New trends in Golden Visa
Three new categories of real estate investment through the Golden Visa program are identified by British investment migration company Astons in a new analysis of the Greek market.
One of the new trends is certainly the shift of buyers away from Greece’s main cities. According to market sources, some buyers have started to move outside of Attica and Thessaloniki, looking for better opportunities and of course lower costs for obtaining a residence permit, since the limit is 400,000 euros. According to Eleni Kontogeorgou, president of the Athens Notary Association, “there are already reports from notaries in the region of an increase in real estate transactions involving foreign investors and property transfers for €400,000.”
Market sources say the purchasing interest outside Attica is limited so far, although searches are being made and a shift of a small portion of investors toward cities located near Attica, such as Corinth or even Patra, has certainly started. Based on the analysis of Astons, investors should move to cities in the country with an upward trend in sales prices, such as Kavala, where the price increase over the last 12 months has reached 21%, to €1,630 per square meter.
The second and equally important change recorded by Astons concerns the great interest of investors in acquiring homes resulting from a change of use, as this ensures a residence permit for just €250,000, even in Attica and Thessaloniki, where the limit has otherwise been increased to €800,000. “We are observing an increase in investments by real estate development companies, which buy old buildings such as hotels and offices and proceed with their complete reconstruction, converting them into apartments of modern specifications, which are aimed precisely at investors through the Golden Visa program, for €250,000,” the company’s analysis states.
The third category of investment remains the modern and luxurious properties in the southern and northern suburbs of Attica, or on popular islands where the investment limit has now been set at €800,000. Although the volume of transactions will be smaller, the profile of investors purchasing such properties is completely different from what has prevailed to date.
Source: https://www.ekathimerini.com/economy/real-estate/1259565/new-trends-in-golden-visa/
