Key Takeaways

– Greece real estate experts expressed concerns related to new changes applied to the Golden Visa Program.
– They claim the program never contributed to the housing crisis.
– Investments through the real estate investment option of Greece’s Golden Visa Program in some parts of the country have reached €800,000.

Real estate experts in Greece have expressed their concerns about the recent changes that have been applied to the Golden Visa Program.

The president of the Federation of Real Estate Brokers of Greece, Dimitris Biniaris, said the amendments applied to this scheme have led to distortions, Schengen.News reports.

Due to the series of changes, there was a surge in permit applications, leading to market distortions and unintended consequences.
the president of the Federation of Real Estate Brokers of Greece, Dimitris Biniaris

Golden Visa Program Never Contributed to Housing Crisis, Experts Say

Greece’s Residency by Investment Program, known as the Golden Visa Program, offers a pathway to residency to foreign nationals who make a financial investment in this country.

However, as part of an effort to better manage the housing crisis, the Hellenic Republic applied new changes to this program, including in the real estate investment options.

However, real estate experts argue that the program never contributed to the housing shortage crisis.

This program never caused housing shortages, as the properties sold were not owner-occupied but were instead rented out, often at ten to 15 per cent lower rates compared to similar properties in Athens and Thessaloniki.
the president of the Federation of Real Estate Brokers of Greece, Dimitris Biniaris

Investments Through Real Estate Option Reach €800,000 in Some Areas

The Prime Minister of Greece, Kyriakos Mitsotakis, unfolded new changes that took effect from September 1, among them increasing the minimum amount required for the real estate investment option, which is the most sought-after option of this scheme.

Greece’s PM announced that in some of the most famous parts of the country, the minimum amount required would reach €800,000. The decision has been criticised by Biniaris. He said governments often make decisions without consulting experts.

CEO and Co-Founder of Prelevits and Georgakos Real Estate, Kostas Georgakos, emphasised that the most famous destinations for new investments consist of the centres of Thessaloniki, Halkidiki, Kalamaria, Pieria, as well as Kavala, according to Greek Travel Pages report.

We have 30 to 40 million people who can drive to Northern Greece. Many businessmen from neighbouring countries have established companies and are actively involved in real estate development.
CEO and Co-Founder of Prelevits and Georgakos Real Estate, Kostas Georgakos

Greece’s Residency by Investment Scheme makes a significant contribution to the country’s economy.

The figures from Imi Daily revealed that in the first seven months of this year, over €1.2 billion were brought to Greece through the Golden Visa Program.

 

Πηγή:schengen.news