Press Release: Decline in Golden Visa Demand, Rise in Buyers from Western Europe

“The noticeably reduced interest from buyers outside the EU in obtaining a residence permit is because properties purchased through the Golden Visa program cannot be used for short-term rentals. As a result, they lose investment value,” says Elxis CEO Mr. Giorgos Gavriilidis. Another discouraging factor is the increase in the minimum investment threshold to €800,000, which now applies not only in Attica and central Thessaloniki, but also across all major islands with a minimum population of 3,100 residents.


Therefore, the profile of buyers acquiring property in Greece has shifted. There has been a decline in buyers motivated primarily by investment. According to Elxis data, in recent years, the “appeal” of short-term rental platforms, along with the residence permit offered through the program, has attracted many buyers, mainly younger individuals aged between 30 and 45, who focus primarily on investment. These buyers typically purchased holiday homes and secondary residences in Attica and Thessaloniki, initially to generate income and later for occasional personal use.


Following the recent changes to the Golden Visa program, this segment has declined, while the share of more “traditional” buyers in the Greek market has increased. “People aged from 45 to 60 from Western Europe, who cannot easily invest their money in their home countries and are approaching retirement or are already retired, now make up the core group of buyers,” Mr. Gavriilidis noted. As for the Golden Visa, it now appears to attract mainly retirees, particularly for properties around the €400,000 threshold, which applies to holiday homes located outside the two major urban centers and large islands.