimerini.com
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