Greece has witnessed a remarkable 37 per cent surge in property purchases by Indian investors between July and August. This flurry of activity is driven by Indian buyers eager to secure permanent residency under Greece’s Golden Visa Programme before significant regulatory changes took effect on September 1.
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 Rs 7 crore) for properties in these regions, effective September 1 2024.
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, as per MoneyControl.
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.
Effective September 2024, the revised Golden Visa programme seeks to:
– Temper rapid price increases
– Promote equitable development
– Direct investment towards less saturated areas
The appeal of Greece’s Golden Visa Programme for Indian investors
– Greece offers attractive rental yields of 3-5 per cent annually, making property investments financially rewarding.
– Property values in Greece have been increasing at an impressive rate of 10 per cent year-on-year, with significant growth following the pandemic.
– Investors gain access to high-quality healthcare, education, and the opportunity to establish businesses within the EU.
Before the rule changes, Indian investors gravitated towards popular Greek islands like Paros, Crete, and Santorini for property purchases.