Turkish investors are conquering first place in Greece’s Golden Visa program, recording an impressive 152% increase in their investment activity. Based on official data from the Ministry of Migration and Asylum, cited by the newspaper “Kathimerini,” permanent investor permits granted to citizens of the neighboring country reached 2,449 by July 2024, compared to just 970 in the corresponding month last year.
Factors fueling the investment boom
The surge of Turkish investors in the Golden Visa program stems from specific factors that shaped the investment landscape. The primary reason is program modifications that accelerated decisions by prospective buyers. Investors understood the need for immediate action to acquire properties without the new minimum threshold of €800,000 that applies today to Attica, the Municipality of Thessaloniki, and islands with populations over 3,100 residents.
The second decisive factor relates to Turkey’s economic instability and extremely high inflation. Although inflation decreased to 33.5% in July from 61.5% the previous year, it remains at worrying levels. Capital holders are seeking alternative investment solutions to protect their wealth, with real estate being a preferred choice.
Advantages of the Greek program
Greece’s Golden Visa program offers Turkish investors multiple benefits that make it particularly attractive. Beyond acquiring property with appreciation prospects, investors secure:
- Immediate income from property exploitation
- Residence permits allowing free movement across all Schengen countries
- Investment stability and security on European soil
Other nationalities with significant increases
Alongside Turks, other nationalities are also recording impressive Golden Visa increases. Israeli investors show a 96% rise with 510 permits versus 260 the previous year. This increase directly relates to the Gaza war and resulting insecurity, pushing more Israelis toward investment relocations to Greece.
Also significant is the 52% increase from the US with 518 total permits, as well as from Great Britain with a 50.8% rise and 706 permits. Both countries are expected to record further increases as evaluation of 11,887 pending applications progresses.
Decline in Chinese interest
Conversely, Chinese investors record a smaller increase of just 14.7%, with permits reaching 8,179 from 7,128 last year. Their share decreases significantly from 56% to 47.4%, while it once reached 65% to 70%. The program’s increased thresholds decisively affected this development, as Chinese investors primarily come from middle-income brackets.
Overall results and prospects
Overall, the Golden Visa program has been utilized by 23,221 investors from its inception through July 2024. These are distributed among 17,254 initial permits and 5,967 renewals from the program’s first five-year operational period. Including pending applications, approximately 34,000 to 35,000 investors are expected to receive residence permits through investments worth at least €8.5 billion in Greek real estate.
