Greece Unfreezes Golden Visa Files as Turkish Demand Surges

Greece has ended a six-month freeze on its Golden Visa program and begun releasing thousands of long-pending files, a move that has reshaped the program’s balance at a moment when Turkish demand has surged despite a wider slowdown. Officials and agents confirmed that the restart this autumn unlocked a backlog of applications built up during policy changes and ministerial clarifications. The biggest immediate effect has been among Turkish investors seeking stability, Schengen-area mobility, and an anchor in the European Union.

The shift comes as the country tightens investment thresholds while trying to keep foreign capital flowing into real estate and tourism projects.

Turkish participation and overall trends

• Turkish nationals now hold 2,698 Golden Visa permits, equal to about 14.7% of all permits.
• This is up 153% from 1,067 permits reported a year earlier.
• The surge reflects economic uncertainty and inflation in Türkiye, which has pushed Turkish investors toward residency-by-investment as a stability hedge.

This jump has elevated Turkish investors to one of the largest groups in Greece’s program and underscores how geopolitical and monetary pressures in a neighboring country can ripple through a regional residency-by-investment market. At the same time, Greece’s revised rules have cooled overall new filings.

New investment thresholds (effective 2024)

• €800,000 in prime areas (Attica, Thessaloniki, major islands).
• €400,000 in other regions.
• €250,000 exception for certain renovation projects (targeted to urban renewal and heritage preservation).

Purpose of the changes:
– Temper price pressures in urban and coastal markets.
– Direct fresh money to less saturated regions.
– Encourage investments that support long-term economic goals.

Evidence of the slowdown and pockets of demand

• New Golden Visa applications in September 2025: 392 (vs 780 in September 2024) — ~50% year-on-year drop.
• The slowdown is concentrated in prime zones; however, Turkish demand continued to climb, indicating different risk calculations among investors who prioritize residency and mobility.

Monthly approvals also show the backlog being cleared:
– July 2025: Greece granted 338 Golden Visas to Turkish nationals — a 15.6% monthly increase, signaling pent-up demand translating into residency cards.

Backlog clearance and administrative action

• Turkish media reported roughly 13,000 pending applications in the broader pipeline.
• Authorities have responded with staffing increases, workflow adjustments, and ministerial clarifications designed to remove interpretive bottlenecks.
• The Ministry projects processing around 8,600 applications in 2025, slightly below last year’s record but high by historical standards.

Goals of administrative changes:
– Faster approvals for tourism and regional development projects.
– Reduce delays that harm seasonally-timed construction and operator contracts.
– Give families certainty for school enrollment and employment planning.

November 11, 2025 ministerial decision — what it clarified

The decision provides standards and clearer guidance for:
– Commercial buildings
– Listed or protected properties
– Renovation-led projects
– Land purchases with development obligations

Intended effects:
– Accelerate case assessments and reduce back-and-forth with applicants.
– Provide predictability for developers and tourism-sector businesses.
– Make it clearer which documents and approvals caseworkers require.

“The guidance is designed to accelerate case assessments and reduce the back-and-forth that can hold up approvals.”

Impact on developers and tourism-aligned projects

• Developers viewed the six-month pause as a brake on projects tied to the travel rebound.
• Golden Visa capital has been important for hotel conversions, mixed-use redevelopments, and restorations.
• Clarified rules for listed properties and the renovation carve-out aim to keep that financing pipeline open while ensuring high-end buyers contribute more to local economies.

Profile of Turkish investors

Common motivations:
– Protect savings from inflation.
– Secure visa-free travel across the Schengen zone.
– Access to European education for children.

Behavioral shifts:
– More professionals, entrepreneurs, and middle-class families than earlier speculators and small landlords.
– Many choose €400,000 investments in non-prime areas to preserve cash.
– Others opt for €800,000 in prime areas (Athens, Thessaloniki) for networks and services.

Administrative streamlining — specifics

• Streamlined document checks for commercial transactions.
• Clarified how renovation budgets count toward the €250,000 exception.
• Established uniform standards for listed properties to reduce long pauses.
• Caseworkers now use a clearer playbook for pre-approvals, qualifying contracts, and appraisals.

These steps aim to improve consistency and reduce contradictory rulings among regional offices.

Regional shifts and local effects

• Agents report more transactions outside the best-known zones, driven by the €400,000 threshold.
• Secondary cities and smaller islands are attracting interest where tourism is expanding and supply is thinner.
• The €250,000 renovation pathway encourages revival of older building stock but remains bound by strict conservation rules for historic façades and interiors.

Local concerns:
– Short-term rental conversions still worry housing advocates, who say foreign capital can crowd out locals with modest incomes.
– The €800,000 threshold is meant to segment foreign buyers toward the top end, preserving mid-range housing for residents.

Compliance, audits, and program credibility

• Authorities have stepped up audits to ensure:
  • Contracts reflect true market values.
  • Renovation spending under €250,000 is genuine and not invoice-padding.
• Non-compliant cases risk revocation, signaling tougher enforcement and protecting program credibility.

Other nationality flows and geopolitical context

• Investor interest from Israel has also grown amid regional risks and currency shifts.
• These flows, combined with Turkish demand, have helped keep approvals high even as new filings dipped after price hikes.

Market implications and investor calculus

• Prime-zone purchases at €800,000 narrow rental yields unless tied to hospitality or long-term appreciation.
• €400,000 opportunities in secondary markets allow room for renovation budgets and operator partnerships but carry higher execution risk.
• The €250,000 renovation route suits skilled, hands-on teams familiar with permitting and preservation; it’s less suitable for passive investors.

Outlook and key takeaways

• Short-term dynamic: a split between a cooled broad market and a targeted surge from Türkiye processing through the backlog.
• The program appears to be moving toward a new equilibrium: clearer rules, higher thresholds in prime areas, and redirected capital toward regional and renovation-led projects.
• Risks and variables to watch:
  • Enforcement consistency across local offices.
  • Speed and quality of approvals and post-approval audits.
  • Housing pressures from short-term rentals and community concerns.
  • Regional economic conditions and Schengen policy stability.

The data suggests adaptation rather than retreat. A program once fueled by lower-cost acquisitions in central Athens is recalibrating toward higher entry points in prime areas and purposeful investments elsewhere.

For official program details and the state’s guidance on residency-by-investment (including qualifying investments and documentary requirements), refer to the government resource: Enterprise Greece.