Indian Investors Eager to Purchase Properties in Greece Through Golden Visa Program
Indian Investors Eager to Purchase Properties in Greece Through Golden Visa Program.
Greece is rapidly becoming a top choice for Indian investors, particularly due to the recent developments in its Golden Visa program. Launched in 2013, this initiative offers residency permits to non-EU citizens who invest in real estate, making it an attractive option.
The Golden Visa program in Greece presents numerous advantages for investors, including permanent residency in Europe, the ability to travel visa-free to over 170 countries, and the potential for generating rental income from their properties.
With a minimum investment threshold of €250,000 (around Rs 2.2 crore), one of the most affordable in Europe, it has drawn significant investment and revitalized the Greek property market.
In recent years, there has been a notable surge in interest and demand for Greece’s Golden Visa Program, leading the Greek government to reassess the criteria for real estate investment and permanent residency. Anticipation of upcoming regulatory changes has created a sense of urgency among potential investors. This rush is particularly evident among Indian buyers eager to secure permanent residency through Greece’s Golden Visa Program before the major changes take effect on September 1.
From July to August, Greece has seen a remarkable 37 percent increase in property purchases by Indian investors.
Reports indicate that a significant number of Indians have invested in properties that are still under construction, with completion timelines promised between six to twelve months.
This surge in demand has resulted in an increase in property prices, particularly in popular destinations such as Athens, Thessaloniki, Mykonos, and Santorini.
In light of this, the Greek government has raised the investment threshold to €800,000 (approximately ₹7 crore) for properties in these prime locations, effective from September 1, 2024.
Leptos Estates, a prominent property development firm, noted that before these recent adjustments, Indian investors could secure permanent residency in Europe with a minimum investment of €250,000 (around ₹2.5 crore).
Now, the minimum investment requirement in Tier I cities like Athens, Thessaloniki, Mykonos, and Santorini has been increased to €800,000. In contrast, Tier II areas across the rest of Greece have seen the threshold rise from €250,000 to €400,000.
