The latest forecast from Astons, suggests that the number of applicants looking to secure a Greek Golden Visa in 2024 is set to increase for the fourth consecutive year.

 

Astons has analysed data around the number of Greek Golden Visa applications submitted on an annual basis between 2019 and November 2024, before forecasting what 2024’s annual application total is set to be once December’s numbers are accounted for.

 

The analysis reveals that 2024 finished on a high when it comes to demand for Greek Golden Visas.

By November, the estimated total number of applications stood at 8,059, with Aston’s analysis revealing that 995 were submitted in October alone, 914 submitted in November, and a forecasted total of 778 submitted in December.

 

2024’s enormous demand for Greek Golden Visas was driven by investors looking to get in ahead of significant changes implemented to the scheme which increased the minimum investment threshold to €800,000 across the entire Athenian Riviera, Thessaloniki, and all major islands.

 

This isn’t the first time that changes to the Greek Golden Visa programme have resulted in surging levels of demand.

 

In 2023, Greece raised the threshold for real estate investment from €250,000 to €500,000 in the most attractive and developed regions of the country, including all of central Athens. However, in the Athenian Riviera, certain areas retained a threshold of €250,000, such as the Piraeus region.

 

As a result of this change, 2022 saw an annual increase of 118.5% in the number of Golden Visa applications, followed by a further +94.8% increase in 2023.

 

Who is driving demand for Greek Golden Visas?

 

The high demand for Greek Golden Visas over the past two years in particular is being driven by wealthy US citizens looking to spread their risks and opportunities beyond the borders of North America, with demand being particularly influenced by the increased investment thresholds implemented in 2024.

 

Astons estimates that Greece is the focus of at least 50% of all Golden Visa applications by US citizens, with investors drawn to the country by the lifestyle offering, not to mention the attractive minimum investment contribution – for which investors get five years of residency for the whole family with a right to renew at the end of that term.

 

Furthermore, Greece currently has one of Europe’s most lucrative property markets and best performing economies.

 

Citizenship, residence permit, and real estate investment expert for Astons, Alena Lesina, commented:

 

“Looking ahead to 2025, we believe that demand for Greek golden visas will remain robust despite the recent changes made. This is because it is still possible to purchase real estate and obtain a residency permit for as little as €250,000, even in the very heart of Athens, provided that the property in question is converted from commercial use to residential. As such, we’re seeing a lot of developers now buying old hotels and office buildings and transforming them into modern residential complexes, complete with stunning swimming pools and terraces.

 

Another reason to expect further growth in demand for Greek visas in 2025 is the fact that Spain is about to close its own Golden Visa programme which was itself hugely popular. With Spain no longer available to expats, it’s reasonable to expect that Greece, with its similar lifestyle offering and even more affordable accessibility, will become the focus of their attention.”

 

Data tables and sources

·  *Greek Golden Visa application data sourced from IMI Daily – 2018 through to the first seven months of 2024 (January to July – latest available).

·  *2024 full figure estimate based on a forecast. ETS (exponential smoothing) model including interpolation, accounting for seasonality, and based on an upper bound confidence interval. The upper bound was selected due to the level of demand seen for the GV program.

·  Full data tables and sources can be viewed online, here.

 

 

 

Notes to Editors: – 

 

·  Astons are leading international real estate experts on residency and citizenship through investment offering bespoke residence and citizenship solutions in the EU, the Caribbean, and other countries through property investment.

·  Astons have over 30 years of experience assisting individuals to successfully relocate their lives, lifestyles and companies through the complex world of global immigration law

·  Astons offer everything from residency and citizenship, to legal support and guidance on worldwide property investment.

·  Astons is a leading global investment migration and luxury real estate company specializing in bespoke residency, citizenship, and premium real estate solutions in more than 11 countries.

·  Founded in 1989, Astons provides a comprehensive suite of services for HNW clients with a worldwide footprint of offices in London, Dubai, Istanbul, Limassol, Athens, Fort Lauderdale, and Saint Julians.