The number of new residency permit applications under Greece’s “Golden Visa” program fell sharply in April, indicating early signs of a market slowdown.
According to data from the Ministry of Migration, the number of applications submitted in April dropped 28.5% year-on-year, falling to 564 from 790 in April 2024.
This marks the first decline since September 2022, when Prime Minister Kyriakos Mitsotakis announced an increase in the minimum investment threshold. That announcement initially triggered a surge of foreign investor activity, fueling expectations of further growth.
Since then, application numbers steadily rose—largely due to ongoing adjustments and restrictions aimed at curbing foreign investment and limiting property purchases. Ironically, these regulatory changes spurred a spike in demand as investors rushed to complete purchases before deadlines, distorting the market dynamics.
Over the past two years, the volume of property acquisitions under the program has exceeded the total purchases made in the decade prior to its implementation. A total of 17,888 properties were purchased with investments amounting to €4.47 billion within this period. For comparison, from mid-2014 to the end of 2024, the number of initially approved permanent investor permits—including renewals—did not exceed 17,455.
In addition, a substantial backlog of applications remains under review, with 16,024 cases pending approval, which could further increase the overall permit count.
Despite the decline in April, the total number of applications received during the first four months of 2025 reached 3,477—an increase of 25% compared to the 2,849 applications submitted in the same period last year. This growth is mainly attributed to applications filed in the first quarter of 2025, when the previous investment limits still applied. Under those terms, the property purchase threshold was set at €800,000 in Attica, Thessaloniki, and islands with populations over 3,100, based on purchase agreements rather than new rules that took effect later.
Marios Rafail, head of Henley & Partners’ Geneva office, questioned the widespread belief that the “Golden Visa” program is solely responsible for driving up rental prices in Greece, during a recent interview with The Daily News.
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