The Greek government has officially announced that there will be no extension to the current Golden Visa program, leading to a surge in investor activity as new, stricter rules are set to take effect. These changes will significantly alter the investment landscape, particularly in the real estate sector.
Key Changes to the Golden Visa Program:
- €800,000 Minimum Investment:For properties in high-demand areas such as Attika (including Athens), Thessaloniki, Mykonos, Santorini, and islands with populations around 3,100 residents, the minimum investment threshold will rise to €800,000. This represents a substantial increase aimed at reflecting the exclusivity of these regions.
- €400,000 Minimum Investment: In other parts of Greece, the minimum investment required will be €400,000, encouraging development across a broader range of locations, from urban centers to more rural areas.
- Property Requirements: To qualify for the Golden Visa, properties must now be at least 120 square meters and be intended for long-term lease. This change ensures that investments are significant in both size and duration, aligning with the government’s goals for sustainable development.
- €250,000 Minimum Investment for Commercial Conversions: A special provision allows for a lower investment threshold of €250,000 for industrial or commercial properties, provided they are converted into residential units. Unlike other categories, there is no minimum size requirement for these properties, making them an attractive option for investors.
Rise in Commercial Property Conversions
The announcement of the new rules has not only accelerated interest in the Golden Visa program but also highlighted a growing trend: the conversion of commercial properties into residential spaces. Investors are increasingly focusing on transforming old office buildings, warehouses, and other commercial properties in cities like Athens and Thessaloniki into modern living spaces, boutique hotels, and mixed-use developments.
This trend is particularly appealing under the new regulations, as it allows investors to benefit from the lower €250,000 threshold without being constrained by property size. Additionally, these conversions contribute to the revitalization of urban areas, aligning with the broader economic and social goals of the government.
As the deadline for the current Golden Visa terms approaches, Greece’s real estate market is undergoing significant transformation. The new rules and the growing interest in commercial property conversions are paving the way for new investment opportunities, reshaping the landscape for both local and international investors.
