Key Takeaways
• Spain ended its Golden Visa on April 3, 2025, due to housing concerns and rising real estate prices.
• Interest in Greece’s Golden Visa surged, with US applicants increasing by 50.4% and Google searches up 25% late 2024.
• Greece’s real estate market saw prices jump 7.6% in Athens; foreign buyers now account for 40% of transactions in 2025.
A major change in European residency rules has caused a noticeable shift in where international investors are putting their money. After Spain 🇪🇸 ended its popular Golden Visa program, a wave of buyers has turned their attention to Greece 🇬🇷, which still offers a strong residency-by-investment pathway. This development is not only reshaping Greece’s real estate market but also changing how people look at European investment visas.
Spain’s Golden Visa: What It Was and Why It Ended
On April 3, 2025, Spain officially put a stop to its Golden Visa scheme. This program, launched in 2013, allowed non-EU citizens to get residency by investing at least €500,000 in Spanish property. Over its 11-year run, more than €6 billion poured into Spain’s economy thanks to this route. Many viewed Spain’s Golden Visa as a shortcut to living and working in the European Union, which attracted wealthy investors from around the world.
The decision to end the program followed growing concerns about the country’s housing problems. Prime Minister Pedro Sánchez and supporters in the Spanish Congress said that the flood of foreign investment was making homes too expensive for locals. The 177-170 vote in favor of abolishing the scheme reflected a country divided on whether foreign buyers were helping or hurting Spain’s future. Applications filed before the April deadline will still move forward, and current Golden Visa holders can renew their status and keep their rights.
Greece’s Golden Visa Takes Center Stage
As reported by VisaVerge.com, with the closure of Spain’s Golden Visa, interest in Greece’s residency-by-investment program has exploded. Many of those who had been looking at Spain are now setting their sights on Greece instead.
Some key facts highlight this shift:
– Interest from US nationals in Greece’s Golden Visa went up by 50.4% between October and December 2024.
– Google searches in the United States 🇺🇸 for “residency by investment” rose by almost 25% in the same period.
– Greece suddenly shot to the top as the preferred destination for people wanting a European residency through investment.
These numbers show a clear message. When one country closes its doors to foreign investors, others get an immediate rush of new interest. Greece, now one of the few EU countries with a stable Golden Visa scheme, is seeing a new wave of applicants looking for a pathway to Europe.
The Impact on Greece’s Real Estate Market
This wave of Golden Visa seekers has made a real mark on Greece’s property market, especially in Athens. With so many buyers interested, prices have moved up quickly. Here’s how the numbers break down:
- In the first quarter of 2025, home prices in Athens were 7.6% higher than they were just a year earlier.
- Greece’s real estate market is expected to hit about $1.53 trillion in value by the end of 2025.
- Foreign buyers made up nearly 40% of all real estate transactions in the first three months of 2025.
- The average price for a home in Athens reached €2,480 per square meter.
Much of this activity is directly tied to the residency-by-investment scheme. People are buying homes not only for a place to live or as an investment but also as a ticket to live in Greece 🇬🇷 and move freely in the Schengen area.
Why Greece’s Golden Visa Program Stands Out
Greece’s Golden Visa program is now more attractive than ever for several reasons. First, it keeps its basic rule in place: you need to invest at least €500,000 in certain parts of the country, such as central Athens, to qualify for residency. But Greece is not stopping there—the government is making its program more flexible and future-focused.
In 2025, Greece plans to offer new ways to qualify for the Golden Visa, including investment in startups. This means applicants will not be limited to buying real estate—instead, they can support young businesses and contribute to local job creation. The Greek government’s approach is designed to attract a wide range of investors, from those interested in property to those who want to support the country’s economic future.
Another important reason for Greece’s popularity is its political and economic stability. Investors are often looking for safe places to put their money, and Greece’s place in the European Union gives people confidence that their investment, and their new residency status, are secure.
The Ripple Effect: How Spain’s Decision Changed Europe’s Map
The end of Spain’s Golden Visa did not just push buyers to Greece; it also caused changes throughout the Mediterranean region. Countries with similar programs, like Portugal 🇵🇹 and Malta 🇲🇹, are watching closely to see what happens next. For now, though, Greece looks like the biggest winner.
Real estate experts say the current boom in Greece was “directly attributed to Spain’s exit from the market.” When people could no longer get residency in Spain’s sunny cities and beaches, Greek cities and islands became the next best choice.
This big shift could also affect local economies, housing prices, and even how cities grow in the coming years. Local buyers may face more competition, while the influx of foreign cash could help fund new homes and create construction jobs. Still, some worry that too much focus on foreign investors could make it harder for regular Greeks to afford a home.
Looking to the Future: Investment Trends Shaping Greece
Greece’s real estate market is in a growth cycle that experts think will last through the end of the decade. Predictions for the next few years include:
- About €45 billion in new investments going into Greek property by 2030.
- Out of this, €40 billion is set aside for building new homes, while €5 billion is for fixing up old houses.
- The country expects around 350,000 new homes to be built.
- After the big jump in prices from 2023 to 2024, property prices are expected to keep rising at a steady pace—about 3% every year from 2025 to 2030.
A lot of this growth is being driven by residency-by-investment buyers. People who enter the market early are likely to see the biggest gains, as rising demand pushes prices higher. Because the threshold for the Golden Visa is €500,000 in key areas, there is fierce competition to find homes that offer both good value and meet the visa rules.
Who Stands to Gain, and Who Might Lose?
For international investors, especially those from outside Europe, Greece’s Golden Visa is now one of the most attractive doors to the EU. It offers easy travel across the Schengen zone, the chance to live in a sunny and safe country, and the possibility to benefit from rising property values.
At the same time, some local residents worry about what all this foreign interest might mean. As more outsiders buy homes in Greece’s most popular areas, such as central Athens or the Greek islands, prices may keep going up. While this can be good news for sellers and local construction businesses, it could make it harder for Greek families to buy their own homes in the neighborhoods where they grew up.
The Greek government is trying to balance these forces. By updating the Golden Visa rules and offering more ways to invest, it hopes to keep attracting foreign capital while also making sure there are enough affordable homes for locals.
What Happens to Current Spanish Golden Visa Holders?
Spain 🇪🇸 may have closed its Golden Visa program, but people who already hold this status will not lose their rights. Old applications filed before April 3, 2025, will also continue through the system. These residents can renew their visas and keep living in Spain for now.
Those who missed the deadline, however, must look elsewhere in Europe. That is why many are now applying for the Greek Golden Visa, hoping to find a similar pathway to residency and, eventually, citizenship.
Comparing Golden Visa Programs: Spain vs. Greece
Spain’s Golden Visa was famous for its clear rules and prime locations. The €500,000 minimum investment opened the doors to sought-after cities like Barcelona and Madrid. Investors valued the ability to bring their families and move freely within Europe. But as Spain faces bigger problems with housing shortages and social tension over rising prices, lawmakers decided the program did more harm than good.
Greece’s Golden Visa keeps the same minimum investment requirement but has opened up more ways to qualify, including options outside just real estate. This flexibility makes Greece especially appealing for investors who want choices. With lower overall property prices compared to Spain and a growing economy, Greece’s program has become an even stronger alternative.
For people comparing the two programs, Greece now has the upper hand because:
- It is open and expected to keep running for the next few years.
- It has simple rules with clear minimums.
- There are new routes such as business investment and startups.
- Greece’s property market is growing, which could mean good long-term returns.
A Word of Caution: Sustainability and Social Concerns
Not everyone is cheering the residency-by-investment boom. Critics in both Spain and Greece have voiced worries about whether these programs are helping or hurting regular people. In Spain, rising home prices pushed the government to end the scheme. There is a risk that Greece’s cities could see similar problems if prices climb too fast.
Greece’s leaders are aware of this risk. The changes to the Golden Visa scheme—such as adding business and startup investment options—are meant to spread the benefits more widely and support lasting economic growth. The hope is to avoid the pitfalls that led to Spain’s Golden Visa phase-out.
What Should Prospective Investors Know?
For those thinking about applying for Greece’s Golden Visa, it is important to act quickly. With demand rising and property prices going up, getting in sooner rather than later could save money and increase chances of finding a good property. Early investors are more likely to benefit as competition heats up.
You can read about the official requirements for the Greek Golden Visa and how to apply on the Greece Ministry of Migration and Asylum website. This is the best place to find detailed, up-to-date information about the program, including all the application forms and necessary steps.
The Bigger Picture: What Does the Future Hold for Europe’s Golden Visas?
The end of Spain’s Golden Visa has sent a clear warning to other countries. Portugal and Malta may have to review their own programs as political and housing concerns grow across Europe. For now, Greece stands out as the top choice for those seeking a European residency through investment, at least until the rules change again.
Governments across Europe will continue to weigh the benefits of attracting foreign money against the needs of their own people. Clever investors will watch these trends closely, knowing that these doors can close just as quickly as they open.
In summary, Spain’s Golden Visa closure has driven a rush into Greece’s residency-by-investment market, creating opportunities—and challenges—for buyers, sellers, and governments alike. With careful planning, Greece may manage to draw foreign investment in a way that supports its people and economy, setting an example for others to follow.
Learn Today
Golden Visa → A residency-by-investment scheme allowing non-EU nationals to gain residency by investing a minimum specified amount in a country.
Residency-by-Investment → A process enabling foreigners to receive residency rights after making substantial financial investments, often in real estate or businesses.
Schengen Area → A group of 27 European countries without internal borders, allowing free movement of people, including visa holders.
Startups → Newly established businesses, often focusing on innovation, which now qualify as an investment route for Greece’s Golden Visa.
Real Estate Market → The sector dealing with buying, selling, and investing in property, heavily impacted by Golden Visa programs and foreign investors.
This Article in a Nutshell
With Spain closing its Golden Visa program, investors are flocking to Greece, which now leads in residency-by-investment opportunities. Greece’s stable Golden Visa draws international attention, causing property prices to surge. Early movers benefit most, while Greece adapts policies to balance attracting foreign investors and maintaining local housing affordability.
— By VisaVerge.com
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