Greece’s Golden Visa slowdown: Surge in Turkish and Israeli investors despite sharp permit drop
Greece’s once-booming Golden Visa program has seen a sharp slowdown this year following stricter eligibility rules, even as applications from Turkish and Israeli investors surge.
According to data from the Ministry of Migration and Asylum, the number of residence permit applications linked to property investment dropped dramatically this September. Just 392 applications were filed, compared to 822 in September 2024 — a 52.5% decline. Even more striking, only one permit was approved this year versus 607 in the same month last year. Renewals also fell by nearly 75%, indicating a broader cooling of the market.
Officials say this downturn follows the closure of “opportunity windows” under the old, lower investment thresholds. The policy changes, introduced to ease pressure on the housing market, appear to be having a stronger-than-expected effect.
2025 “Crash Test” for Greece’s real estate policy
The performance of the Golden Visa program in 2025 will play a decisive role in shaping the Greek government’s 2026 property policy. Authorities are assessing whether to maintain current restrictions — which aim to curb rising rents and home prices — or make new adjustments to balance housing affordability with the need for foreign investment.
Currently, more than 13,000 applications remain pending, with nearly 80% (10,703) involving properties in the Attica region, underscoring continued demand for real estate in and around Athens.
Changing investor map: Turkish and Israeli demand surges
While overall activity has slowed, the composition of investors is shifting. Chinese citizens still lead the Golden Visa rankings with 8,792 permits — up 29% — but the most dramatic increases come from Turkey and Israel.
Turkish investors surged by 153%, rising from 1,067 permits last year to 2,698 in 2025. Israeli investors also recorded strong growth of 84%, while smaller but steady increases were seen among applicants from the United Kingdom, United States, and Lebanon.
Balancing investment and housing needs
The government now faces a difficult balancing act: revenues from the Golden Visa program are falling at a time when Greece needs continued investment to sustain growth, but the property market “cooldown” has helped relieve pressure on housing costs.
Officials describe 2025 as a “crash test” year, whose results will determine whether Greece continues with its current restrictive stance or moves toward a new “golden balance” between investment inflows and housing affordability heading into 2026.
