Greece’s Golden Visa Reforms Increase Long-Term Rental Supply

Greece’s recent Golden Visa amendments are directing thousands of foreign-owned properties into the long-term rental market, helping ease housing shortages in Athens and other high-demand areas.

By the end of 2024, foreign investors had acquired about 16,000 properties, of which nearly 15,000 entered the long-term rental market following a new law that bans short-term lettings such as Airbnb for Golden Visa properties.

Authorities estimate that between 3,000 and 5,000 additional apartments will reach the market by 2027, largely from conversions of unused commercial buildings.

€250,000 Route Drives Property Conversions

Investors can still qualify for residency through the €250,000 investment route by purchasing and converting vacant commercial or historic properties into residential housing.

The approach maintains access to Greece’s residency program at the lower threshold and also supports urban renewal and housing availability in key city areas.

Foreign Demand Remains Steady

Foreign buyers continue to play a strong role in Greece’s property market, accounting for around 40% of residential transactions in Athens.

Processing times have also improved, with some Golden Visa applications now finalized in under 30 days, a sharp reduction from the 18-month delays reported in 2024.