Greece’s Golden Visa program is losing momentum as tighter regulations, higher property thresholds and new rental restrictions make it less attractive to non-EU buyers, according to an analysis by property consultancy Elxis – At Home in Greece.
For years, the residency-by-investment scheme drew foreign nationals looking for either a second home in Greece or a property that could generate income through short-term rentals. That trend is now shifting. Using data from its offices in Thessaloniki, Crete, and the Netherlands, Elxis found that interest from non-EU buyers has fallen by 83 percent compared with last year. The drop points to more than a temporary slowdown. It shows how the Greek property market is attracting a different kind of international buyer.
Greece’s rental laws weaken investor interest
One of the main reasons for the decline is the ban on short-term rentals for properties purchased through the Golden Visa program. Buyers can no longer utilize these homes to generate income on platforms such as Airbnb, doing away with one of the scheme’s most appealing factors for investment-focused purchasers.
At the same time, the minimum investment threshold has climbed to 800,000 euros (about $925,750) in major cities such as Athens and Thessaloniki, as well as on large islands with populations above 3,100. That increase has pushed the program further out of reach, especially for younger buyers who once viewed Greece as an appealing option for both residency and returns.
Golden Visa program buyer profile shifts to older foreign buyers
As investment-driven demand weakens, the profile of foreign buyers is changing. Elxis says buyers aged 30 to 45, once a dominant force in the market, now play a less significant role. Instead, older buyers aged 45 to 60 from Western Europe, including retirees, are taking the lead.
Most of these purchasers are searching for homes priced around 400,000 euros (about $462,970). They are focusing on areas outside Athens, Thessaloniki, and Greece’s largest islands, with stronger interest in vacation homes and lifestyle purchases than in high-yield investment opportunities.
International demand remains resilient
Despite the sharp drop in overall Golden Visa-related interest, several overseas markets continue to show growth. Elxis says demand from the Netherlands rose by 16.7 percent over the 2024 to 2025 period, while interest from France increased by 6.3 percent.
Buyers from Germany, the United States, the United Kingdom, and Canada also continue to show strong interest. Belgium, by contrast, recorded a decline of 4.2 percent.
Greece’s Golden Visa program buyers still favor new construction
Foreign buyers still prefer newly built homes, whether still under construction or built in the last five years. These properties appeal to international purchasers because they offer modern amenities, competitive pricing, and the prospect of future capital gains.
Many of these homes are situated within smaller residential complexes and are defined by greater privacy and a more pronounced lifestyle appeal than often found in larger developments abroad.