The Greek government is currently struggling with a housing shortage in the country. Stricter rules for the so-called Golden Visa programme are now intended to provide a solution. The programme allows non-EU citizens to obtain a residence permit for at least five years for investment.
The amount of money that must be invested has now been significantly increased. In popular areas with more than 3100 inhabitants, 800,000 euros are the requirements now . In other regions, a minimum of 400,000 euros must have to be invested.
Golden visas are passports and residence visas for the wealthy. The issuing countries hope that people will bring money into the country by acquiring property or investmentin in business and commercial markets. The programme was introduced in 2014 during the financial crisis. At that time, property prices fell and the construction industry came to a standstill.
Greece government also increased the size of the Property area
The property area for potential investors has now also been increased to a minimum of 120 square metres. Anyone wishing to convert industrial or historic buildings into living space must pay 250,000 euros or more.
According to Finance Minister Kostis Hatzidakis “The steps are part of the government’s housing policy”. They are intended to “ensure affordable and high-quality housing for all citizens.” Investments must continue, but “under more balanced conditions.” Rents in Greece have increased by 20 per cent since 2018, which has reduced the purchasing power of households.
The Greek Association of Public Limited Companies and Entrepreneurship is sceptical about the government’s goals, such as reduced house prices and more long-term rent. The members have written a letter to the Minister of Economy and Finance and Minister of Development.
So far, around 20,000 permanent residence permits have been issued to property investors, most of them from Turkey, Israel and China. The last year saw record demand.
