By Mary Tsiganou
As 2025 comes to a close, I believe this year represents a definitive turning point for the Greek Golden Visa program. Following the frenetic pace of 2023 and 2024—years marked by record-breaking inflows exceeding €4.4 billion—the program has entered a phase best described as selective stabilization.
This is not a slowdown born of weakness, but a transition toward maturity. The Golden Visa has evolved from a high-volume residency mechanism into a strategic investment framework, supporting urban regeneration, heritage preservation, innovation, and long-term housing solutions. It is no longer merely about residency; it is increasingly about quality, impact, and sustainability.
A Market Correction That Makes Sense
The decline in application numbers observed in 2025, compared to the peak of over 9,400 applications in 2024, has generated discussion. From my perspective, this correction is both healthy and necessary.
For years, demand was heavily concentrated in a limited number of central and highly commercialized urban zones, particularly in parts of central Athens. The “2025 maturity test” has shown that the program remains resilient precisely because investor behavior is changing. We are moving away from speculative, short-term acquisition models toward intentional investments that strengthen the long-term fabric of Greek cities.
The Pillars of the 2025 Reset
Several policy initiatives, many initiated in late 2024, have fully matured in 2025 and reshaped the program’s character:
- Tiered Investment Thresholds: The minimum real estate investment threshold is now set at €800,000 in high-pressure urban zones such as parts of Attica and Thessaloniki, and €400,000 in the rest of the country. This recalibration has effectively filtered demand toward investors with a long-term commitment to Greece rather than purely transactional motives.
- The €250,000 Conversion & Heritage Incentive (Nationwide Application): One of the most forward-thinking elements of the current framework is the retained €250,000 threshold for commercial-to-residential conversions and listed or preserved buildings, applicable throughout Greece, not only in Athens or Thessaloniki.
This incentive has had a dual impact:
- It has encouraged the restoration of neoclassical and heritage buildings, enhancing the architectural identity and cultural continuity of Greek cities.
- It has unlocked the transformation of abandoned factories, warehouses, and obsolete commercial sitesinto modern residential complexes, significantly upgrading entire neighborhoods and reactivating dormant urban zones.
These projects go beyond real estate value; they contribute directly to urban renewal, job creation, and the qualitative image of Greek cities.
- Regulatory Clarity Strengthening Investor Confidence and Capital Security: The latest Joint Ministerial Decisions (JMDs), and in particular JMD 214926/2025 published on 11 November 2025, significantly enhance legal and commercial certainty for investors by clearly defining the rules applicable to property purchases, change-of-use conversions, land-plus-construction schemes, and investments in listed buildings. By eliminating long-standing ambiguities that had led to inconsistent interpretations and stalled thousands of applications, the new framework reduces regulatory risk, improves predictability in project planning and timelines, and strengthens due-diligence outcomes. This clarity enables investors to assess eligibility and compliance with confidence, safeguard capital deployment, and proceed with transactions knowing that approval criteria are transparent, standardized, and aligned with current policy objectives.
- Startup & Business-Driven Pathways: The introduction of the Startup Golden Visa, which allows residency through a €250,000 investment in “Elevate Greece” registered startups with job creation requirements, reflects a broader strategic shift. Capital is now being channeled not only into property, but into innovation, entrepreneurship, and productive economic activity.
At the same time, the program continues to allow alternative investment routes, including participation in investment activity, company establishment, and financial instruments—reinforcing the message that Greece welcomes active, value-creating investors, not passive capital alone.
- Short-Term Rental Regulation & Urban Balance: Recent adjustments to the short-term rental framework should be viewed within the broader context of housing policy rather than investment migration. The measures apply horizontally and are designed to address structural housing shortages in high-density urban areas, encouraging a healthier balance between tourism-driven activity and long-term residential use.
Far from discouraging investment, this recalibration supports a more sustainable urban model—one that aligns real estate investment with social cohesion, neighborhood stability, and long-term city planning objectives.
A More Sophisticated Investor Profile
From my position within the industry, the investor landscape is also evolving. Interest from the United States has not plateaued; on the contrary, it began gaining momentum two to three years ago and continues to grow steadily. At the same time, increased demand from Turkey and Israel reflects broader geopolitical and regional dynamics.
More importantly, today’s investors are increasingly diversified and educated in their choices. Alongside residential assets, we see growing interest in:
- mutual funds and regulated investment vehicles,
- venture capital and startup participation,
- structured urban regeneration projects.
In parallel, complementary residency frameworks—such as the Digital Nomad Visa, Financially Independent Individuals (FIP) permits, and high-tech / talent-driven visas—are reinforcing Greece’s appeal as a destination for highly skilled, mobile, and internationally oriented individuals.
Looking Ahead to 2026
While application volumes may remain more moderate compared to the “gold-rush” years, the future success of the Greece Golden Visa will be defined by quality over quantity. Purposeful investment, urban responsibility, and alignment with national priorities are now the standard.
“2025 has confirmed that the Golden Visa program can be a true force for good—if carefully guided. Purposeful investment is no longer the exception; it is the expectation.”
— Mary Tsiganou
