The programme has lengthy attracted non-EU buyers looking for European residency, however the current rule modifications have intensified demand, making Greece a hotspot for Indian property buyers in search of excessive rental yields, property appreciation, and EU life-style advantages.
What’s Greece’s Golden Visa Programme?
Launched in 2013, Greece’s Golden Visa Programme presents residency permits in alternate for investments in actual property. The programme has turn out to be fashionable amongst non-EU residents, together with many rich Indian buyers, as a consequence of its low funding threshold. Till lately, the programme required a minimal funding of Euro 250,000 (approx. Rs. 2.2 crore), one of many lowest entry factors in Europe.
Nonetheless, rising demand for properties in Greece’s high-demand areas, corresponding to Athens, Thessaloniki, Mykonos, and Santorini, led to a surge in property costs. To deal with this, the Greek authorities raised the minimal funding requirement to Euro 800,000 (approx. Rs. 7 crore) in these areas as of September 1, 2024.
Why are Indian buyers ?
Many Indian buyers have been eager to lock in decrease funding charges earlier than the rule modifications. Sanjay Sachdev, International Advertising and marketing Director of Leptos Estates, famous that many buyers purchased under-construction tasks with handover intervals of six to 12 months, as per MoneyControl. Leptos Estates, a distinguished actual property developer, reported promoting out its accessible residential inventory in Greece as a result of inflow of patrons.
The attraction of Greece’s Golden Visa Programme lies in additional than simply property possession. Buyers are drawn to enticing rental yields of 3-5% yearly, in addition to property worth appreciation charges of round 10% year-on-year, with the expansion accelerating post-pandemic.
Moreover, the Golden Visa presents entry to high quality healthcare, schooling, and the chance to determine companies throughout the European Union.
Advantages and new funding necessities
Past monetary good points, Greece presents Indian buyers a horny life-style in scenic places like Paros, Crete, and Santorini. Indian buyers are drawn by Greece’s comparatively inexpensive residency programme, particularly in comparison with different EU nations like Portugal and Spain, which have both raised their thresholds or closed comparable programmes.
The current modifications to Greece’s Golden Visa Programme are a part of a broader housing coverage aimed toward easing strain on actual property markets in fashionable areas and inspiring funding in much less saturated areas. Buyers now want to take a position Euro 800,000 in Tier I cities, whereas the requirement in Tier II areas stays decrease at Euro 400,000, up from the earlier Euro 250,000.
Additionally learn: Countries that offer dual citizenship including Pakistan, U.K., Germany, Canada and others
