Greece's Golden Visa demand plummets as approvals surge in 2025
Greece's Golden Visa programme has seen sharp changes in demand over the past year. After a decade of steady growth, new applications dropped significantly in 2025, while approvals rose due to a backlog clearance. The shifts come as investment rules tighten and foreign buyer trends evolve.
The programme, launched in 2014, has granted or renewed 28,589 residence permits so far. In 2025, only 7,031 new applications were filed—a 25% decline from 2024. This drop followed a 24% fall in foreign property investment, which reached €1.46 billion in the first nine months of 2025. A key factor was the raised minimum investment threshold in certain regions.
Approvals, however, jumped by 101% in 2025, with 9,479 permits issued. This surge came from processing a large backlog of pending cases. The trend continued into 2026, but with far fewer new applications: January saw just 398 submissions, a 63.5% drop compared to January 2025.
Investor origins have also shifted. China once dominated, holding over 50% of approvals until 2022. But by 2024–2025, Turkey led with 40–50% of permits, followed by Israel (15–20%) and Russia (now under 10% due to sanctions). Smaller but growing shares came from the UK, Jordan, and the US. Despite the changes, China remains the largest investor group overall.
The programme now faces lower demand after rule changes and market cooling. With fewer new applications and a processed backlog, future approvals may stabilise at lower levels. The shift in investor nationalities reflects broader economic and political influences on foreign property buyers.
