The Greek Finance Ministry is expected to table amendments to legislation covering the country’s popular Golden Visa program by the end of the week, in part aimed at addressing the housing problem.

Speaking to MEGA TV on Wednesday, Economy and Finance Minister Kostis Hatzidakis confirmed that the new threshold for properties purchased under the Golden Visa scheme would be set at 800,000 euros for certain “saturated” tourist areas and 400,000 euros elsewhere.

He went on to add that real estate purchases made under the program now account for 7 percent of all property sales in the country.

Among others, he said that prices for heritage buildings and residences will remain low as an incentive to investors or owners to restore these.

Hatzidakis admitted that the previous minimum investor visa threshold, which was 250,000 euros, was low and as a result sent prices upward. Golden Visa minimum property purchases for other areas, including the municipality of Athens, its upscale coastal districts, the northern city of Thessaloniki and the islands of Mykonos and Santorini, were 500,000 euros.

The minister went on to add that the government had already taken measures concerning the proliferation of property purchases with the aim of converting these into short-term rentals.