Greece's "Golden Visa" program is experiencing a dramatic shift in applicant demographics, with Turkish and Israeli investors now leading a significant surge in interest. According to the latest data from the Ministry of Migration and Asylum, residence permits granted to Turkish nationals skyrocketed by 152% year-on-year, reaching 2,449 by this July. Israeli investors followed suit with a 96% increase, issuing 510 permits, as both groups seek a foothold in the European Union through real estate.
According to a new report from the Greek newspaper Kathimerini, the motivations are distinct. Turkish investors are driven by high domestic inflation and a sense of urgency to invest before Greece's minimum investment threshold rises to €800,000 in prime locations. For Israeli nationals, the ongoing conflict in Gaza is a primary factor, pushing many to seek the security of an alternative residence within the Schengen Area, which allows for free movement across member states.
This trend is not limited to the region, with investors from the UK and the US also increasing by over 50%. In contrast, applications from China, once the dominant nationality, grew by a modest 14.7%, with their overall share of the program declining. Since its inception, the Golden Visa program has attracted 23,221 investors. With nearly 12,000 applications still pending, Greece anticipates a total of up to 35,000 investors, injecting at least €8.5 billion into its property market.
Photo: Kathimerini