For years, Greece has been one of Europe’s most attractive destinations for residency-by-investment. The country’s Golden Visa program drew thousands of investors seeking affordable access to the European Union and Schengen area. Yet recent statistics show a sharp decline in new applications during 2025, suggesting that demand may be weakening despite Greece’s enduring lifestyle and geographic appeal.
Key Developments
According to official data released this spring, new Golden Visa applications in Greece fell by almost 47% compared with last year. Renewals also declined, indicating that even existing holders may be reconsidering their long-term commitments. Chinese nationals remain the largest applicant group, but the overall downturn is significant enough to raise concerns within both the property sector and government agencies.
Why Demand Is Slowing
Several factors help explain this cooling trend:
- Policy Adjustments: Recent increases in the minimum investment threshold, particularly in high-demand regions such as Athens and Thessaloniki, have made the program less accessible to middle-tier investors.
- Real Estate Dynamics: Property prices surged after the pandemic, eroding the “affordability” advantage that once distinguished Greece from peers like Portugal or Spain.
- Global Uncertainty: Shifts in capital markets, stricter anti-money laundering measures, and the general caution of high-net-worth individuals in 2025 have contributed to fewer applications across Europe.
- Shifting Investor Focus: With Portugal introducing fund-based options and Malta repositioning its programs, some investors are now diversifying away from Greece.
Market Implications
The decline has immediate implications for Greece’s real estate developers, many of whom relied heavily on Golden Visa buyers. Without strong foreign demand, property prices could stabilize or even soften. On the policy side, the Greek government may explore new incentives to restore competitiveness, such as easing requirements outside urban centers or promoting alternative investment vehicles.
User Reactions
Investor_Jan (Germany): I was planning to enter the Greek market this year, but the new numbers made me reconsider. The uncertainty is too high for now.
Julia_SG (Singapore): Greece was attractive a few years ago, but today I see more value in Singapore and Malaysia where the legal environment feels more stable.
Editor’s Note
Greece remains a beautiful and strategically located country, but the latest downturn highlights the volatility of residency-by-investment schemes. For investors, the key takeaway is the need to compare multiple jurisdictions and assess not only cost but also stability and long-term policy direction.
