New Delhi: Indian investors have significantly increased their property purchases in Greece, with a 37 per cent rise between July and August 2024, according to NDTV. The surge is driven by efforts to secure permanent residency under Greece’s Golden Visa Programme before major rule changes were introduced on September 1, 2024.
The Golden Visa Programme, launched in 2013, has allowed non-EU citizens to obtain residency in exchange for property investments. Initially, the minimum investment required was €250,000 (around Rs 2.2 crore), making it one of the most affordable residency programmes in Europe. This low entry point attracted many foreign buyers and gave a strong boost to the Greek real estate market.
However, rising property prices, especially in popular areas like Athens, Thessaloniki, Mykonos, and Santorini, prompted the Greek government to increase the investment threshold to €800,000 (around Rs 7 crore) starting in September 2024. This move aims to control rapid price hikes and promote development in less crowded regions.
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Despite the changes, Greece’s Golden Visa Programme continues to appeal to Indian investors. The programme offers several advantages, such as:
– Annual rental yields of 3-5 per cent, providing good returns on property investments.
– Steady growth in property values, with a 10 per cent increase year-on-year, particularly after the pandemic.
– Access to high-quality healthcare and education, along with the ability to start businesses within the European Union.
Before the new rules took effect, Indian investors often preferred properties on Greek islands like Paros, Crete, and Santorini, showing the ongoing attraction of Greece’s real estate market for international buyers.
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