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Greece recorded a stunning 37% increase in property purchases by Indian investors between July and August. The brisk activity is being driven by Indian buyers looking to secure permanent residency in Greece ahead of sweeping regulatory changes on September 1 under Greece's Golden Visa program. Greece's Golden Visa program, launched in 2013, offers an attractive residency permit in exchange for real estate investment. Options for non-EU citizens The initial threshold of 250,000 euros (Rs 2.2 billion) was one of the lowest in Europe, attracting significant investment and revitalizing the Greek real estate market.

However, increased demand has driven up property prices, particularly in high-demand areas such as Athens, Thessaloniki, Mykonos and Santorini. To address this problem, the Greek government has increased the investment threshold for real estate in these areas to 800,000 euros (approximately 7 billion euros) from September 1, 2024. Many investors bought projects under construction with delivery times of 6 to 12 months. Many invest in properties that are under construction and have a completion time of 6 to 12 months. Leptos Estates reported that this price increase led to a sale of existing property holdings in Greece.

The revised Golden Visa program, which will be implemented from September 2024, aims to: - control rapid price increases - promote equitable development - direct investment in less saturated areas. The Attractiveness of the Greek Golden Visa Program for Indian Investors. Greece offers an attractive rental yield of 3-5% per year, making real estate investments financially viable. Property values in Greece are up a staggering 10% year-on-year and have risen significantly since the pandemic. Investors gain access to quality healthcare and education as well as the opportunity to set up a business in the EU. Before the rule change, Indian investors were attracted to popular Greek islands such as Paros, Crete and Santorini when buying property.