Greece is going to tighten the conditions of the popular investment program

What has happened

The Greek government plans to raise the threshold for real estate investment required to obtain a residence permit under the Golden Visa program to €800,000 in major cities and islands. This step is aimed at reducing demand and prices for housing in the local market.

The details

Prime Minister Kyriakos Mitsotakis indicated that the potential investment threshold could increase during a parliamentary hearing when answering a question from PASOK party leader Nikos Androulakis about the growing crisis in the property market. However, he emphasized that the threshold will remain at €250,000 in regions with no residential pressure.

In addition, the government is considering the possibility of obliging participants in the Golden Visa program to enter only into long-term lease agreements, rather than shorter-term ones.

The measures are aimed to cushion the impact of the program that, while helping to attract investments, has been blamed for worsening the housing crisis by increasing prices and reducing housing affordability for local people.

The background

Last summer, the Greek government raised the minimum investment amount from €250,000 to €500,000 and allowed the purchase of only one property for the set amount. The new limit applies to the purchase of real estate in the central, northern and southern sectors of Attica, Mykonos, Santorini and Thessaloniki.

Source: Ekathimerini

Photo by Constantinos Kollias on Unsplash

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