Wealthy Indians Rush to Buy Property in Greece ahead of Golden Visa Rule Changes
Prior to the country’s Golden Visa Programme’s September 1 revision, which raised the minimum investment needed to qualify for a visa through real estate acquisitions, Indian investors bought Greek properties at a record rate.
Between July and August, Indian property transactions in the European Union country increased by 37% as buyers hurried to obtain permanent status.
Prior to the changes, Indian investors could obtain permanent residency in Europe for as little as €250,000 (about Rs 2.5 crore), according to real estate development company Leptos Estates. In Tier I cities like Athens, Thessaloniki, Mykonos, and Santorini, the minimum investment now stands at €800,000. The barrier in Tier II regions, which encompass all other regions of Greece, has increased from €250,000 to €400,000.
The action is a part of a larger housing program designed to relieve pressure on real estate in highly sought-after locations and provide Greek citizens access to high-quality, affordable housing. Greece’s finance minister, Kostis Hatzidakis, stated in April that “the government hopes this will encourage investment in less crowded areas while addressing local housing needs.”
