A massive influx of foreign capital through the Golden Visa program has injected over €10 billion into the Greek real estate market between mid-2014 and the end of 2025. This significant investment, averaging approximately €1 billion annually, has provided a vital liquidity boost to the sector, with funds comparable to the yearly volume of new mortgage lending in Greece.
The program, which offers residency permits to non-EU nationals in exchange for real estate investment, has attracted nearly 40,000 foreign investors. By the close of 2025, a total of 20,732 initial permits had been granted, marking a 60.3% increase from the previous year. When including renewals, the number of active permits stands at 27,786, with another 11,553 applications currently pending.
Shifting Investment Landscape
Recent changes to the program have introduced a multi-tiered investment framework. The initial minimum investment of €250,000 is now reserved for properties converted from commercial to residential use. The threshold has been raised to €400,000 for vacation properties, and a new €800,000 tier has been established for prime locations, including the Athens metropolitan area, the municipality of Thessaloniki, and large islands with over 3,100 residents.
While the number of new applications saw a 24.8% decrease in 2025 compared to the peak in 2024, the program continues to draw significant interest. A rush to secure the €250,000 threshold before the August 2024 deadline resulted in a surge of applications in the first quarter of 2025.
Diverse Investor Origins
Investors from China represent the largest contingent, holding 47.9% of all initial permits. Turkish investors follow at 15.9%, with smaller but significant numbers coming from Lebanon, the United Kingdom, Israel, and the United States.
The Golden Visa program has not only stimulated direct investment but has also had a secondary effect on the market, as many property sellers have reinvested their proceeds into new real estate purchases, further fueling market activity.
