It is expected that foreign investors interested in obtaining a residence permit under the investment immigration program will turn to areas that offer prospects for future development and with high demand for rental housing, in a few months from today. “golden visa”. Based on data so far, it looks like a measure to double the minimum investment limit from 250,000 euros to 500,000 euros in areas that are currently most in demand by foreigners will have an effect.

“Currently we don’t see much differentiation in terms of preference zones, but it’s remarkable that we don’t have any problems with properties worth €500,000, for example real estate. in the southern suburbs, Mr. Alexandros Risvas reports to “K”.head of the law firm Risvas & Associates, specializing in investment immigration programs.

The €500,000 limit will come into effect on 1 May. in the center of Athens, in the northern and southern suburbs, in Mykonos, in Santorini and in the municipality of Thessaloniki.

On practice, all areas from the height of Faliro to Glyfada in the south, the center of Athens and areas around it such as Galatsi, Byron and New Philadelphia, as well as all northern suburbs, including areas such as Psychiko, Nea Ionia and Neo Heraklion, will be excluded.

As Mr. Risvas explains, in general during this period, investors are trying to meet the deadline of April 30, before which they have time to sign a preliminary contract for the sale of real estate in order to secure the right to obtain a residence permit with an existing limit of 250,000 euros . At the same time, among those who have expressed interest in buying property, but have not yet made a final decision, there is no particular mobility to search for property worth 500,000 euros in areas where the above changes will apply. However, it is clear that the market will have to adjust significantly from May as it will be very difficult to find properties in the areas that generate the most buying interest. For example, the center of Athens will no longer be available, at least for those who are simultaneously looking for a residence permit. On the contrary, if the property is purchased for 500,000 euros, i.e. in Mykonos (and thus obtaining a residence permit), the same investor will be able to purchase another property in the center of Athens, eg. to operate through digital platforms for short or even long term rentals.

New areas in the focus of foreign investors, Piraeus is “on the rise”.

However, in the long term, according to market leaders, investment interest through the Golden Visa program will simply shift to other areas, where the current limit of 250,000 euros will still apply. “Given the difficulty of finding a property worth €500,000, as well as the amount itself, it is clear that alternative sites will be sought that provide the lowest license amount, but at the same time are also offered for exploitation either through a short or long-term lease,” notes Mr Riswas.

In this context, Piraeus, which has been exempt from change, is now considered one of the most likely areas to “receive” foreign investors. Even before the change in the institutional structure, Piraeus was in the focus of foreign investors due to the restoration of important parts of it, such as the area of ​​St. Dionysius, as well as the recent commissioning of new metro stations. At the same time, the cost increased significantly, as did the rent.

In a recent survey by Potamianos Real Estate, Mr. Lefteris Potamianos, President of the Athens Attica Realtors Association, Piraeus is one of the areas with the highest rent growth. In particular, from 2017 to the present day, the average rent has increased by 55.6% and reaches 7 euros/sq.m, from 4.5 euros/sq.m. Compared to 2009, i.e. before the economic crisis, the current level of rent is only 2.85% lower.

And according to online classifieds network Spitogatos, the Piraeus area is among the areas with the highest rent growth in 2022, up 14% compared to 2021. Accordingly, the sale prices of houses in the center of Piraeus increased by 10%. last year.