The structure of foreign demand in the Greek property market is changing. While a large share of non-EU buyers previously entered the market primarily because of the Golden Visa, that model has now weakened significantly. According to Elxis, interest in obtaining residency through property purchases among non-EU buyers fell by 83% compared with the previous year. This does not mean that the market as a whole is declining. What is changing instead is the buyer profile and, with it, the logic behind transactions.

📜 The main reason is that the conditions of the program have become much stricter. In Attica, the Municipality of Thessaloniki, and on islands with a population of more than 3,100 people, the minimum investment threshold now stands at €800,000. In addition, the property must have a minimum area of 120 square meters, and real estate purchased under the Golden Visa scheme can no longer be used for short-term rentals. For investors who previously combined residency with income from tourist rentals, the economics of such purchases have become far less attractive.

📊 That is why the market has not stopped, but has instead begun to adapt. Some of the buyers aged 30 to 45, who viewed Greek real estate primarily as an investment tool with a visa component, are gradually leaving the market. They are increasingly being replaced by buyers aged 45 to 60 from Western Europe, for whom migration benefits are no longer the main priority. Instead, they are more focused on quality of life, climate, the opportunity to own a home by the sea, and a longer ownership horizon.

🌍 This is shifting demand toward different types of properties and different purchase scenarios. The most visible changes in the market right now are the following:

— declining interest in properties that were previously purchased mainly for Golden Visa purposes;
— growing demand for houses and apartments intended for personal use;
— a stronger preference for newly built properties or projects under construction;
— greater importance placed on location, comfort, liquidity, and the overall quality of the asset.

🏠 Buyers are still actively looking at new homes, properties built within the last five years, and modern residential developments. However, the key argument in favor of a purchase is now increasingly tied to layout, energy efficiency, infrastructure, and everyday comfort rather than to the visa component alone.

📈 The national structure of demand is also changing. According to Elxis, between 2024 and 2025 interest from buyers in the Netherlands increased by 16.7%, while demand from France rose by 6.3%. At the same time, demand from Germany, the United States, the United Kingdom, and Canada remains stable. This is an important signal: the market is not losing foreign buyers as such, but is becoming less dependent on a single visa program.

⚖️ For this reason, the decline in Golden Visa demand should not be seen as a sign of market weakness. On the contrary, Greece is entering a phase of more mature demand, where the value of real estate depends less on its visa function and more on the location, the quality of the property, and the ownership scenario.

🔎 You can explore property in Greece based on your budget, goals, and ownership preferences on our website.