Starting September 15, 2026, Latvia will cease issuing new temporary residence permits based on real estate purchases. These changes are provided for in the new Immigration Law, which the Saeima re-adopted on August 20 and which takes effect on September 15.
Until now, a foreign investor could apply for a temporary residence permit valid for up to five years upon purchasing real estate worth at least EUR 250,000.
The new law no longer provides for this basis for initially obtaining a residence permit. At the same time, the option to obtain a residence permit by depositing funds in a Latvian bank—which previously required an investment of at least EUR280,000—is being discontinued, according to the Prian.ru portal.
That said, investors effectively have a short transition period. Applications for temporary residence permits submitted before the new law takes effect will be processed under the old legislation.
These changes do not mean that residence permits already issued will be automatically revoked. Permits issued before September 15 remain valid until the end of their specified term. Furthermore, a special transitional mechanism is in place for holders of residence permits previously obtained through real estate purchases or bank investments: provided they maintain their investments and meet the established requirements, they will be able to apply for a renewed temporary residence permit valid for up to five years.
After the real estate option is phased out in Latvia, other investment grounds will remain available. A foreign national may obtain a temporary residence permit valid for up to two years by investing at least EUR50,000 in the capital of a small Latvian enterprise or EUR100,000 in a larger company. Additionally, a payment of EUR10,000 must be made to the state budget, and the company must meet the established requirements regarding employment, turnover, and tax payments.
Furthermore, the new law provides for an investment mechanism through a state-established alternative investment fund manager. To obtain a residence permit, applicants must invest a minimum of EUR 150,000 for a period of at least five years and additionally pay EUR 10,000 to the state budget. Such a residence permit may be granted for a term of up to five years.
Citizens of Russia and Belarus will not be able to use these investment-based options. The relevant restrictions are explicitly stipulated in the new legislation.
Latvia’s investment-based residence permit program has been in place since 2010 and, for many years, was one of the best-known European options for obtaining a residence permit through real estate.
IMMIGRATION, INVESTMENT, LATVIA, 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
The Antimonopoly Committee of Ukraine (AMCU) has granted JSC “ZNVKIF ‘Kingston’” permission to acquire control over Dmitry Buryak’s LLC “Business Center on Illinskaya.” According to a statement on the agency’s website, the relevant approval was granted on Thursday.
According to data from the YouControl analytical system, the ultimate beneficiary of JSC “ZNVKIF ‘Kingston’” (Kyiv) is listed as Oleg Vysotsky, who served as head of the State Consumer Standards Service in 2006.
The owner of “BC on Illinska” LLC (Kyiv) is listed as “Concern Europe” LLC (100%), and the ultimate beneficiary is businessman Dmytro Buryak.
The “Ilyinsky” Business Center is part of the portfolio of the DeVision group of companies, whose board of directors was chaired by Buryak. According to information on the business center’s website, its total area is 44,200 square meters, with 37,100 square meters of office space. The underground parking garage has 154 parking spaces.
DeVision is also developing the Seven residential complex in the Darnytskyi district of the capital in partnership with Stolitsa Group. In addition, Buryak owns the company that commissioned the construction of the “Ilyinsky” residential complex at 21 Naberezhno-Khreshchatytska Street in Kyiv’s Podilskyi district.
As previously reported, Oleg Vysotsky’s Comfort Mol LLC received approval from the AMCU in August 2026 to acquire a single property complex from Osta Plus LLC, owned by Alexander and Sergey Buryak.
The Experts Club analytical center analyzed data from the international consulting firm Savills on real estate market trends in the world’s leading countries and identified a number of trends in the European real estate market in 2026.
Investment in European real estate reached 54 billion euros in the second quarter of 2026, up 7.7% year-over-year, according to Savills data.
Despite the overall increase in transaction volume, Savills characterizes the recovery of the European market as uneven. Escalating macroeconomic and geopolitical risks have forced investors to raise their standards for property quality.
Capital is now primarily directed toward real estate that provides a stable cash flow, has a transparent market value, and is located in segments with long-term structural demand.
One of the main beneficiaries of this new investment strategy has been so-called “living real estate.”
In the first half of 2026, multifamily rental housing, specialized student dormitories, senior living facilities, and housing for the elderly already accounted for 29% of all real estate investments in Europe.
Thus, nearly one in every three euros of institutional capital directed toward European real estate went to properties directly related to residential living.
The growing interest in this sector is linked to a housing shortage in many major European cities, rising rents, demographic changes, and relatively stable income streams compared to some traditional types of commercial real estate.
At the same time, investor attitudes toward office properties are shifting. High-quality, modern office buildings in central business districts remain in demand, while outdated and poorly located properties are significantly harder to sell or finance.
According to Savills, the market is effectively divided into two types of assets. In the first category, investors are willing to compete for high-quality properties with reliable tenants and predictable income. In the second, real estate with a poor location, high future costs, or uncertain demand may remain outside the scope of investment interest for a long time.
Savills notes that Europe remains an important destination for global capital, but investment requirements have become significantly stricter.
Markets where a significant price correction has already occurred and a clearer entry point for investors has emerged have the best chances of attracting capital. An additional advantage is the limited supply of new properties and stable demand from tenants.
“The recovery is taking place in stages and is driven by investor confidence in specific deals, rather than a general willingness to take risks,” note Savills analysts.
Thus, the European real estate market is gradually emerging from a period of sharp interest rate hikes and asset revaluation; however, the new investment cycle differs significantly from the previous one. Capital is increasingly being directed not simply toward real estate as an asset class, but toward specific segments with the most predictable long-term demand.
Source: Savills, Global Capital Markets Research Q2 2026 — Europe.
The Experts Club analytical center analyzed data from the international consulting firm Savills on real estate market trends in the world’s leading countries. Global real estate investment in the second quarter of 2026 reached approximately $250 billion, up 13% compared to the same period last year, according to data from the international consulting firm Savills.
The data was published on August 25 in the report “Savills Takes Stock: Global Capital Markets Research Q2 2026.” According to the company’s assessment, the active portfolio of deals nearing completion suggests that the market will continue to recover in the second half of the year.
Savills estimates that by the end of 2026, global real estate investment volume could increase by approximately 16%.
However, the market recovery is uneven. Investors have become more selective and are concentrating their capital on properties with predictable cash flow, clear value, and long-term demand.
According to a study cited by Experts Club, the U.S. remains the largest market. In the second quarter, investment in U.S. real estate reached approximately $131 billion, a 20% increase from the previous year.
Separately, Savills notes a sharp increase in large portfolio transactions in North America. Their volume reached $35 billion, up 60% year-over-year. By comparison, transactions involving individual properties grew by approximately 10%.
The growth in portfolio investments is linked to the return of large institutional capital and investors’ desire to immediately secure a large-scale presence in promising segments. Data centers, self-storage facilities, and real estate for the elderly are of particular interest.
The European market also continued its recovery. The volume of transactions in the second quarter totaled 54 billion euros, up 7.7% compared to the second quarter of 2025.
In the Asia-Pacific region, investment grew even faster—by 18%, to $46 billion. For the first half of the year, investment volume in the region grew by 25%.
Particularly notable growth in the Asia-Pacific region is being observed in the industrial and logistics real estate sectors. In the second quarter, investment in this segment rose by 17%, and for the first half of the year as a whole—by 28%.
At the same time, interest in student housing and other types of residential real estate is growing. Savills attributes this, in particular, to increased international student mobility and the desire of institutional investors to build large portfolios of income-generating properties.
However, Savills cautions that the market’s recovery cannot yet be considered a widespread new investment boom. Geopolitical tensions, the situation in the Middle East, borrowing costs, and uncertain economic prospects are forcing investors to be much more selective when choosing properties.
In early 2026, deteriorating investment sentiment amid the conflict surrounding Iran even led to negative seasonally adjusted quarterly investment trends. However, the impact of this factor turned out to be less severe than market participants had feared.
According to Savills, the current stage of the cycle is characterized by the return of primarily experienced and well-capitalized players. Therefore, the main factor driving investment decisions is no longer the expectation of general growth in real estate prices, but rather the quality of a specific asset and its ability to generate stable income.
CAPITAL, EXPERTS CLUB, INVESTMENTS, MARKET, REAL ESTATE, Savills
The investment company S1 REIT has registered a new portfolio fund, S1 “Kyiv Income-Generating Real Estate” (S1 DNA), which will invest in income-generating residential real estate in the capital—including both existing properties and those currently under development.
The new fund’s offering size is 100 million UAH, the company announced on September 2, 2026.
The projected yield for S1 DNA is stated at 9% per annum in dollar terms, taking into account two components: current rental income and potential appreciation in property value.
The minimum initial investment will be 122,000 UAH, and subsequent investments can be made starting at 1,000 UAH. S1 REIT plans to begin the pre-sale of fund certificates in mid-September 2026.
The new fund’s strategy involves building a portfolio consisting of several properties. Initially, the portfolio will include apartments in the income-generating buildings S1 VDNG and S1 Obolon.
S1 VDNG is an existing rental property near the “Vystavkovyi Tsentr” metro station in Kyiv. Its apartments are leased out and generate a steady cash flow.
S1 Obolon is under construction at 18 Obolonskyi Avenue, near the “Minska” metro station. Upon completion, the apartments are also planned to be used as income-generating real estate. For investors, the asset during the construction phase is expected to offer, first and foremost, capitalization potential driven by appreciation in property value.
Thus, S1 DNA combines two sources of potential income: rental payments from apartments already in operation and an increase in the value of properties currently under development.
“By holding a stake in the fund, an investor becomes a co-owner of each individual apartment in two buildings at different addresses. The fund combines the present and the future: today it consists of apartments in two income-generating buildings, and in the future, the fund will be expanded with new properties,” said Igor Gifes, CEO of S1 REIT.
According to him, the transition from investing in a single building to a portfolio model should allow for the diversification of risks across several real estate properties.
The company attributes the decision to launch the new fund, in particular, to the completion of the placement of S1 VDNG fund certificates in early June 2026. Following the full placement of this fund, S1 REIT decided to offer investors a product whose assets will not be concentrated in a single building.
The S1 REIT portfolio also includes the S1 Obolon fund, with a projected annual yield of 10% in dollar terms, and the S1 Plaza Poznyaki commercial real estate fund, with a stated yield of 10.4%. The S1 VDNG fund, whose offering has already been completed, has a projected annual yield of 8.2%.
In June 2026, S1 REIT reported that the total assets under management of its funds had reached 100 million UAH.
S1 REIT works with income-generating residential and commercial real estate in Kyiv. The company’s business model is based on the acquisition of real estate by collective investment funds, its subsequent professional management, and the distribution of the resulting income among investment certificate holders. Projects are implemented in collaboration with the developer Standard One and the management company S1 Ukraine.
The stated fund returns are projected and calculated by the company based on a financial model that takes into account rental income, fund expenses, and the potential appreciation of its assets.
