By George Lampiris
Significant changes are coming to the southern suburbs of Athens but also overall in Attica and other regions of Greece starting from September 1st, 2024, when the minimum threshold for property acquisition linked to the golden visa program will change. Construction companies or property management firms that are primarily involved in this market have repeatedly expressed their opposition to this specific change introduced by the government, citing the increase in housing sale and rental prices.
Starting from September, in the Attica Region, the Regional Units of Thessaloniki, Mykonos, and Santorini, and on islands with a population of over 3,100 residents, the value of real estate purchased under the golden visa scheme cannot be lower than 800,000 euros. In the rest of the country, the value of real estate is set at 400,000 euros.
On the other hand, the restrictions imposed last year by the Greek state, increasing the minimum threshold to 500,000 euros in many areas, created issues in the market. The purpose of this measure was to address the housing problem and the price increase, which, according to the Greek government, resulted from the increased demand brought about by the 250,000 euro threshold of the Golden Visa program, as it was before the relevant changes.
The conversion of existing properties into residences
In the recent government law regarding the golden visa, instead of abolishing the golden visa or universally raising the threshold to 800,000 euros, a provision was introduced for the possibility of converting an old industrial building into a residential complex, with the threshold in this case for the golden visa remaining at 250,000 euros. In this way, market stakeholders believe that several new properties will enter the market, which will be priced at 250,000 euros, simultaneously providing a solution to the housing issue.
Read the rest of the article here https://www.noupou.gr/en/real-estate/real-estate-how-will-changes-to-the-greek-golden-visa-affect-property-prices-in-the-athens-riviera/
