Foreign investors poured approximately 1.02 billion euros into Greek real estate in the first half of 2026, a 6.7% increase compared to the same period last year, according to data from the Bank of Greece.
At the same time, the growth in foreign investment is occurring against the backdrop of a sharp decline in the number of new applications under the Golden Visa program. This indicates that foreign buyers’ interest in Greek real estate is becoming less dependent on the possibility of obtaining a residence permit.
In the second quarter of 2026, the volume of foreign capital directed toward real estate purchases in Greece amounted to approximately 515.8 million euros. This is 11.2% less than in the second quarter of 2025; however, thanks to a strong first quarter, the result for the entire half-year remained higher than last year’s.
The primary source of these statistics is the Bank of Greece, which separately publishes quarterly and annual data on non-residents’ direct investments in Greek real estate. The statistics include real estate purchases by foreign investors as part of foreign direct investment. Bank of Greece
At the same time, the Greek Ministry of Migration and Asylum has recorded a decline in activity under the Golden Visa program. From January through June 2026, 2,551 new applications were submitted, compared to 4,553 during the same period a year earlier. Thus, the figure fell by approximately 44%. Ekathimerini
The decline in the number of applications is linked, in particular, to stricter program requirements. In the most popular regions—including Attica, Thessaloniki, Mykonos, and Santorini—the minimum threshold for a standard real estate purchase to qualify for a Golden Visa has been raised to 800,000 euros. In most other regions, it stands at 400,000 euros. A separate threshold of 250,000 euros has been retained for certain properties that are being converted from commercial to residential use or are subject to restoration.
However, statistics show that foreign capital continues to flow into the market even without a direct link to the immigration program.
Throughout 2025, foreign investors invested approximately €2.05 billion in Greek real estate. This was less than the record €2.75 billion in 2024, but remained one of the highest figures in recorded history. Between 2019 and 2025, the total inflow of foreign capital into Greek real estate reached approximately €12.4 billion. Ekathimerini
By comparison, the Bank of Greece reported that in 2024 alone, net inflows from real estate purchases by non-residents reached €2.75 billion, up from €2.13 billion a year earlier—an increase of 28.9%. Bank of Greece
The shift in demand means that foreign buyers are increasingly viewing Greek real estate not only as a means of obtaining a residence permit but also as an investment asset in its own right. Demand is driven by the tourism market, long-term rentals, rising housing prices in the most attractive regions, and international investors’ interest in hotel and commercial properties.
Foreign capital continues to be particularly active in Athens and Attica, Thessaloniki, Crete, Rhodes, and other tourist islands.
At the same time, Greek authorities continue to discuss further changes to the Golden Visa program amid a shortage of affordable housing. The growth in foreign demand and short-term rentals has become one of the arguments for raising investment thresholds and introducing additional restrictions on the use of purchased real estate.
Thus, preliminary data for 2026 indicate noticeable changes in the Greek market: the number of investors directly seeking to obtain a Golden Visa is declining, yet the total volume of foreign capital in real estate continues to grow for now.
foreign investor, golden visa, GREECE, INVESTMENTS, REAL ESTATE
According to the Relocation project, Greece has proposed discontinuing the granting of residence permits to foreign investors for the purchase of real estate and refocusing the “Golden Visa” program on direct investments in the country’s economy.
This initiative was put forward by Nikos Androulakis, leader of the main opposition party PASOK, amid the ongoing housing crisis. Androulakis believes that the current model effectively encourages the sale of Greek real estate to foreign investors and further impacts housing affordability for the local population.
However, PASOK’s proposal does not call for Greece to completely stop granting residence permits in exchange for investment. The party proposes removing real estate from the list of assets eligible for a “Golden Visa” and redirecting foreign capital toward investment instruments that promote economic growth.
For now, this is solely a political initiative by the opposition. PASOK holds 34 seats in Greece’s 300-seat parliament, so the proposal does not automatically mean a change to the current program.
Currently, the minimum real estate investment required to obtain a Greek Golden Visa depends on the region and the type of property.
In Attica, Thessaloniki, Mykonos, and Santorini, as well as on islands with a population of over 3,100, the minimum threshold is 800,000 euros. In most other regions of the country, it is set at 400,000 euros.
A reduced threshold of 250,000 euros applies to certain categories of properties, including real estate being converted from commercial to residential use and certain buildings requiring restoration. For standard investments of 400,000 euros and 800,000 euros, there is a requirement to purchase a single property with an area of at least 120 square meters.
Greek authorities have tightened the conditions of the Golden Visa program several times in recent years amid rising housing costs. In addition to raising the minimum investment thresholds, real estate purchased under the program can no longer be used for short-term rentals.
The stricter rules have already affected demand. According to the Greek Ministry of Migration and Asylum, in the first half of 2026, foreign investors submitted 2,551 new applications for the Golden Visa—44% fewer than the 4,553 applications filed during the same period in 2025.
At the end of the first half of the year, there were 32,702 active investor residence permits in Greece, issued under the program since its launch. Another 7,368 applications from previous periods remained pending.
The decline in interest in the Golden Visa has not yet led to an overall drop in foreign investment in Greek real estate. In the first quarter of 2026, the inflow of foreign capital into the real estate market reached 511.6 million euros, an increase of 43.4% compared to 356.8 million euros a year earlier. This indicates that demand for Greek properties among foreigners remains strong even without the incentive of obtaining a residence permit.
Between 2019 and 2025, foreign investors poured approximately €12.4 billion into Greek real estate. In 2025, the volume of foreign investment totaled €2.05 billion, compared to €2.75 billion in 2024.
The Golden Visa program has been in effect in Greece since 2014 and allows citizens of non-EU countries to obtain a five-year renewable residence permit provided they meet the investment requirements. The question of the future role of real estate in this program takes on particular significance against the backdrop of rising housing costs and the government’s efforts to increase the supply of properties available for long-term rent.
https://relocation.com.ua/greece-proposes-to-exclude-real-estate-from-the-golden-visa-program/
golden visa, GREECE, INVESTMENTS, REAL ESTATE, RESIDENCE PERMIT
The Greek government is preparing changes to the Golden Visa program that could allow foreign investors to obtain a residence permit by purchasing not just a single property, but a portfolio of several properties, provided they are placed in long-term rental agreements.
The proposed change is included in Greece’s National Housing Policy Strategy for 2026–2035. The document outlines 50 measures with a total budget of over EUR 6.5 billion and is primarily aimed at increasing the supply of affordable housing and reducing pressure on the rental market.
Under the proposed model, a foreign investor will be able to purchase multiple properties instead of just one; however, these properties may be used exclusively for long-term rentals. Listing such housing on short-term rental platforms will be prohibited. The authorities also plan to establish a mechanism to monitor the future use of the acquired properties.
The goal of this initiative is to channel foreign investment capital directly toward increasing the supply of rental housing and bringing vacant properties back onto the market. The authorities intend to pay special attention to the conversion of former offices, retail, and industrial spaces into housing.
For now, the changes are still in the planning stages and do not mean that the new Golden Visa category has already taken effect. Its practical implementation will require the appropriate regulatory framework.
Currently, the minimum investment amount under the Greek Golden Visa program depends on the type of property and the region. For Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of more than 3,100 people, the main threshold is EUR800,000; in most other regions, it is EUR400,000. A separate preferential threshold of EUR 250,000 applies, in particular, to the purchase of a commercial property that is subsequently converted into residential housing, as well as to certain protected historic buildings in need of restoration. Official regulations provide for the issuance of a five-year residence permit to the investor.
According to data from the Greek Ministry of Migration and Asylum, 2,551 new applications for an initial residence permit under the Golden Visa program were submitted in the first half of 2026, which is 44% fewer than the 4,553 applications filed from January through June 2025. At the same time, authorities issued 4,919 new permits over the six-month period—21% more than a year earlier—as they continued to process a significant number of applications submitted in previous years.
Most new applicants continue to focus on investments in the range of EUR250,000–400,000, while properties falling below the EUR800,000 threshold are in significantly lower demand.
At the same time, obtaining a residence permit is far from the only reason foreigners purchase real estate. According to data cited in the Greek housing strategy, only about 7% of foreign buyers cite the Golden Visa as their primary motivation. About 30.8% view real estate in Greece as a place for permanent residence, 44.4% as a vacation home, and another 17.8% primarily as an investment. In 2026, the highest interest among foreign buyers is coming from citizens of the United States, the Netherlands, Germany, and the United Kingdom.
Crete remains the most sought-after region among foreign buyers, accounting for 42.9% of demand, followed by the Peloponnese with 22.9% and the Ionian Islands with 12.7%.
golden visa, GREECE, INVESTMENT, REAL ESTATE, RESIDENCE PERMIT
European countries are systematically phasing out citizenship-by-investment programs and tightening the conditions for wealthy foreigners to obtain residency, according to the Experts Club information and analytical center.
One of the key decisions for the market was the ruling by the Court of Justice of the European Union, which in April 2025 found the Maltese investment citizenship program to be in violation of EU law. Cyprus and Bulgaria had previously abandoned similar schemes.
As of April 3, 2025, Spain shut down its Golden Visa program, which allowed individuals to obtain a residence permit by purchasing real estate worth at least EUR500,000. Portugal removed real estate from the list of eligible investments back in 2023, refocusing the program on funds, scientific research, cultural heritage, and the creation of companies and jobs.
Greece has retained its Golden Visa program but raised the minimum investment threshold for real estate to EUR 800,000 in the most popular regions and to EUR 400,000 in other parts of the country. The EUR 250,000 threshold remains only for select renovation and redevelopment projects. In January 2026, the number of applications for the Greek Golden Visa fell by 63.5% compared to January of the previous year.
Maksym Urakin, founder of Experts Club, believes that investment migration has evolved from a financial product into a matter of security and trust.
“The strategy of ‘buy a property and get status’ is gradually becoming a thing of the past. Capital transparency, reputation, tax history, and real economic contribution are coming to the forefront,” Urakin noted.
European countries are expected to continue reducing the role of real estate in immigration programs, giving preference to investments in funds, technology, infrastructure, and job creation.
Dubai authorities issued 1,051,978 new residency permits in the first half of 2026, according to the emirate’s General Directorate of Residency and Foreigners Affairs (GDRFA).
During the same period, 910,552 existing residence permits were renewed, and more than 5.078 million entry permits were issued to foreigners in various categories. The number of long-term Golden Visas issued totaled approximately 66,000.
However, the figure of 1 million permits does not mean that Dubai’s population increased by the same number of people over the six-month period. Some of the recipients may have already been in the emirate on tourist, work, or other visas. The statistics also do not account for foreigners who left Dubai or did not renew their residency.
According to the authorities, all immigration services in Dubai have been digitized, and the average processing time for a single transaction is less than four minutes. Customer satisfaction is estimated at 95%.
“Golden Visas” are granted to investors, entrepreneurs, scientists, skilled professionals, cultural and sports figures, as well as certain categories of students and graduates. This visa allows holders to reside in the UAE for an extended period without a traditional employer sponsor and to apply for residency for family members.
Dubai’s population at the end of 2024 was approximately 4.25 million. Men accounted for 68.5% of the emirate’s residents, a figure attributed to the large number of foreign workers arriving without their families.
The UAE as a whole is home to people of more than 200 nationalities, with foreigners making up the overwhelming majority of the population. The largest group consists of people from India. Significant communities have been formed by citizens of Pakistan, Bangladesh, the Philippines, Iran, Egypt, Nepal, and Sri Lanka. UAE citizens make up a minority of the country’s population.
The rapid influx of residents is driving demand for housing, commercial real estate, schools, healthcare, and transportation. At the same time, population growth is increasing the strain on Dubai’s roads, utilities, and public transportation.
Lebanon is preparing to launch a “golden residence permit” program for foreign investors with a minimum investment threshold of $500,000. The initiative is intended to help the country attract capital, create jobs, and support economic recovery following a long-standing financial crisis.
The bill was approved by Lebanon’s parliamentary committee on finance and budget. The bill must now undergo further review and receive parliamentary approval.
Under the initiative, foreign investors will be able to obtain a residence permit in Lebanon provided they invest at least $500,000 in approved economic sectors. This is specifically a residency program, not a direct sale of citizenship or passports.
Lebanon is attempting to join the global competition for wealthy investors, a field in which countries in the Middle East, Europe, and the Caribbean are already actively engaged. Such programs typically offer foreigners the right to reside in exchange for investments in real estate, businesses, funds, government securities, or strategic sectors.
For Lebanon, launching such a program is of particular importance. Since 2019, the country has been experiencing one of the most severe financial and economic crises in its history: the banking system has restricted depositors’ access to their funds, the national currency has sharply depreciated, and public finances remain under pressure.
Under these circumstances, the “golden visa” is viewed as a tool for attracting foreign capital without immediately increasing the debt burden. The potential impact could manifest in investments in real estate, tourism, services, infrastructure, private healthcare, education, and technology projects.
However, this model also carries risks. For Lebanon’s program to be effective, it requires transparent rules for selecting investors, verification of the origin of funds, a clear list of permitted sectors, safeguards against speculative investments, and oversight to ensure that investments actually contribute to the economy rather than merely granting a formal right of residence.
International experience shows that “golden visas” can quickly attract capital, but under conditions of weak regulation, they become a source of reputational, tax, and financial risks. Therefore, for Lebanon, the key issue will not be the launch of the program itself, but the quality of its administration.
If the program is implemented transparently, it could become one of the additional channels for restoring confidence in the Lebanese economy. However, it will not be able to replace comprehensive structural reforms, stabilization of the banking system, and political predictability.
