Greek Golden Visa Sees Decline in Applications in June

The Greek Golden Visa program, which grants residency permits to non-EU investors through property purchases, experienced a notable decline in applications in June 2025, signaling a potential cooling of the program’s appeal.

According to data from the Ministry of Migration and Asylum, new applications for Golden Visa permits dropped by 26.5% compared to June 2024, with 441 applications submitted this year compared to 600 last year. This marks a shift from the upward trend observed since September 2022, when Prime Minister Kyriakos Mitsotakis announced plans to raise the minimum investment threshold, prompting a surge in applications as investors rushed to secure properties before changes took effect.

Government interventions, including successive increases in the investment threshold, have aimed to curb foreign demand and address distortions in the housing market. However, these measures have inadvertently fueled artificial demand spikes, as investors hurried to meet deadlines, contributing to market imbalances. June’s figures suggest a possible stabilisation, with further declines in applications expected in the coming months.

Investor Trends

Chinese investors continue to dominate the Golden Visa program, holding 7,795 residency permits, underscoring Greece’s role as a gateway to Europe. Turkish investors follow with 2,161 permits, driven by economic instability and political tensions in their home country. Lebanese investors hold 884 permits, while those from the United Kingdom and Iran have secured 680 and 665 permits, respectively. Interest is also growing from Egyptian and Israeli investors, drawn to Greece’s stable investment environment.

The majority of applications are concentrated in Attica, with 11,984 pending requests, particularly in the affluent southern suburbs. Other regions seeing demand include Macedonia-Thrace (1,099 applications), the Peloponnese, Western Greece, and the Ionian Islands (812), Thessaly and Central Greece (481), Crete (293), and the Aegean Islands (160).

Addressing the Housing Crisis Narrative

The Real Estate Committee of the Association of Greek Enterprises and Entrepreneurship (SAEE) has emphasized that the Golden Visa program is not the root cause of Greece’s housing crisis. In a recent statement, the committee highlighted that, following amendments effective from September 1, 2024, most Golden Visa investments focus on non-residential properties, such as commercial buildings converted into homes, abandoned structures, or fully renovated standalone buildings. These investments, they argue, enhance the housing stock rather than reduce availability.

Data from the Ministry of Migration shows that only 6% of Golden Visa investors reside in the properties they purchase, with the remaining 94% available for long-term rental, aligning with new regulations. This, the SAEE claims, contributes to housing availability, particularly in areas like Kypseli, Patisia, Exarchia, and Koukaki, where investments have revitalised neglected neighborhoods.

Economic Impact

Since its inception in 2013, the Golden Visa program has attracted over €8.5 billion in direct foreign investment into Greek real estate, with pending applications from July 2023 expected to push this figure beyond €12 billion. The program has also supported over 100,000 jobs in construction, architecture, property management, tourism, and hospitality, according to the Bank of Greece (2024). Additional tax revenues from property transfers, VAT, ENFIA, and related fees have bolstered public coffers.

In 2023, Greece recorded 7,752 Golden Visa applications, securing the top global spot for investment-based residency programs, outpacing competitors like Spain, Portugal, Cyprus, Bulgaria, Romania, and Italy. Despite the recent decline, the program continues to position Greece as a leading destination for international investors seeking stability and opportunity in Europe.