The interest of Britons, Americans and Israelis to purchase properties in Greece through the Golden Visa Program has increased significantly in August this year, compared to the same month 2023 statistics.
In the top list of countries whose citizens benefited the most from the Golden Visa Program of the Hellenic Republic, as of August 2024, the UK is ranked in the fifth position, and the US in the seventh, Schengen.News reports.
The figures from Greece’s Ministry of Immigration and Asylum revealed that in August this year there was a significant surge in the number of Golden Visas granted.
The same source shows that Greece’s authorities granted 482 permits to nationals of the UK in August 2024, or 3.8 per cent of the total. This accounts for a notable increase compared to last August, after a year ago, 318 permits were approved, or 2.9 per cent of the total.
Nationals from the United States secured 353 permits through the Golden Visa Program, or 2.8 per cent of the total as of August 2024. The figures show that there was an increase compared to 240 permits issued in August last year, accounting for 2.2 per cent of the total.
According to the figures from the same Ministry, the biggest increase was noted in the number of golden visas granted to Israeli nationals. In August this year, 271 permits were granted to nationals of Israel, compared to 159 granted in August 2023. The increase resulted also from the war.
A report from Kathimerini says that the UK’s exit from the European Union played an important role in the increase in the number of investors from the UK to Greece’s Golden Visa Program.
Attempts to Manage Housing Crisis
Internationals can acquire residency in the Hellenic Republic by purchasing properties in this country if they invest a specific amount of money in exchange and meet the needed conditions.
In spite of being the most famous option of the Golden Visa Program, Greece’s authorities have applied some changes to the real estate investment option in a bid to deal with the housing crisis.
As part of the new changes made through the Residency by Investment Program of Greece announced by Greek Prime Minister Kyriakos Mitsotakis was also the increase in the minimum amount required for Golden Visa investments which in the most famous parts of the country reaches €800,000.
However, a report from the American-Hellenic Chamber of Commerce, on the Greek realty market, shows that the real estate market will continue to maintain its growth for the next few months, driven by economic stability and the increasing tourism demand, while the sector continues to deal with the shortage of affordable housing.