Analyzing trends from among its international clients, Elxis noticed a recent increase in demand for Golden Visas in certain areas of the country. This rise is assumed to be caused by the recent changes in the Golden Visa limits.
Changes to Golden Visa in 2024
Since the writing of this article, Golden Visa minimum requirements have increased. Find the most recent changes here.
Golden Visa Changes
“The recent rise of the minimum investment limit, from 250,000 to 500,000 euros in the two major cities of Greece, i.e. Athens (city center, north and south suburbs) and Thessaloniki (city center), has led those investors looking to acquire a Golden Visa permit, to look for other parts, where this doesn’t apply. Among the most popular options emerging, are the areas close to the major cities of Rhodes, Crete, and Chalkidiki”, says Mr. George Gavriilidis, CEO of Elxis.
This trend is expected to increase in the next months in 2024. Already, there is an increase in British and US buyers of holiday homes in Greece, specifically with the goal of getting residence permits through the Golden Visa system.
UK and US Golden Visa Applicants
Based on data from the Ministry of Migration and Asylum of Greece, from the beginning of 2023 up until the end of November, the number of permits granted to investors from the UK had grown by 77.8% to reach 370.
Similarly, residency permits granted to U.S. citizens (among them many Greek expatriates of second and even third generation), were up by 47.5%, growing from 183 at the start of 2023, to 270 by the end of November. However, it should be noted that those figures are expected to increase over the coming months, as a backlog of requests continues to be approved.
Smaller Houses Now Preferred
Another emerging trend in 2024 has to do with many foreign buyers’ preference for holiday homes with a small surface area. “What we can see, is that the houses that our clients are looking for are getting smaller, but at the same time, much more luxurious, in terms of their aesthetics, but also their amenities. What’s important these days, isn’t so much the size of the interior space of the house, or the number of rooms. Instead, the homes most in demand offer well-designed bathrooms and kitchens, as well as beautiful outdoor spaces, such as heated pools, gazebos with lounges, and even an outside kitchen”, explains Mr. Gavriilidis.
Small Home, High Yield
The main reason for this shift in buyers’ preferences is the desire to gain the highest possible yield from their property. According to Elxis, this results from the sudden rise in interest rates, which are now similar to the annual yield one can expect from a holiday home. So, it makes sense for investors to invest in a holiday home in Greece between 300,000 and 400,000 euros (instead of 500,000 euros), so they can use their own savings for the purchase and maximize the return on investment. At the same time, they have access to a luxurious house for a few weeks per year.
