Greece is raising the price of the Golden Visa to combat the housing crisis - Latest news.

Greece has tightened the rules of its Golden Visa program, raising the required investment to 800,000 euros in an effort to help address the housing crisis. The successful program, which attracted thousands of Chinese investors and was launched in 2014, offers foreigners a renewable five-year residence permit in exchange for a real estate investment of 250,000 euros.

The Ministry of Finance announced that starting from March 31, the threshold rate will increase to 800,000 euros in attractive regions such as Attica around Athens, Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100 people. In other areas, the starting price will be 400,000 euros.

According to data from the Bank of Greece, rental prices have increased by 20 percent since the country emerged from nearly a decade-long crisis in 2018. Now, investors must purchase real estate that is at least 120 square meters, and for historical buildings and industrial properties converted into residential spaces, the cost is set at 250,000 euros.

Data from the Ministry of Migration for last year shows a record demand with 10,214 applications for visas or permit extensions.

However, the Association of Limited Liability Companies and Entrepreneurship warned that it is "highly doubtful" that the government will achieve its goal of reducing housing prices and increasing the availability of housing for long-term rental. The real estate market and construction industry have experienced a severe decline during the economic crisis that began in 2008.

According to SAE/E, approximately 20,000 permanent residence permits for real estate investors have been issued to date. In 2021, 6,405 Chinese nationals obtained residence permits, according to data from the Ministry of Migration and Foreign Affairs.