Golden Visa: The New Real Estate Gold Rush – The Endless Rally [πίνακες] – Financial postman

The ups and downs on the map of the real estate market were brought by the “Golden Visa”, specifically doubling the limit to 500 thousand euros.

As of August 1, a shift towards Piraeus and the western suburbs has been recorded. Market participants point out that Piraeus has become the new “hotspot” for foreign investors from third countries, with buyers from China taking the lead.

Real estate: why foreigners continue to invest in Greece

Since the ceiling was raised to 500 thousand euros, part of third-country investors has turned to looking for properties in western suburban areas, such as Egalio, Peristeri and Ilion, but also in Piraeus.

Golden Visa with “Hero”

According to the President of the Athens-Attica Real Estate Agents Association, L. Potamiano, the reason for the significant increase in property sales prices in Piraeus is the Golden Visa.

For the most part, foreign investors (including Chinese champions) want to acquire a property in Greece, not only to get the “Golden Visa”, but also to make good use of it and most of the time they make it available for sale. Short term leases.

On the Greek side, the increase in the threshold for obtaining a Golden Visa is intended to limit purchases in areas where property prices have risen significantly precisely due to buying and selling carried out by foreigners who “strike” properties by offering large sums even if they are not like that. Deserves all the effort .

Western suburbs

Based on the data provided by Mr. Potamianos L Out, The winners of the Golden Visa changes are the western suburbs which maintain the €250,000 limit.

Since the minimum was raised to 500 thousand euros, part of third-country investors has turned to looking for properties in the western suburban areas, such as Egalio, Peristeri and Ilion, but also in Piraeus.

The average price in the eastern suburbs is more than 2,000 euros, while in Lotsa the price reaches 1,900 euros/m2.

In recent months, there has been interest in areas such as Paleni, Baiana and Gerakas.

In Piraeus, according to Mr. Potamiano, property prices for a Golden Visa remained at 250,000 euros, in contrast to central Athens and the southern and northern suburbs as well, which rose to 500,000 euros.

Prices In the country's largest port, the average price is 1,919.32 euros per square meter.

The largest number of investors are now looking for property in Piraeus, as important infrastructure and renovation projects have been implemented, such as the metro station and Piraeus Tower renovations, creating a huge demand for housing from workers in the area.

The greatest investor interest in the Golden Visa so far remains among investors from China.

Plan

The Golden Visa program is also a measure of the development of demand from abroad.

The Minister of National Economy announced the adoption of Golden Visa threshold measures, an increase in limits and an exception for conservation properties to which a lower threshold will apply “in order to direct funds to a category of properties that particularly needs them.”