The cost of apartments in downtown Athens is rising daily. Foreigners want to have time to get a “golden passport” while it is still half as cheap as it plans to be. 

According to the Athens newspaper Kathimerini, in popular tourist areas like Pangrati, Ambelokipi, and Kypseli, real estate is now selling for prices ranging from €250,000 to €300,000 (from €2200 to €2900 per “square meter”). We are talking about apartments with an area of 90 to 110 square meters. The newspaper points out a curious fact: for the same money, you can now buy a newer apartment in the northern suburbs of the country, with a parking lot, a fireplace, gas heating, and other amenities.

And in the most sought-after areas of Greece — Kukaki, Acropolis, and Plaka—prices range from €2600-€4000 per square meter and even higher. The main reason for such a rush and the increase in prices in the last six months is the rapid and significant changes in the “Golden Visa” program.

The fact is that last September in Thessaloniki, Greek Prime Minister Kyriakos Mitsotakis announced the doubling of the minimum investment threshold for obtaining a residence permit—from €250,000 to €500,000. The areas that will be affected are listed in this article. There was also announced a transitional period from May 1 to December 31, 2023, during which you still have time to bargain.

This news triggered a boom in foreigners buying Greek property. The main mass of investors came here from Turkey and the Middle East, and by the end of 2022, they were joined by investors from China—at a time when they began to lift the restrictions associated with the coronavirus.