The 5 Factors Driving Renewed Demand for Greek Golden Visas in 2022
Idil Hamzadi of Get Golden Visa
The Greek Golden Visa has always been a popular residency by investment program but it has been getting more attention lately. At 1,035 approvals in 2021, the program saw a 10.3% year-on-year increase on 2020. This increase placed Greece at the top of the European Golden Visa market in 2021. This despite the presence of some significant restrictions on entering Greece.
Interest from investors from Turkey, Russia, and Lebanon overshadowed that of other nationalities in 2020. US investors, moreover, are increasingly becoming an important source of demand for the Greek real estate market; their share of all golden visa applications rose from 0.5% in 2020 to 5.1% in 2021.
Although the Greek Golden Visa’s benefits, such as the low investment threshold and absence of a physical presence requirement, are clear, several further advantages warrant our attention:
The growing allure of the “underrated” Athens real estate market
Real estate prices in the Greek capital are still attainable when compared to other capitals in Europe. In Athens, square meter prices range from €3,500 to €5,000 for prime downtown locations. Investors can buy a top-quality house for €250,000 and qualify for the Greek Golden Visa, which is typically the main motivation. Considering the projects in the pipeline, such as the new metro line and the Hellinikon, Athens’ real estate market’s appeal is increasing and investors don’t want to miss out.
The increasing popularity of island living
Although the first choice for real estate acquisition for Greece Golden Visa is Athens, demand for the islands is clearly on the rise too, a consequence of growing interest in a simpler, nature-driven life after the turmoil we’ve all been through for the last two years. Crete is a hotspot, as it’s a big island that offers solid health services, drawing many retirees, especially from the UK and the US. We’ve been getting a lot of inquiries for Corfu and Mykonos, too.
The quest for an easy way of life
It’s true that most investors see Golden Visa schemes as a great way to secure a Plan B for themselves and their families. But this doesn’t put all European countries on the same pedestal. Investors are looking for a place where they can enjoy a high-quality life while taking advantage of what nature has to offer. Greece is an ideal setting for this, thanks to its Mediterranean climate, first-rate cuisine, and its affordability. It’s a country where maintaining a work-life balance is easy. Thanks to the “easy living” mindset, life in Greece is less stressful than many of its counterparts in the region.
Effects of increased mobility
It was much harder than normal to visit Greece during the pandemic. Though remote working and nomadic lifestyles became popular, large groups of people with the means to do so have not yet had the chance to fully explore this beautiful Mediterranean country. Once mobility increases, Greece’s exposure will certainly experience a rise too. This is especially going to be the case for US citizens, who didn’t want to travel long hours last year. We already have a long list of US investors, who have booked house viewings with us in Athens for the coming months.
Fear of missing out (FOMO)
We observe that FOMO is also a huge motivating factor among prospective Greece Golden Visa investors. This is mostly because they’re worried that there may be changes to the program, similar to the recent changes in other European RCBI programs. The €250,000 investment stands out as a very affordable option compared to other countries and applicants want to secure their investment and residency permits as soon as possible, just in case any changes are introduced.
Whether you’re looking for a Plan B, a profitable investment, or a place to live, Greece has it all. From residential apartments in historic Athens to luxury villas on scenic islands, the country has a wide range of options, along with the Greek residency permit offered through the Golden Visa program.
About Get Golden Visa
Get Golden Visa is a bespoke investment advisory firm. We provide end-to-end solutions on residence and citizenship by investment programs in numerous countries worldwide. Through our local office and certified real estate professionals in Greece, we simplify the property search and the Golden Visa application for our clients.
With our expertise in independent investment advisory, we provide an efficient service to the hundreds of families we work with each year.
Director of Greece Office, Get Golden Visa
Visit GetGoldenVisa.com to learn more about investing in a Greek golden visa, as well as many other residence and citizenship solutions worldwide.
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