In a significant development, Greece is contemplating a hike in the minimum investment required for its Golden Visa program, potentially doubling it to €500,000 in Athens and Thessaloniki. This revelation was made by the national economy minister, Kostis Hatzidakis, and further elaborated by attorney Penny Ap. Konitsioti Rizou. The move aims to address the housing pricing issues attributed to the influx of golden visa investments, particularly in these urban centers.
The proposed change targets only the most affected areas, leaving exceptions for listed buildings of architectural or historic significance. These buildings, often requiring considerable renovation or maintenance, will maintain a lower investment threshold, addressing the issue of many such properties being abandoned and negatively impacting neighborhoods.
The golden visa program has been a double-edged sword. While it has been blamed for increasing housing prices, similar to trends observed in other European countries like Portugal, it has also been credited with injecting vitality into the Greek economy by creating job opportunities and stimulating the real estate market. Critics, including opposition figure Nikos Androulakis, argue that the program contributes to the "dehellenization" of the Greek economy and exacerbates housing affordability issues. However, proponents, including Konitsioti Rizou, defend the golden visa, citing its minimal impact on housing prices and its significant economic benefits during Greece's financial recovery.
Pros:
The proposed change targets only the most affected areas, leaving exceptions for listed buildings of architectural or historic significance. These buildings, often requiring considerable renovation or maintenance, will maintain a lower investment threshold, addressing the issue of many such properties being abandoned and negatively impacting neighborhoods.
The golden visa program has been a double-edged sword. While it has been blamed for increasing housing prices, similar to trends observed in other European countries like Portugal, it has also been credited with injecting vitality into the Greek economy by creating job opportunities and stimulating the real estate market. Critics, including opposition figure Nikos Androulakis, argue that the program contributes to the "dehellenization" of the Greek economy and exacerbates housing affordability issues. However, proponents, including Konitsioti Rizou, defend the golden visa, citing its minimal impact on housing prices and its significant economic benefits during Greece's financial recovery.
Pros:
- Economic Stimulation: The golden visa program has provided a critical boost to the Greek economy, creating thousands of job opportunities and revitalizing the real estate market.
- Renovation of Historic Properties: The exception for listed buildings encourages investment in and preservation of properties of historic and architectural significance.
- Selective Application: Targeting only areas most affected by housing price inflation ensures a balanced approach that addresses specific needs without overarching restrictions.
- Housing Affordability: Critics argue that the golden visa program has contributed to housing price increases, making affordability a significant issue for locals.
- Potential Economic Exclusion: Doubling the investment threshold could limit the program's accessibility to a narrower investor class, potentially reducing the influx of beneficial foreign capital.
- Opposition Claims of Cultural Impact: There are concerns about the program's long-term effects on Greek cultural and economic identity, as highlighted by opposition campaigns.
Just when you thought buying a piece of Greece was as easy as snagging a gyro from a street vendor, they go and double the price! Imagine the look on investors' faces. Priceless!
How will this affect the local real estate market, though? Will this actually make housing more affordable for Greeks, or just change the profile of the investors?
