As the sun-soaked Greek islands continue to attract tourists, a new trend is raising eyebrows in Athens: the dramatic increase in Turkish property investments and golden visa applications. While Greek hospitality towards Turkish visitors remains strong, the growing number of Turkish citizens buying real estate in Greece—especially on eastern Aegean islands—has ignited political tensions and public debate.
From Mental Institution to Turkish Holiday Haven
Nowhere is the change more visible than on the small island of Leros, located just off the Turkish coast. Once infamous for housing one of Europe’s most notorious psychiatric institutions, the island has transformed into a summer retreat for Turkish holidaymakers. The one-hour ferry ride from Turgutreis, Turkey, makes Leros far more accessible for Turks than for Greeks, who must travel 10 hours from Piraeus.
In 2024, the number of Turkish ferry passengers entering Greece soared to 1.5 million—almost double the 800,000 recorded in 2023. On islands such as Lesbos, Chios, Kalymnos, and Samos, locals are welcoming the economic boost, but the scale of Turkish presence has stirred controversy.
Golden Visa: Gateway to Europe for Turkish Investors
What lies behind this surge is not just tourism—it’s the appeal of Greece’s golden visa program. The program allows non-EU nationals to obtain a five-year residency permit in exchange for real estate investment, granting access to the Schengen Zone.
In 2024, Greece received a record 9,289 golden visa applications, with 1,356 of them submitted by Turkish citizens, making them the second-largest applicant group after Chinese nationals. Although Turkish investments amounted to €485 million in 2024—significantly less than Germany’s €6.8 billion—the figure represents a tenfold increase compared to 2022, according to the Central Bank of Turkey.
Investment Threshold Increases, but Demand Remains High
Despite rising concerns, the Greek government has decided to maintain the golden visa program—albeit with stricter requirements. As of September 1, 2024, the minimum investment threshold rose from €250,000 to €800,000 for high-demand areas such as Athens, Thessaloniki, Mykonos, Santorini, and any island with a population over 3,100. For other regions, the threshold is now €400,000.
Nevertheless, interest from Turkish, Chinese, American, Russian, and Israeli investors remains high. Many Turkish nationals appear undeterred by the price hike, prompting questions in Greek political circles about the long-term impact on national identity, housing prices, and regional influence.
Political Backlash from Conservative Lawmakers
Members of Greece’s ruling Nea Dimokratia (ND) party have begun voicing unease over what they describe as “aggressive property acquisitions” by Turkish nationals. In late March 2025, 11 ND parliamentarians submitted a formal request for detailed data on property purchases by Turkish citizens in regions including Thrace, Lesbos, Lemnos, Chios, and the Dodecanese.
These concerns are amplified by Greece’s complex and often tense historical relationship with Turkey. Critics argue that Prime Minister Kyriakos Mitsotakis has been too lenient towards Turkish President Recep Tayyip Erdoğan, especially after the two leaders signed a bilateral agreement in 2023 allowing simplified tourist visas for 10 Aegean islands.
Although fears of espionage or criminal infiltration have circulated, Greece’s intelligence services have yet to confirm any credible threats. Still, the topic has become politically charged, especially among nationalist and far-right factions.
Are These Fears Justified?
Experts suggest that much of the concern may be overblown. Many of the Turkish buyers are wealthy, secular, and politically moderate individuals seeking stability and investment opportunities in a neighboring EU country. Others are Turkish-born EU citizens, especially from Germany and Belgium, who are now looking to retire in peaceful regions like Thrace or the Aegean islands while remaining close to their roots.
The reality is that Greece’s appeal as a destination for both leisure and long-term investment continues to grow—not just for Turks, but for global investors alike. However, balancing economic benefits with social cohesion and national security remains a delicate challenge for policymakers.
The surge in Turkish property investments in Greece reflects a broader trend: non-EU citizens seeking European residency, mobility, and lifestyle advantages. As Greece tightens its investment thresholds while keeping its doors open, the country must also navigate rising political tensions and protect housing affordability for its citizens.
Whether this will result in legislative changes, increased scrutiny, or further price hikes remains to be seen. What’s clear is that Turkey-Greece relations are entering a new phase—fueled not by conflict, but by capital.
