The Greek golden visa, the country’s residency by investment scheme, has become the most popular of its kind in the EU.
According to a report by a property broker, the number of enquiries for the Greek golden visa increased by 127% in the first half of this year compared to the same period in 2021.
The main reason for this demand may be due to the Greek golden visa having a lower financial criterion than many similar schemes in the EU. To obtain a Greek golden visa, you must invest in a property worth at least €250,000. In comparison, Portugal’s golden visa requires an investment of at least €500,000.
What is the Greek golden visa?
Greece launched its golden visa scheme in 2013. The scheme grants the holder five years of residency in exchange for a property investment of €250,000. And that’s not all – your spouse and any children under the age of 21 can also enjoy five years of residency.
Unlike many other golden visa schemes, there is no minimum stay. This means you can spend as much or as little time in Greece as you want and your visa will remain valid.
What’s more, one of the main perks, particularly for Brits post-Brexit, is that the Greek golden visa gives the holder and their family free movement within the Schengen Zone.
Where are people buying property in Greece?
Foreigners continue to account for a large percentage of property purchases in Greece (46%). The islands of Mykonos, Paros and Santorini remain the most sought-after with international property buyers. Average property prices in Mykonos have risen to €7,250 per square metre while Paros and Santorini have average prices of €3,450 per square metre and €3,250 per square metre respectively.
Crete, Corfu, Kefalonia, Lefkada and Halkidiki, Volos and Kalamata on the mainland are all popular property hotspots too.
If you’re looking for a high rate of return on your Greek home, look to Southern Greece, the Cyclades and Crete which all have a RoR of 7%, followed by Northern Greece (6%), and the Ionian islands (5%).