Property purchases by Indian investors in Greece saw a remarkable 37 per cent rise between July and August. This activity has been driven by Indian buyers keen to gain permanent residency under Greece’s Golden Visa programme before key regulatory changes take effect on September 1.
Greece’s Golden Visa programme, launched in 2013, offers residence permits in exchange for property investment, making it an attractive option for non-EU citizens. Its initial €250,000 (Rs 2.2 crore) limit was the lowest in Europe, attracting significant investment and boosting Greece’s real estate market.
However, the surge in demand pushed up property prices, especially in high-demand areas such as Athens, Thessaloniki, Mykonos and Santorini. To address this, the Greek government raised the investment limit for properties in these areas to €800,000 (roughly Rs. 7 crores), effective September 1, 2024.
Sanjay Sachdev, global marketing director at Leptos Estates, has seen an “unprecedented rush” of Indian homebuyers in recent months. “Many investors have purchased under-construction projects with a handover period of six to twelve months,” Sanjay Sachdev told Moneycontrol.
Many people invested in properties under construction that had a completion timeline of six to twelve months. Leptos Estates reported selling out its available housing stock in Greece due to this boom.
The revised Golden Visa program, effective September 2024, aims to:
– Curb sharp price hikes
– Promote equitable development
– Direct investment towards less saturated sectors
Greece’s Golden Visa programme attractive to Indian investors
– Greece offers attractive rental yields of 3-5 per cent per annum, making property investment economically profitable.
– Property values in Greece are rising at an impressive 10% year-on-year, with a significant increase following the pandemic.
– Investors have access to high-quality healthcare, education and the opportunity to set up businesses within the EU.
Before the rule change, Indian investors were attracted to popular Greek islands like Paros, Crete and Santorini to buy property.
