Indian investors are flocking to Greece in record numbers, driven by impending changes to the country's popular Golden Visa Programme. Between July and August 2024, property purchases by Indian buyers surged by 37% as they raced to secure permanent residency before the government raised the minimum investment threshold from Euro 250,000 to Euro 800,000 in prime locations like Athens, Mykonos, and Santorini .
The programme has long attracted non-EU investors seeking European residency, but the recent rule changes have intensified demand, making Greece a hotspot for Indian property investors looking for high rental yields, property appreciation, and EU lifestyle benefits.
What is Greece’s Golden Visa Programme?
Launched in 2013, Greece's Golden Visa Programme offers residency permits in exchange for investments in real estate. The programme has become popular among non-EU citizens, including many wealthy Indian investors, due to its low investment threshold. Until recently, the programme required a minimum investment of Euro 250,000 (approx. Rs. 2.2 crore), one of the lowest entry points in Europe.
However, rising demand for properties in Greece's high-demand regions, such as Athens, Thessaloniki, Mykonos, and Santorini, led to a surge in property prices. To address this, the Greek government raised the minimum investment requirement to Euro 800,000 (approx. Rs. 7 crore) in these areas as of September 1, 2024.
Why are Indian investors interested?
Many Indian investors were keen to lock in lower investment rates before the rule changes. Sanjay Sachdev, Global Marketing Director of Leptos Estates , noted that many investors bought under-construction projects with handover periods of six to twelve months, as per MoneyControl. Leptos Estates, a prominent real estate developer, reported selling out its available residential stock in Greece due to the influx of buyers.
The appeal of Greece’s Golden Visa Programme lies in more than just property ownership. Investors are drawn to attractive rental yields of 3-5% annually, as well as property value appreciation rates of around 10% year-on-year, with the growth accelerating post-pandemic.
Additionally, the Golden Visa offers access to quality healthcare, education, and the opportunity to establish businesses within the European Union.
Benefits and new investment requirements
Beyond financial gains, Greece offers Indian investors an attractive lifestyle in scenic locations like Paros, Crete, and Santorini. Indian investors are drawn by Greece's relatively affordable residency programme, especially compared to other EU countries like Portugal and Spain, which have either raised their thresholds or closed similar programmes.
The recent changes to Greece’s Golden Visa Programme are part of a broader housing policy aimed at easing pressure on real estate markets in popular areas and encouraging investment in less saturated regions. Investors now need to invest Euro 800,000 in Tier I cities, while the requirement in Tier II areas remains lower at Euro 400,000, up from the previous Euro 250,000.
Also read: Countries that offer dual citizenship including Pakistan, U.K., Germany, Canada and others
The programme has long attracted non-EU investors seeking European residency, but the recent rule changes have intensified demand, making Greece a hotspot for Indian property investors looking for high rental yields, property appreciation, and EU lifestyle benefits.
What is Greece’s Golden Visa Programme?
Launched in 2013, Greece's Golden Visa Programme offers residency permits in exchange for investments in real estate. The programme has become popular among non-EU citizens, including many wealthy Indian investors, due to its low investment threshold. Until recently, the programme required a minimum investment of Euro 250,000 (approx. Rs. 2.2 crore), one of the lowest entry points in Europe.
However, rising demand for properties in Greece's high-demand regions, such as Athens, Thessaloniki, Mykonos, and Santorini, led to a surge in property prices. To address this, the Greek government raised the minimum investment requirement to Euro 800,000 (approx. Rs. 7 crore) in these areas as of September 1, 2024.
Why are Indian investors interested?
Many Indian investors were keen to lock in lower investment rates before the rule changes. Sanjay Sachdev, Global Marketing Director of Leptos Estates , noted that many investors bought under-construction projects with handover periods of six to twelve months, as per MoneyControl. Leptos Estates, a prominent real estate developer, reported selling out its available residential stock in Greece due to the influx of buyers.
The appeal of Greece’s Golden Visa Programme lies in more than just property ownership. Investors are drawn to attractive rental yields of 3-5% annually, as well as property value appreciation rates of around 10% year-on-year, with the growth accelerating post-pandemic.
Additionally, the Golden Visa offers access to quality healthcare, education, and the opportunity to establish businesses within the European Union.
Benefits and new investment requirements
Beyond financial gains, Greece offers Indian investors an attractive lifestyle in scenic locations like Paros, Crete, and Santorini. Indian investors are drawn by Greece's relatively affordable residency programme, especially compared to other EU countries like Portugal and Spain, which have either raised their thresholds or closed similar programmes.
The recent changes to Greece’s Golden Visa Programme are part of a broader housing policy aimed at easing pressure on real estate markets in popular areas and encouraging investment in less saturated regions. Investors now need to invest Euro 800,000 in Tier I cities, while the requirement in Tier II areas remains lower at Euro 400,000, up from the previous Euro 250,000.
Also read: Countries that offer dual citizenship including Pakistan, U.K., Germany, Canada and others
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