Golden Visas and Global Uncertainty Fuel Greece’s Property Boom

11:19 28/4/2025 - Πηγή: Dikaiologitika

Foreign investment in Greece’s real estate market soared to record levels in 2024, fueled largely by capital inflows from Europe and a surge in demand from Turkish investors seeking safer opportunities abroad.

According to the Bank of Greece, €2.75 billion was invested in Greek

property last year, a 30% increase compared to 2023. Of that amount, €990 million came from EU countries — with €842 million originating from Eurozone members — representing a 52.5% rise. Cyprus played a key role, with investments from Cypriot buyers growing 126% to €319 million, nearly a third of the EU total.

Turkish investors emerged as one of the most dynamic forces in the market. Real estate purchases by Turkish nationals soared 174% year-on-year to €292 million in 2024, and by nearly 380% since 2022. This sharp increase reflects growing political and economic instability in Turkey, where high inflation continues to erode domestic savings. The trend is closely linked to Greece’s “Golden Visa” program, which grants residency permits in exchange for property investments. Turkish applicants accounted for 15% of all Golden Visa applications last year, and the number of permits issued to Turkish citizens doubled to 1,471 by February 2024.

Investment from other countries also climbed. Israeli investors boosted their spending on Greek real estate by 46.5% to €129 million, while inflows from the United Arab Emirates nearly doubled to €97 million. Meanwhile, Chinese investment remained strong, totaling €371 million, slightly up from the previous year.

Greece’s property sector has become a major magnet for foreign capital. In 2024, real estate accounted for 46% of all foreign direct investment in the country, as total inflows reached €5.97 billion. The rush to invest was partly driven by changes to the Golden Visa program that raised the minimum required property investment to €800,000 in key areas including Athens, Thessaloniki, and several islands.

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Golden Visas,Global Uncertainty Fuel Greece’s Property Boom