 "Greece records 37% surge in property purchases by Indians in July-Aug")
Greece has witnessed a rise in property purchases by Indian investors, with a 37 per cent increase recorded between July and August. This rush is largely driven by a change in the minimum investment limit under Greece’s Golden Visa Programme from Rs 2.3 crore to Rs 7 crore, according to an NDTV report. The Golden Visa Programme offers permanent residency to those who invest in Greece.
Greece’s Golden Visa Programme: Recent changes
Introduced in 2013, Greece's Golden Visa scheme grants residency permits in exchange for property investments, making it particularly appealing to non-EU citizens. The programme initially required a minimum investment of €250,000 (Rs 2.3 crore), one of the lowest thresholds in Europe, which helped boost the country's real estate market.
However, growing demand has driven property prices up, especially in sought-after locations such as Athens, Thessaloniki, Mykonos, and Santorini. In response, the Greek government has raised the investment threshold to €800,000 (around Rs 7 crore) for properties in these areas, effective from September 1, 2024.
Many investors have opted for properties still under construction, with completion expected within six to twelve months.
Greek lifestyle attracts Indian Investors
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The Greek Golden Visa Programme continues to attract Indian investors due to its financial benefits and lifestyle advantages. Greek property offers rental yields of 3-5 per cent annually, and property values have been increasing by around 10 per cent each year, especially post-pandemic.
In addition to potential financial returns, investors gain access to high-quality healthcare, education, and the ability to set up businesses within the European Union. Prior to the rule changes, Indian buyers were particularly interested in properties on popular Greek islands such as Paros, Crete, and Santorini.
What is the Greek Golden Visa Programme?
Greece's Golden Visa Programme provides a route to permanent residency for non-EU nationals through various investment options. The real estate option, offering good rental yields, remains one of the most popular choices. The scheme is known for its flexibility, low residency requirements, and the possibility of earning rental income immediately from purchased properties.
Earlier this month, Greek Prime Minister Kyriakos Mitsotakis announced that the country would further expand the programme, introducing a new investment route.