Golden Visa: Brits Invest in Greece and Buy Country Houses [Table] - Economic Postman - ot.gr

Four years after Brexit, residents of the United Kingdom are showing interest in obtaining a Golden Visa, which allows them to secure the right to free movement within the European Union. In recent years, among foreign investors purchasing real estate in Greece, Chinese, Turkish, and Russian nationals have held leading positions. However, the significance of British citizens in this market has significantly increased, reflecting a growing interest in obtaining permanent residency.

The Golden Visa program in Greece continues to evolve, showing record rates of visa issuance, and due to changes in legislation in Portugal, the country is becoming attractive to new investors, including the British. This is related to the possibility of obtaining residency and legal presence in EU countries, which makes Greece particularly interesting for people from the UK looking for investment opportunities in real estate.

According to data presented by the Greek Ministry of Migration Policy, the number of visas issued to British investors increased from January to November 2023.77.8%From 208 to 370 visas. Previously, many Britons focused on purchasing luxury properties worth over 500,000 euros, but now there is a trend towards buying second homes in Greece priced up to 250,000 euros, which allows them to obtain the desired golden visa.

Lefteris Potamianos, chairman of the Athens-Attica Realtors Association, noted that investors from the UK are increasingly choosing Greece as a place to invest through the Golden Visa program, with a focus on purchasing countryside and resort homes. Greece, especially its islands, has become a real magnet for British buyers. Popular destinations include:

• Crete
• Kefalonia
• Corfu

Recent studies by Geoxis show that for the fifth consecutive time, there is an increase in average prices for summer homes in Greece on islands such as Mykonos, Paros, Santorini, Serifos, and Kea.

The study also states that the premium real estate segment accounts for approximately5-15%the entire market depending on the specific island, and its main buyers are foreigners willing to pay significant amounts for unique properties. If we compare the current data with last year, the prices for summer real estate have increased on average by3.4%Across all the aforementioned islands, this indicates the continuation of positive trends in the market.

The largest summer houses with corner squares are located in Paros and Mykonos.262 sq. mand240 sq. mAccordingly. At the same time, the average area of the other three islands varies from110to160 sq. mIt is important to note that the real estate available on the market is mostly older.15 yearsthat can also influence the buyer's choice.