Indian Investors Flock to Greece for Golden Visa Opportunities

Indian buyers are rapidly entering the Greek real estate market, eager to secure permanent residency through Greece’s Golden Visa Program before significant regulatory changes take effect this September. This rush reflects their desire to capitalize on the current investment opportunities and secure residency in a country known for its rich culture and stunning landscapes.

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Indian Property Surge in Greece Before Visa Changes

Greece has experienced a significant 37 percent rise in property purchases by Indian investors between July and August. This surge stems from buyers eager to secure permanent residency through Greece’s Golden Visa Program before key regulatory changes took effect on September 1.

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Launched in 2013, Greece’s Golden Visa programme offers residency permits in exchange for property investments, making it an attractive option for non-EU citizens. Its initial €250,000 (Rs 2.2 crore) threshold was one of Europe’s lowest, drawing significant investment and boosting Greece’s real estate market.

However, the surge in demand pushed up property prices, particularly in high-demand areas like Athens, Thessaloniki, Mykonos and Santorini. To address this, the Greek government raised the investment threshold to €800,000 (approx ₹ 7 crore) for properties in these regions, effective September 1 2024.

Unprecedented Rush of Homebuyers, Says Leptos Estates Director

Sanjay Sachdev, Global Marketing Director of Leptos Estates, noted an “unprecedented rush” of Indian homebuyers in recent months. “Many investors purchased under-construction projects with handover periods of six-twelve months,” said Sanjay Sachdev

Many invested in properties under construction, with completion timelines of six to twelve months. Leptos Estates reported selling out its available residential stock in Greece due to this surge.