Rich Indian investors rush to purchase property in Greece before changes in Golden Visa programme

Greece has witnessed a notable 37 percent increase in property purchases by Indian investors between July and August, spurred by a rush to secure permanent residency under the country’s Golden Visa Programme before significant regulatory changes took effect on September 1, 2024, according to NDTV.

Since its launch in 2013, Greece's Golden Visa programme has offered residency permits to non-EU citizens in exchange for property investments, making it one of the most accessible options in Europe. Initially set at a threshold of €250,000 (approximately Rs 2.2 crore), this low entry point attracted substantial foreign investment and revitalized the Greek real estate market.

However, the surge in demand has contributed to rising property prices, particularly in popular regions such as Athens, Thessaloniki, Mykonos, and Santorini. To address these inflationary pressures, the Greek government has increased the investment threshold to €800,000 (around Rs 7 crore) in these sought-after areas, effective September 1, 2024.

The updated golden visa programme

The updated Golden Visa programme, set to take effect in September 2024, aims to temper rapid price increases, promote equitable development, and direct investments toward less saturated areas.

Greece’s Golden Visa Programme continues to attract Indian investors, offering several compelling benefits, including:

- Annual rental yields of 3-5%, making property investments financially rewarding.

- Robust property value growth, with an impressive increase of 10% year-on-year, particularly following the pandemic.

- Access to high-quality healthcare and education, as well as the opportunity to establish businesses within the European Union.

Before the implementation of the new rules, Indian investors often favoured popular Greek islands such as Paros, Crete, and Santorini for their property acquisitions, highlighting the continued allure of Greece’s real estate market for foreign investors.