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Greece’s Golden Visa Reform Returns Thousands of Properties to Rental Market

Foreign property purchases are cooling in Greece as golden visa investors shift to renovating idle properties to qualify at the €250,000 threshold.
Moustafa Daly IMI

Moustafa Daly

IMI
• Cairo

A slowdown in Greece’s Golden Visa property purchases is helping boost supply in the country’s long-term rental market, potentially alleviating Athens’ housing shortage, according to data reported by local media.

Of roughly 16,000 properties foreigners acquired by the end of 2024, nearly 15,000 entered the long-term rental market immediately after purchase, particularly after a 2024 law prohibited new Golden Visa properties from short-term lettings, including platforms like Airbnb.

The report notes that between 1,000 and 2,000 completed apartments are already nearing market entry, with conversions of idle commercial properties expected to deliver an additional 3,000 to 5,000 homes in the Athens metropolitan area by 2027.

Foreign Purchases Decline After Golden Visa Hikes

Foreign property purchases under Greece’s Golden Visa program have declined in 2025, with investment flows dropping 24% in the first nine months of the year as higher golden visa thresholds took effect.

During this period, property acquisitions linked to the program totaled approximately €1.46 billion between January and September, down from €1.925 billion during the same period in 2024, according to Bank of Greece data. 

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The decline accelerated in the third quarter, with investments falling 32.7% to €527 million compared to €783.7 million the previous year.

While 2024 set a record with €2.75 billion in Golden Visa-related property investment and 9,411 initial applications, the program has witnessed slower momentum following the threshold adjustments.

The new rules, which mandate single-property purchases of at least 120 square meters in high-demand areas, have reportedly pushed many participants toward commercial conversions, tourism developments, and residential projects with longer-term business plans.

Indeed, while property investment contracted, overall FDI reached €8.6 billion in the first nine months of 2025, led by investments in healthcare, technology, and logistics.

Shift to Upgrading Idle Property to Meet Lower Threshold Requirement

Investors can still qualify for the Golden Visa at the lower €250,000 threshold by purchasing and converting old historic or commercial buildings, such as vacant offices, retail shops, or warehouses, into residential apartments. 

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This exception has reportedly driven a wave of renovations in central Athens neighborhoods like Exarchia, Metaxourgeio, Kypseli, and Piraeus, where many such buildings have sat empty for more than a decade.

These projects benefit from lower construction costs because the building structure already exists, while allowing applicants to qualify at the lower €250,000 threshold and adding needed housing supply to Athens’ tight market.

Foreign Property Transactions Remain Sizable in Athens 

Despite the overall decline, foreign purchasers continue to represent a substantial portion of Athens’ residential market, accounting for approximately 40% of property transactions in the capital in 2025.

The capital region of Attica houses approximately 11,500 of the 13,499 Golden Visa applications awaiting processing nationwide as of September 2025.

In 2025, authorities have substantially reduced processing times, with some recent applications clearing in under 30 days, compared to the 18-month delays that characterized the program in 2024.

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