Indian investors are increasingly turning their attention to Greece in unprecedented numbers. This stems from the upcoming modifications to the widely sought-after Golden Visa Program. From July to August 2024, property acquisitions by Indian nationals soared by 37%, as they sought to obtain permanent residency before the government raised the minimum investment requirement from €250,000 to €800,000 in key areas such as Athens, Mykonos, and Santorini.
The program has always been a major attraction for non-EU investors interested in obtaining residency in Europe. However, recent regulatory changes have further increased the demand, transforming Greece into a prime destination for Indian property investors seeking strong rental returns, property value growth, and the advantages of an EU lifestyle.
All You Need To Know About Golden Visa Program
Initiated in 2013, Greece’s Golden Visa Program provides residency permits for those who invest in real estate. This program has gained traction among non-EU nationals, particularly affluent investors from India, because of its relatively low investment requirement. Until recently, the minimum investment was set at €250,000 (around ₹2.2 crore), making it one of the most accessible options in Europe.
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The increasing demand for real estate in Greece’s popular areas, including Athens, Thessaloniki, Mykonos, and Santorini, has caused property prices to soar. In response, the Greek government has raised the minimum investment threshold to €800,000 (approximately ₹7 crore) in these regions, effective September 1, 2024.
What’s In It For Indian Investors?
Numerous Indian investors were eager to secure lower investment rates prior to upcoming regulatory changes. Sanjay Sachdev, Global Marketing Director at Leptos Estates, mentioned that many opted for under-construction projects with expected completion times of six to twelve months, according to MoneyControl.
Leptos Estates, a leading real estate developer, has reported that it has completely sold out its available residential units in Greece, driven by a surge in buyer interest. The allure of Greece’s Golden Visa Program extends beyond mere property ownership; investors are also attracted by rental yields of 3% to 5% per year and annual property value increases of approximately 10%, with growth accelerating after the pandemic. Furthermore, the Golden Visa provides access to high-quality healthcare and education, as well as the chance to start businesses within the European Union.
Besides the financial benefits, Greece allows Indian investors to enjoy an appealing lifestyle in beautiful destinations such as Paros, Crete, and Santorini. The country’s comparatively affordable residency program attracts many, particularly in light of increased thresholds or program closures in other EU nations like Portugal and Spain. Recent updates to Greece’s Golden Visa Programme are part of a wider housing strategy designed to alleviate pressure on real estate in high-demand areas and promote investment in less crowded regions. Currently, investors must commit €800,000 in Tier I cities, while the requirement in Tier II locations has risen to €400,000 from the previous €250,000.
