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
The volume of construction work completed in Ukraine from January through August 2026 decreased by 9.9% compared to January through August 2025, according to data from the State Statistics Service (Derzhstat).
According to the statistical agency, the volume of construction output in January–August totaled 156.5 billion hryvnias.
According to the State Statistics Service, over the eight-month period, the volume of residential construction decreased by 3.8% compared to January–August of last year, nonresidential construction by 6.3%, and civil engineering structures by 13.7%.
In August 2026, compared to August 2025, construction volumes decreased by 3.7%, including residential construction by 2.3% and civil engineering structures by 12.2%. At the same time, construction volumes for non-residential buildings increased by 9.8%.
In August 2026, compared with the previous month, construction volumes increased by 12.9%; specifically, in the residential category by 0.2%, in nonresidential buildings by 25.3%, and in civil engineering structures by 8.8%.
According to the agency’s seasonally adjusted data, construction output indices in August 2026 stood at 62% for residential construction, 155% for nonresidential construction, and in civil engineering at 112%; taking into account the calendar-day effect, the figures were 63.1%, 156.5%, and 115.4%, respectively.
The share of new construction in the total volume of construction work completed in July was 44.6%, repairs—30.3%, and reconstruction and other work—25.1%.
CONSTRUCTION, INFRASTRUCTURE, REAL ESTATE, State Statistics Service, UKRAINE
More than two-thirds of Ukrainians planning to buy an apartment pay attention to the availability of a backup power supply and independent heating, according to the results of a survey by “OLX Real Estate.”
According to the study, 68% of potential buyers consider a backup power supply in case of power outages to be important, compared to 49% in 2025. Thus, over the course of a year, the share of buyers paying attention to a home’s energy independence has risen by 19 percentage points. The availability of autonomous heating is also important to 68% of respondents.
“Energy sustainability has effectively become on par with many ‘traditional’ characteristics of an apartment or house,” notes the OLX report.
At the same time, the main criterion when buying an apartment remains its cost—82% of respondents cited price as important. In second place is the total area of the home—79%.
The number of rooms and the city neighborhood are considered by 77% of potential buyers each. A good floor plan or renovation, as well as the property’s stage of completion, are important to 76% of respondents; infrastructure and the building’s exterior are important to 73%; and the floor level is important to 72%.
At the same time, the war has significantly changed Ukrainians’ security requirements for real estate. 67% of potential buyers consider the distance from strategic facilities, and the presence of a shelter directly in the building is important to 60%.
At the same time, traditional advantages of a property’s location are less important. Proximity to the metro was cited as important by 46% of respondents, and a location near the city center by 45%.
The main reason for purchasing real estate remains the desire to improve current living conditions—47% of respondents cited this as their motivation. Another 42% want to acquire their own private space, 23% plan to move into a more spacious home, 20% view the purchase as a way to improve their standard of living, and 11% want to change the neighborhood where they live.
The investment component remains significant, though it takes a back seat to purchasing a home for personal use. Twenty-eight percent of potential buyers view real estate as an investment. Specifically, 19% expect to generate income in the future by renting out the property or reselling it.
Thus, the survey results indicate a shift in Ukrainian buyers’ priorities: alongside price, square footage, and location, a property’s ability to function during power outages and its level of security are becoming increasingly important.
According to OLX, attitudes toward backup power have changed particularly noticeably: while in 2025 approximately one in two potential buyers considered this factor, by 2026 the figure had risen to more than two-thirds.
Source: “OLX Real Estate” study.
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
Georgia’s residential real estate market ended the summer of 2026 with rising sales and prices in Tbilisi and continued exceptionally high activity among foreign investors in Batumi, where foreigners accounted for more than half of all residential property transactions in August.
According to data from the Recov analytics platform, developed by Colliers Georgia, 3,388 apartment transactions were registered in Tbilisi in August 2026, an increase of 18.9% compared to the same month last year.
The market’s total transaction value grew even faster—by 35.2%, to $297 million.
New projects were the main driver of growth. The number of apartment transactions in new developments increased by 23.7%, including a 22.9% rise in the primary market and a 24.5% rise in the secondary market for new properties. Sales of apartments in the existing housing stock rose by 3.8%.
Colliers attributes a significant portion of the growth in new-construction sales to an expansion of supply, primarily in the Samgori and Didi Digomi districts.
At the same time, prices continued to rise. In August, the weighted average price of apartments in new buildings in Tbilisi rose year-over-year by 16.7% in the city center, 16% in the extended city center, and 10.4% in the suburbs.
Citywide, prices in the primary market rose by 11.9%, and in the secondary market for new projects, by 11%.
That said, Tbilisi remains a market dominated by local buyers. Georgian citizens account for the majority of transactions involving both new and existing apartments.
However, the share of foreign buyers continues to grow. In August, it reached 14%, up from 12% in July.
A completely different demand structure has emerged in Batumi. In August, foreign citizens accounted for 52% of apartment transactions, exceeding the share of Georgian buyers for the first time during the period under review. Back in July, the share of foreign buyers stood at 48%.
In total, 1,235 transactions were concluded in Batumi in August, which is 4.3% less than a year earlier. However, the market’s total value increased by 2.9% to $81 million.
The weighted average price of apartments in new buildings in Batumi rose by 1.2% year-over-year—to $1,386 per square meter.
Thus, Georgia’s two largest real estate markets are currently developing along different trajectories. In Tbilisi, domestic buyers drive the main demand, while Batumi has effectively become an international real estate investment market.
Among the most active foreign buyers of real estate in Georgia—particularly in Batumi—are citizens of Israel, Russia, Ukraine, EU countries, Turkey, and other post-Soviet states.
Recent detailed studies of the buyer demographic confirm a significant presence of Ukrainians.
According to data from Galt & Taggart for the first quarter of 2026, foreigners accounted for about 63% of apartment sales in the surveyed projects in Batumi, while Georgian citizens accounted for 37%.
The largest group consisted of buyers from European countries—about 18% of all sales. Israeli citizens accounted for a significant share. Buyers from Ukraine, Russia, and Belarus also formed one of the largest groups of foreign investors.
However, the published statistics combine citizens of Ukraine, Russia, and Belarus into a single category, so it is impossible to determine the exact number or share of purchases made directly by Ukrainians based on this data.
Earlier data from Colliers also lists Russians, Ukrainians, and Israelis among the main foreign buyers of residential property in Batumi.
Spanish Prime Minister Pedro Sánchez announced the dissolution of parliament and the holding of early parliamentary elections on November 29, 2026, after a fragmented parliament blocked a number of key government initiatives, including measures to combat the housing crisis.
On October 5, Sánchez announced the convening of an extraordinary cabinet meeting to initiate the procedure for dissolving parliament. The early election will take place nearly a year ahead of schedule.
The decision was made following yet another escalation of the housing crisis in Spain. Last week, parliament rejected the government’s proposed housing measures, and on October 3, tens of thousands of people took to the streets in protests across approximately 50 cities nationwide.
In Madrid alone, according to Reuters, about 70,000 people took part in the demonstrations. Protesters demanded tougher measures against rising rents, evictions, and the shortage of affordable housing. Protests also took place in Valencia and other major cities.
The housing crisis in Spain has worsened in recent years amid rapidly rising prices, insufficient supply of new housing, and high rental costs in major cities and tourist regions.
According to the latest Eurostat data, published on October 1, 2026, residential real estate prices in Spain rose by 12.1% in the second quarter compared to the second quarter of 2025. By comparison, housing prices across the European Union rose by an average of 4.7% during this period, and by 4% in the eurozone. Thus, the rate of price growth in Spain is more than double the European average.
Moreover, prices continue to rise on a quarterly basis: in the second quarter, prices in Spain rose by another 3.4% compared to the first quarter of 2026. In the first quarter, the annual growth rate was 12.8%.
High growth rates are also being seen in the resale market. According to indices published in early October by Spain’s largest real estate portals, the average price of resale housing continued to grow at double-digit rates in the third quarter. According to Idealista, prices rose by 11.8% year-over-year—to 2,930 euros per square meter—while Fotocasa estimates annual growth at 13.8% and the average price at approximately 3,140 euros per square meter.
At the same time, the situation is complicated by lending conditions. The Bank of Spain reported in July that in the second quarter of 2026, banks tightened lending conditions, and public demand for mortgage loans declined. Banks also expected lending conditions to tighten further in the third quarter.
Consequently, the housing issue has evolved from a primarily social and economic problem into one of the central factors on the Spanish political agenda. The rapid rise in real estate prices, the shortage of affordable housing, the situation in the rental market, and mass protests increased pressure on the government at a time when Sánchez’s cabinet was already struggling to pass bills in parliament.
Early parliamentary elections in Spain are scheduled for November 29, 2026.
