The successful Golden Visa program that grants residence permits to third country foreign nationals is reshuffling the real estate market in Greece, especially after the doubling of the limit to €500,000, with investors now shirting towards Piraeus and the western suburbs of the greater area of Athens.

In the majority of cases, foreign investors buy property in Greece not only to obtain the Golden Visa but also because it is profitable, often leasing it for short periods. From Greece’s perspective, the increase in the monetary limit for obtaining the Golden Visa aims to restrict purchases to areas where property prices have skyrocketed due to the high-value transactions made by foreigners.

Based on the information provided by Lefteris Potamianos the President of the Association of Real Estate Brokers of Athens-Attica, the western suburbs, which maintain the €250,000 Golden Visa limit, are benefiting from the changes in the Golden Visa program, as many investors from third countries are purchasing properties in areas of the western suburbs, such as Aigaleo, Peristeri, Ilion.

Piraeus, the largest port in Greece, is also benefiting from these changes. Potamianos notes that property prices for the Golden Visa in Piraeus have remained at €250,000, in contrast to the center of Athens, the southern, and northern suburbs, where they have increased to €500,000. The average price in the country’s largest port is now set at €1919.32 per square meter, with Potamianos emphasizing that the reason for this sharp price increase in property is the Golden Visa.

The majority of investors are now seeking properties in Piraeus, because significant infrastructure projects and redevelopment, such as the metro station and renovations in the port, have taken place. This has created significant demand for housing from individuals employed in the area.

Market factors report that Piraeus has evolved into the new “hotspot” for foreign investors from third countries, with buyers from China taking the lead.