The newly restyled Greek Golden Visa remains a top pick of EU residency programmes
Property developers are pivoting with the new "change of use" status when it comes to property investment for the Greek Golden Visa. Sable International has qualifying projects coming in January 2025.
Richard Haller ● Nov 26, 2024
The Greek Golden Visa programme continues to attract non-EU citizens seeking residency in Greece or enhanced access to the Schengen area. By investing in qualifying property valued at €250,000 or more, this programme not only grants permanent residency but also extends its benefits to three generations of family members. It’s an opportunity to embrace Greece’s stunning lifestyle while enjoying seamless Schengen travel for up to 90 days in every 180 – no additional visas required.
A new era for the Greek Golden Visa
“Effective 1 September 2024, the programme has updated its criteria for the €250,000 investment category. Qualifying properties at this price point now require certified “change of use” status, such as converting commercial or industrial buildings for residential purposes or redeveloping historic properties”, comments Richard Haller, Managing Director for Sable International’s Offshore Real Estate & Investment Migration division.
“In response to these changes, property developers are adapting to meet the new requirements. At Sable International, we are meticulously vetting projects that comply with the updated criteria”, Haller adds. Look out for our exclusive, qualifying Golden Visa projects launching in January 2025, following our rigorous due diligence process.
A booming real estate market
The Greek property market is flourishing. In 2023, apartment prices soared by 13.4% year-on-year, and the trend has continued into 2024, driven by foreign investment, government initiatives, and major infrastructure projects. Compared to other European markets, Greece offers exceptional value, with new apartments in Athens ranging from €4,000 to €5,500 per square metre – still a considerable opportunity given the upward trajectory.
Drawing parallels with Portugal’s Golden Visa impact, early Lisbon investors purchased prime properties at €4,000 per square metre, with prices now exceeding €12,000 per square metre after a decade. Athens is poised for a similar gradual and sustained growth, bolstered by large-scale regeneration projects like the Ellinikon. This groundbreaking “smart” and “green” city on the Athens Riviera is Europe’s largest urban redevelopment, featuring over 10,000 master-planned properties.
Why choose the Greek Golden Visa?
The Greek Golden Visa offers one of Europe’s most accessible residency-by-investment opportunities, allowing you and your family to secure EU residency and enjoy visa-free Schengen travel. Beyond residency, it’s a compelling investment in a burgeoning real estate market, offering promising rental yields and long-term capital growth potential.