in center of Athensand in northern and southern suburbs government aims to limit 500,000 euros for a guarantee resident card by using Golden Visa Program. According to market sources, the minimum investment amount is also expected to double, which currently stands at €250,000. Thessaloniki, Mykonos, Santoriniwhile in Attica the eastern and western suburbs, as well as Piraeus, will be excluded.

At the same time, under the new regime, it is quite possible to obtain a license by purchasing up to two sites (for example, at a cost of 250,000 euros each) if they are located in the same site. Today, interested investors can obtain a residence permit by purchasing a property worth at least 250,000 euros, without any restrictions. For example, you can purchase two, three or even more properties of lower value if their amount exceeds 250,000 euros.

Until the end of 2023, sale under the old regime for those who make a preliminary contract before April 30, 2023.

With regard to the time of implementation of the change in the program, the information refers to the provision of a window of time until April 30, 2023 for the signing of preliminary contracts for the purchase of real estate, based on the current regime of 250,000 euros. Thereafter, a grace period will be granted until 12/31/2023 for the signing of the final sale and purchase agreements, with an advance payment percentage of at least 10% of the purchase price of the property. At the same time, if for any reason it is not possible to complete the purchase, then the interested investor will be able to sign a preliminary contract for the purchase of another property even after April 30, while he completes the purchase and sale before the end of 2023.

It is expected that the above will be clarified by official information from government “mouths” in the coming days, perhaps even today. Thus, a three-month period of severe volatility in the real estate market will end, as it was not clear what exactly would take effect and when, which led to a significant lack of investor confidence in the Greek program. Recall that the statement about doubling the limit from 250,000 to 500,000 euros was made by the Prime Minister himself, Mr. Mitsotakis, from the stage of TIF more than three months ago. Since then, there have been no official placements of government officials, except for unofficial leaks that have done more harm than helped create a climate of investor confidence. According to the latest data provided by the Ministry of Immigration and Asylum and concerning the end of October, the issuance of 2009 new permits for investors from countries outside the EU is expected. The largest volume of licenses issued concerns investors from China, for whom 1,615 licenses are expected to be issued. Indeed, according to market participants in the area of ​​Golden Visa investment immigration, this number is estimated to have increased significantly in November and even more in December precisely because of concerns about some sudden change in the current institutional framework.

On the other hand, it is expected that doubling the limit, especially for areas like the center of Athens where real estate values ​​are not so high, will deprive foreign investors of the opportunity to buy property for investment purposes. However, in other areas, “inflationary” pressures may arise due to a shift in buyer interest to other parts of the basin.