Interest from Indian investors in acquiring property in Greece has surged. Between July and August this year, Indian buyers purchased 37% more property in Greece.
The increase comes as many sought to secure permanent residency before changes to Greece’s Golden Visa program, which took effect on September 1.
Under the new rules, investors must now commit double the previous amount to obtain permanent residency through real estate investments.
Previous Golden Visa Rules
According to Leptos Estates, a property development firm, prior to September 1, Indian investors could obtain permanent residency in Greece by investing around ₹2.5 crore.
With the new rules, this amount has now risen to at least ₹8 crore for properties in major cities like Athens.
Even in smaller, tier 2 cities, the minimum investment requirement has doubled to ₹4 crore.
Rule Changes Aim to Benefit Greek Citizens
The Greek government introduced these changes to alleviate pressure on real estate markets in its major cities.
Finance Minister Kostis Hatzidakis explained that increasing the investment threshold would encourage investments in less densely populated areas, while helping to meet the housing needs of Greek citizens.
Many Indian investors rushed to secure properties before the new rules were implemented.
Growing Interest in Under-Construction Properties
Sanjay Sachdev, Global Marketing Director of Leptos Estates, noted that several Indian investors have not only bought up available properties but have also shown interest in purchasing under-construction homes.
These properties are expected to be completed within 6 to 12 months.
What is the Greece Golden Visa Program?
Launched in 2013, Greece’s Golden Visa program allows foreign citizens to gain permanent residency by investing in real estate, government bonds, or other approved instruments.
The program has become especially popular among wealthy Indians looking to benefit from rental income, start businesses in the EU, or access better healthcare and education opportunities.
Rising Interest After the Pandemic
The desire for Greek citizenship among wealthy Indians grew significantly after the COVID-19 pandemic.
Popular investment destinations include Greek islands like Paros, Crete, and Santorini, where rental yields are between 3-5% and property prices grow by around 10% annually.
With the closure of similar permanent residency programs in Portugal, Spain, and Ireland, Greece and Cyprus have seen increased interest from Indian investors.
