International capital has become noticeably more active in Germany’s residential real estate market: in the third quarter of 2026, foreign buyers accounted for about 75% of investment volume in this segment, according to data from the international consulting firm CBRE.
The volume of residential real estate transactions in Germany from July through September totaled approximately €2.3 billion, marking the best quarterly result since the beginning of the year. Compared to the second quarter, investment volume increased by approximately 17%.
Overall, from January through September 2026, investment in German residential real estate approached 5.9 billion euros, which is approximately 4% less than during the same period last year.
However, CBRE does not disclose the geographic breakdown of foreign investors nor specify which countries’ capital accounted for the bulk of these investments. Therefore, the 75% figure should be viewed as the share of total foreign institutional capital, rather than as an indicator of investments by citizens of any specific country.
This primarily refers to professional investors—investment funds, management companies, family offices, and other large capital holders—who purchase residential portfolios and multi-unit properties. These figures do not reflect the activity of private foreign investors who purchase individual apartments or houses in Germany.
Large portfolio transactions played a key role in the market’s recovery. Portfolio transactions accounted for approximately 75% of total investment volume in the third quarter, with just a few large transactions accounting for more than half of the quarterly turnover.
Existing residential buildings and completed new-construction projects remain the primary focus of interest—they accounted for about 89% of transactions. Investments in projects in the early stages of construction, including forward purchases and forward funding, remain significantly weaker.
CBRE attributes this to a decline in the supply of new multifamily projects. High construction and financing costs, as well as risks for developers, are limiting the launch of new projects.
The most active investors were those focused on higher returns and future appreciation of property values. Value-add and opportunistic strategies accounted for about 58% of quarterly investment volume, while the more conservative core and core-plus strategies accounted for about 42%.
At the same time, the number of transactions fell to 44 from 51 in the second quarter. Thus, the increase in turnover is attributable not to a rise in the number of purchases, but primarily to a larger average transaction size.
Residential real estate remains the largest segment of the German investment market: in the first nine months of the year, it accounted for about 25% of total real estate investment in Germany.
As before, international capital continues to focus on the country’s seven largest markets—Berlin, Munich, Frankfurt, Hamburg, Düsseldorf, Cologne, and Stuttgart. At the same time, CBRE notes growing interest in regional markets, where investors expect to find a more attractive risk-return ratio.
The average peak yield for apartment buildings in the largest cities rose by 0.2 percentage points in the third quarter—to 3.59%—making entry prices more attractive to some investors.
Source: CBRE Germany — Residential Investment Market Q3 2026
foreign investor, GERMANY, HOUSING, INVESTMENTS, REAL ESTATE
Nearly four out of ten apartments in London that were resold within 12 months as of August 2026, after five to ten years of ownership, were sold for less than their original purchase price. This is according to an analysis by e.surv Chartered Surveyors.
The share of loss-making apartment resales in the British capital reached 39.5%, the highest rate among regions in the United Kingdom. By comparison, among homes owned for the same period, the share of sales below the original purchase price was less than 4%.
In Southeast and East England, approximately one-third of apartments that owners had held for five to ten years were also sold for less than their purchase price. In central and northern England, such transactions accounted for about 20%, while the UK-wide average was slightly more than a quarter. In Scotland, the figure remained below 10%.
According to e.surv’s assessment, price trends for apartments and single-family homes began to diverge noticeably around 2017. Among the factors holding back apartment prices, analysts cite leasehold issues, high service charges, safety concerns regarding buildings, the cost of replacing cladding following the cladding crisis, and rising mortgage costs.
Additional pressure is coming from the general weakening of the London real estate market. According to the e.surv index, the average housing price in the United Kingdom in September 2026 was approximately £328,900, which is 1.5% higher than a year ago. However, London was the only major region to see a year-over-year decline in prices—by approximately 2.3%, to 594,200 pounds
A separate analysis by ValuQ also shows an increase in the number of loss-making transactions in England and Wales. In the first half of 2026, 16.3% of residential properties resold less than five years after purchase were sold for less than their original price. Among apartments, this figure reached 29.5%. The total difference between the purchase price and the resale price of such properties was estimated at approximately £210 million.
It is important to note that this is strictly a nominal comparison of purchase and sale prices. The calculation does not include stamp duty, mortgage interest, real estate agent commissions, renovation costs, maintenance fees, or other owner expenses. Therefore, the actual financial outcome for some sellers may be even worse.
Experts attribute the weak performance of the apartment market primarily to the fact that buyers are increasingly carefully evaluating the ongoing maintenance costs of apartment buildings and potential legal and technical risks. At the same time, demand for single-family homes and townhouses remains relatively more stable.
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 Fixygen, Greece plans to introduce a 10% tax on capital gains from cryptocurrency transactions, Reuters reports.
The corresponding bill was submitted for public comment on October 8. The bill is expected to be submitted to parliament for consideration in November.
Earlier, in June, the possibility of setting the tax rate at 15% was discussed. The new version of the bill provides for a tax exemption on income from cryptocurrency transactions amounting to less than 500 euros per year.
Currently, Greece lacks a comprehensive legal framework for taxing cryptocurrency transactions. At the same time, there is no unified system for taxing income from crypto assets within the European Union.
According to Reuters, capital gains tax rates on cryptocurrency transactions in European countries range from approximately 8% to 30%.
Greek authorities have previously noted that they cannot accurately assess the size of the domestic cryptocurrency market, as a significant portion of investors use foreign platforms.
Consequently, the government does not yet have precise estimates of potential additional budget revenues following the introduction of the new tax.
Tbilisi is preparing to host the international conference AgriFuture Georgia 2026, which will bring together representatives of the agribusiness sector, technology companies, investors, producers, and experts to discuss new opportunities for agricultural development, the implementation of innovations, and the attraction of investment.
The event will serve as a platform for direct dialogue between agricultural producers, suppliers of modern technologies, financial institutions, and companies interested in developing agricultural projects in Georgia and the region.
One of the central themes of AgriFuture Georgia 2026 will be the transformation of agriculture driven by modern technologies. Participants will discuss the automation of production processes, the digitalization of agribusiness, and the application of innovative solutions in crop production, horticulture, and other areas of agricultural production.
Special attention will be given to investments in agriculture and the search for new financing models for agricultural projects. Representatives from the business and investment communities will have the opportunity to discuss promising investment areas, opportunities for scaling up existing operations, and launching new projects.
Another key focus of the conference will be the development of exports. For Georgian and regional producers, entering new markets remains one of the key drivers of further growth; therefore, participants will examine the requirements of international buyers, changes in demand patterns, and opportunities to enhance the competitiveness of agricultural products.
The organizers expect the conference to serve not only as a forum for discussion but also as a venue for establishing new business contacts. As part of AgriFuture Georgia 2026, agribusiness representatives will be able to interact directly with potential partners, technology providers, investors, and experts.
The practical application of technologies will play a special role in the program. Participants will be presented with solutions that enable agricultural enterprises to increase productivity, use land, water, and energy resources more efficiently, reduce production costs, and improve product quality.
The holding of AgriFuture Georgia 2026 reflects the growing interest of the business community in the modernization of Georgia’s agricultural sector. The country has favorable conditions for producing fruits, vegetables, nuts, grapes, and other agricultural products; however, the sector’s further development increasingly depends on technological modernization, access to financing, and producers’ ability to operate in international markets.
The conference is aimed at owners and managers of agricultural enterprises, farmers, producers and exporters of agricultural products, investors, representatives of the banking sector, suppliers of equipment and technology, trading companies, international organizations, and industry experts.
AgriFuture Georgia 2026 is set to become a platform where representatives from various segments of the agricultural sector can discuss specific projects and form new partnerships to develop agribusiness in Georgia and the region.
Open4Business – Information Partner of the AgriFuture Georgia 2026 International Conference
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
