Demand for Greece’s Golden Visa program has seen a sharp decline this year, according to an analysis by property consultancy Elxis – At Home in Greece. The program, which grants residency permits to foreign buyers of real estate, has historically attracted investors looking for short-term rentals or secondary homes.
Recent changes to the program, combined with new restrictions, have caused interest from non-EU buyers to fall by 83% compared with last year. Elxis tracked this trend through its offices in Thessaloniki, Crete, and the Netherlands.
One key factor behind the decline is the prohibition of short-term rentals for properties purchased under the Golden Visa program. Buyers can no longer capitalize on platforms like Airbnb, reducing the investment appeal of such properties. In addition, the minimum property value for eligibility has risen to €800,000 across major cities, including Athens, Thessaloniki, and large islands with populations over 3,100, further limiting accessibility for younger investors.
As a result, the profile of foreign buyers in Greece is shifting. Younger, investment-driven buyers aged 30-45 are now less dominant, while older purchasers from Western Europe, aged 45-60, including retirees, are increasingly the primary audience. These buyers often seek properties near €400,000, mostly outside the two major cities and the largest islands, favoring vacation homes rather than high-return investment properties.
Elxis reports that demand remains high from certain markets, particularly the Netherlands and France, which have seen growth of 16.7% and 6.3% respectively over 2024–2025. Interest from Germany, the U.S., the U.K., and Canada also remains strong, while Belgium shows a 4.2% decline.
Foreign buyers typically prefer newly built properties, either under construction or completed within the last five years, for modern amenities, competitive pricing, and potential future capital gains. Many of these homes are located in smaller complexes, offering privacy and lifestyle advantages compared with larger developments abroad.
In addition to modern properties, Greece’s market appeals to international buyers due to its lower cost of living compared with other European countries and its extensive coastline, which provides unique lifestyle and investment opportunities.
