A 12-year cycle that reshaped parts of Greece's urban landscape through the Golden Visa scheme is now showing clear signs of slowing down, particularly in high-demand zones such as Thessaloniki. The programme, launched in 2014, granted residence permits to non-EU nationals investing in property. But following a sharp rise in the minimum investment to 800,000 euros in areas including Greece's second-largest city, demand has effectively stalled.
According to a recent survey by REMAX Greece, just 8% of foreign buyers in 2025 cited obtaining a Golden Visa as their main motivation for purchasing a home, suggesting the scheme is no longer a primary driver of demand. Since 2014, nearly 31000 foreign nationals have joined the programme nationwide, with an estimated 10% linked to property purchases in Thessaloniki.
"The increase in the thresholds led to a significant restriction in the number of applications for the programme," market insiders note. However, interest has shifted rather than disappeared. A lower 250,000 euro threshold still applies to listed buildings and industrial properties, regardless of location, fuelling demand for older commercial and industrial spaces.
"There has been mobility over the past two years from Turkish buyers for the acquisition of properties and especially buildings in Thessaloniki through the Golden Visa programme," said Kostas Georgakos, first vice president of the Panhellenic Federation of Real Estate Agents. By contrast, interest from Israeli buyers has waned, as they typically seek properties priced below 1000 euros per square metre, a segment that has largely vanished from the city market.
At the same time, demand from Balkan buyers, particularly from Bulgaria, North Macedonia and Serbia, remains steady. As Dimitris Karagiorgos of the federation observed, "The Golden Visa helped bring abandoned properties and even entire buildings onto the market," often converted into smaller flats for long-term rental.
By Lina Tsireka - adapted from Greek by Vassia Barba
