Holders of the "golden visa" of Greece are renting out real estate in 2024

02/06/2024 - Holders of the "golden visa" of Greece are actively developing the real estate rental market in 2024

Today's look at investing in Greek real estate through the Golden Visa program reveals interesting trends. Vangelis Kteniades, President of V2 Development, stressed that almost 99% of investors who purchase real estate to obtain residence permits prefer to rent it out. This phenomenon not only highlights the attractiveness of the Golden visa program for foreigners, but also has a noticeable impact on the real estate market and the Greek economy.

It is estimated that the total amount of investments in Greek real estate through the Golden Visa program has reached an impressive €5.54 billion over the almost ten-year history of the program. The Ministry of Migration reports 22,298 permanent investment permits issued, and this number is probably even higher, considering those who have purchased several properties worth €250,000 or more.

An interesting phenomenon remains unchanged: investors, according to Vasilis Livadas of Green Properties, are not limited to one object. On the contrary, many seek to increase their income by purchasing additional homes. This strategy not only contributes to the country's economy, but also enriches the variety of real estate in Greece.

However, with the increase in the number of investors, the problem of overloading the system arises. Alexandros Risvas of Risvas & Associates emphasizes that 7,596 applications are under consideration, and this is due to high demand and overloading of services. Some clients have been waiting for applications to be reviewed since March 2023, which highlights not only the popularity of the Golden Visa program, but also the need to improve the application processing system.

In general, the Golden Visa program continues to attract foreign investors who bring significant funds to the Greek economy. The rental of real estate is becoming an integral part of the investment strategy of the holders of the "golden visa", which, in turn, strengthens the rental market and helps to solve the problem of empty housing in Greece.