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Greek Golden Visa Threshold to Soar up to 800,000€

Greek Golden Visa Threshold to Soar up to 800,000€

In response to the escalating housing crisis, the government is poised to revise the Golden Visa program’s investment thresholds. It is contemplating raising the minimum investment to €800,000 for certain high-demand areas, while retaining a €250,000 baseline for regions attracting less interest, alongside introducing measures to put vacant properties to use.

The severe shortage of housing, exacerbated in recent years, has prompted government action to find viable remedies, particularly to alleviate the strain on the rental market.

Piraeus Bank’s recent analysis reveals a deficit of 212,000 homes in the marketplace, predominantly due to the allocation of many existing homes for only short-term rentals, thereby inflating the cost of both buying and renting homes.

Prime Minister Kyriakos Mitsotakis has publicly endorsed new strategies, including a noteworthy suggestion from the opposition to restrict Golden Visa-acquired real estate to long-term rental commitments only.

Highlighting the specific challenges faced by areas like Western Athens, where the Golden Visa program’s cost hike has put additional pressure, Mitsotakis has opened discussions with the Ministry of Finance about potentially increasing the investment minimum, suggesting up to €800,000 in urban and island regions, while considering a €250,000 floor in less affected areas such as Pella and Kozani, aligning with practices in Spain.

In Parliament, PASOK leader Nikos Androulakis called for a strict ban on short-term rentals for Golden Visa properties, a move acknowledged by Mitsotakis as beneficial, proposing immediate action to ensure these properties are used for personal dwelling or long-term rental only.

The attractiveness of Greece’s Golden Visa program, notably the most economical in Europe, continues to significantly impact the housing market demand.

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