Greece has experienced a notable surge in property purchases by Indian investors, with a 37% increase recorded between July and August, according to a report by NDTV. This uptick in interest is largely driven by recent changes to Greece’s Golden Visa Programme, which raised the minimum investment threshold from ₹2.3 crore to ₹7 crore. The Golden Visa Programme grants permanent residency to those who invest in the country’s real estate market, making it an attractive option for foreign investors.
Greece’s Golden Visa Programme: Recent Changes
Introduced in 2013, Greece’s Golden Visa scheme offers residency permits to non-EU citizens in exchange for real estate investments. Initially, the minimum investment requirement was set at €250,000 (approximately ₹2.3 crore), making it one of the most affordable Golden Visa programmes in Europe. This low threshold significantly boosted Greece’s real estate market, particularly in popular areas such as Athens, Thessaloniki, Mykonos, and Santorini.
However, growing demand for property, especially in these high-profile locations, has led to a surge in prices. In response, the Greek government decided to raise the minimum investment threshold to €800,000 (approximately ₹7 crore) for properties in specific regions. This change will come into effect on September 1, 2024, prompting many investors to finalize purchases before the new rules take hold.
In anticipation of the upcoming changes, many investors—particularly from India—are opting for properties still under construction, with completion expected within six to twelve months. This allows them to secure their investments at the lower threshold before the deadline, further driving the recent spike in property acquisitions.
Greek Lifestyle Attracts Indian Investors
Beyond the financial benefits of the Golden Visa Programme, Indian investors are increasingly drawn to the Greek lifestyle and the advantages that come with permanent residency in Greece. The country offers high-quality healthcare, education, and an appealing environment for setting up businesses within the European Union.
The Greek property market has also proven to be financially rewarding, with rental yields ranging from 3% to 5% annually. Additionally, property values in the country have been increasing by around 10% per year, especially following the COVID-19 pandemic. This combination of strong rental yields and capital appreciation makes Greek real estate an attractive investment for Indian buyers looking to diversify their portfolios.
Popular Greek islands, such as Paros, Crete, and Santorini, have been particularly appealing to Indian investors due to their unique blend of cultural heritage, natural beauty, and strong rental demand from the tourism industry. The potential for earning rental income immediately after purchasing a property is a significant draw for many investors, further boosting the popularity of the Golden Visa scheme among Indians.
What is the Greek Golden Visa Programme?
Greece’s Golden Visa Programme provides a straightforward path to permanent residency for non-EU nationals through various investment options. The most popular choice is the real estate route, which allows investors to purchase property and receive residency permits for themselves and their families. One of the main attractions of the programme is its flexibility—there are no strict residency requirements, meaning investors are not obligated to live in Greece full-time to maintain their residency status.
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Furthermore, the programme offers the possibility of earning rental income from the purchased properties, providing a dual benefit for investors: residency and financial returns. This makes the Greek Golden Visa one of the most sought-after programmes in Europe, particularly among Indian nationals looking for a gateway to Europe and its vast economic opportunities.
Expansion of the Greek Golden Visa Programme
In a recent announcement, Greek Prime Minister Kyriakos Mitsotakis revealed plans to further expand the Golden Visa Programme. While details of the new investment routes are yet to be fully disclosed, this move signals the government’s commitment to continuing the success of the scheme and attracting more foreign investors.
As Greece continues to evolve its Golden Visa Programme, the recent surge in interest from Indian buyers highlights the enduring appeal of the country’s real estate market. With the new investment thresholds set to come into effect next year, the coming months are expected to see even more activity as investors rush to capitalize on the current opportunities.
This increase in property purchases not only underscores Greece’s growing popularity among Indian investors but also reflects the broader trend of international investment in the country’s real estate market, helping to boost Greece’s economy and drive development in key regions.
