Wealthy Indians Rush to Secure Greek Residency Through Real Estate Ahead of Golden Visa Changes
Indian investors are drawn to Greece for its attractive real estate prices, rental income opportunities, and access to the EU market. Before the changes to the Golden Visa Programme, Indians could secure residency with a €250,000 investment.
Greek ResidencyReal EstateGolden Visa ProgrammeIndian InvestorsEu MarketReal Estate NewsSep 19, 2024
Between July and August 2024, property sales to Indians in Greece jumped by 37%. Buyers wanted to take advantage of the lower investment threshold before it increased. Before the changes, Indians could secure residency with a €250,000 investment, which is about ₹2.5 crore.This change is part of Greece’s broader housing policy. The government aims to ensure affordable housing for its citizens. By increasing the required investment in prime areas, they hope to reduce demand from foreign buyers.
Indian buyers quickly reacted to the news of these changes. Many rushed to secure properties before the new rules took effect. Many investors bought properties still under construction, with handover periods ranging from six to twelve months.Greece’s Golden Visa Programme has become increasingly popular among wealthy Indians. The programme offers not only residency but also potential access to EU citizenship. Indian investors are drawn to Greece for its attractive real estate prices, rental income opportunities, and access to the EU market.
Rental yields in Greece are attractive, ranging from 3-5% annually. Property values have also been increasing by 10% each year, making it a sound investment for many. This is especially true post-COVID, with property appreciation rates nearly doubling.Greece and Cyprus are now top choices for Indian investors seeking permanent residency. Cyprus offers a similar programme, requiring an investment of €300,000. However, changes there mean the residency can only be passed down to two generations, excluding parents or grandparents.
Indian investors are increasingly looking at European countries for affordable residency programmes. Greece’s residency programme is one of the most affordable in Europe. It gives access to high-quality healthcare, education, and the relaxed European lifestyle.Compared to other popular destinations like the US and UK, Greece is much more affordable. The US and UK require investments of Rs 8-20 crore, with lower rental yields. For many high-net-worth individuals (HNIs), Greece remains a highly attractive option.
Frequently Asked Questions
What is the Golden Visa Programme in Greece?
The Golden Visa Programme in Greece offers residency in exchange for real estate investments.
How much does it cost to secure Greek residency through the Golden Visa Programme?
Before the changes, Indians could secure residency with a €250,000 investment, which is about ₹2.5 crore. Now, the minimum investment required is €800,000 in cities like Athens, Thessaloniki, Mykonos, and Santorini, and €400,000 in other regions.
Why are Indian investors drawn to Greece for real estate investments?
Indian investors are drawn to Greece for its attractive real estate prices, rental income opportunities, and access to the EU market.
How do rental yields in Greece compare to other countries?
Rental yields in Greece are attractive, ranging from 3-5% annually, which is higher than in many other countries.
What are the benefits of Greece’s residency programme for Indian investors?
Greece’s residency programme offers access to high-quality healthcare, education, and the relaxed European lifestyle, making it an attractive option for Indian investors.
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