Changes in the framework of the investment immigration program, as well as recent rapid geopolitical developments in the wider region, have created new elements in the investment field. It seems that the new data indicate that the percentage of foreign buyers choosing to invest in Greece has skyrocketed to 50% of the total investors. Additionally, it is noteworthy that 1 in 5 buyers plans to utilize their investment for personal residence, especially after their retirement.
Specifically, despite the doubling of Golden Visa prices in certain areas during the first half of 2023, the Greek economy experienced a 40% increase compared to the same period in 2022 in terms of capital attracted from abroad for such investments. It is estimated that approximately 1,102 billion euros were received from abroad during this period.
According to data from the Ministry of Migration and Asylum, 6.199 new applications for inclusion in the program were submitted by September 2023, which along with the remaining ones concerning renewal requests, amounted to 7.541. This number significantly exceeded the total of 5.891 applications made in 2022, of which 4.485 were initial applications.
By the end of 2023, Israelis were leading by a significant margin, followed by Chinese and German investors with a high number of purchases (according to a study by REMAX). The former seems to be mainly active in the southern part of the country, while German investors show a preference for Northern Greece.
In Attica, the Chinese hold the top spot, surpassing even Israeli buyers in that specific area. In subsequent positions, generally across the entire country, citizens from Bulgaria, Turkey, France, the United Kingdom, and the Middle East (Iran, Syria, Lebanon) are found. Examining the situation over time, from 2018 until now, when this program has been in effect, the Chinese have surpassed all other investors, having received about 62% of the total permits issued.
The impact of the Israel-Hamas war on the Greek market has already been evident. This event is expected to continue significantly affecting the Greek market, especially since Israelis currently represent the largest investment force in the real estate sector for Greece.
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