Real Estate Trends: Greece ranks 5th among the top destinations for real estate transactions
Real Estate | May 2023
Real Estate Trends: Greece ranks 5th among the top destinations for real estate transactions

As we’re approaching July 31st, which is the deadline for the increase in the minimum investment for the Greek Golden Visa program from 250,000 EUR to 500,000 EUR (affecting properties in specific municipalities in Athens, Thessaloniki, Mykonos, and Santorini), it is worth noting that Greece offers a wealth of opportunities for real estate investment. In this article, we will explore the burgeoning real estate market in Greece and discuss the Golden Visa program—an attractive option for international investors seeking residency in the country. 

According to a CNN - Greece article published in 28.05.2023, Greece ranks fifth (5th) among the top destinations for buying properties as investments, as indicated by Knight Frank's ranking of Real Estate Investment trends. This surge of interest from global investors has created an exciting opportunity for those looking to expand their investment portfolios. Read on to discover the benefits of investing in Greek real estate and how the Golden Visa program can enhance your investment prospects.

The above recognition underscores the growing confidence in Greece's real estate sector and highlights its potential for strong returns on investment. The country's beautiful islands, historical landmarks, and vibrant cities attract a wide range of buyers, from those seeking holiday homes to investors looking for long-term rental income.

One of the most attractive incentives for international investors in Greece is the Golden Visa program. Investing in real estate to meet the Golden Visa program requirements provides investors with the dual benefits of potential capital appreciation and the ability to reside and travel freely within Europe. By investing in Greek property, investors not only secure a valuable asset but also gain access to Greece's favorable business and tax environment.

Navigating the intricacies of the Greek real estate market and the Golden Visa program can be complex. It is crucial to seek professional legal assistance to ensure a smooth and successful investment journey. At Georgaki & Partners Law Firm, our experienced team specializes in providing comprehensive legal services to international investors. We can guide you through the entire investment process, from property selection and due diligence to residency permit applications and compliance with Greek regulations.

The timeline for obtaining a Golden Visa residence permit in Greece can vary depending on several factors and the efficiency of the application process. Here is a brief overview of the steps involved:

  1. Choose the preferred property: The time required to find a suitable property can vary depending on your preferences, budget, and the availability of properties in your desired location.
  2. Property Purchase: Once you have selected a property, the purchase process typically takes several weeks to complete. This includes negotiating the purchase terms, conducting due diligence, signing the purchase agreement, and transferring funds.
  3. Required documentation for the Golden Visa Application: After the property purchase is finalized, you can begin the Golden Visa application process. This involves gathering the necessary documents, such as property deeds, proof of ownership, and investment documentation, as required by the Greek authorities. The application can be submitted online within a week of the signing of the S&P Contract.
  4. Submission of Application: Upon the submission of your application, our appointed lawyer will acquire the “Certificate of Submission” which replaced the so called “Blue Card”, a temporary document that is valid for 12 months and will give you the opportunity to live in Greece until the residence permit is issued. Following the submission, an appointment for the Biometrics’ procedure is arranged.
  5. Application Processing: The processing time for the Golden Visa application can range from one (1) to two (2) months from the date of the Biometrics. This timeframe depends on the workload of the authorities and the complexity of your application.
  6. Issuance of the Residence Permit Card: Once your application is approved, you will be issued a residence permit. You can either receive your Card personally or the appointed lawyer can send you the Residence Permit Card by Courier.

To summarize, according to Knight Frank, Greece's millionaires have increased by 14.4% over the past five years, while multi-millionaires have increased by 17.3%. The corresponding percentages at the international level are +42.5% and +44%. As can be seen at the five-year level, the increase in wealth in Greece was significant enough to attract even more Golden Visa investors. This is why working with a reputable law firm like Georgaki & Partners Law Firm specializing in Golden Visa applications can help streamline the process and ensure a smoother experience.


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