Athens, Greece – The Greek government has announced an extension of the Golden Visa program deadline to February 29, 2025, aiming to secure a projected €750 million in foreign investments. The decision provides more time for investors to finalize their property acquisitions amid heightened demand following recent program changes.
Initially set to close in late 2024, the program’s extension comes as Greece seeks to maintain its competitive edge in the residency-by-investment market and capitalize on an already robust investment pipeline.
Why Was the Deadline Extended?
The extension follows concerns from real estate developers and international investors about the time needed to complete high-value transactions. Many prospective buyers faced delays due to legal formalities, banking processes, and property evaluations. The government anticipates that this additional period will help secure investments that were at risk of falling through.
A spokesperson from the Ministry of Development stated:
“This extension reflects our commitment to supporting the real estate sector and reinforcing Greece’s position as a top investment destination.”
Golden Visa Program: A Key Economic Driver
Greece’s Golden Visa program grants residency to non-EU nationals who invest a minimum of €500,000 in property. The program has become a significant driver of foreign capital, particularly in Athens, Crete, and the Cyclades.
Since its launch in 2013, the program has generated billions of euros in real estate investments, contributing to job creation and infrastructure development. The most active buyers include investors from China, the Middle East, and the U.S., with recent years seeing increased interest from high-net-worth individuals seeking a European residency option.
€750 Million Investment Pipeline
The government’s decision to extend the program aims to secure an estimated €750 million worth of transactions already in progress. Analysts predict that this extension could result in record-breaking sales in luxury real estate and commercial properties across Greece.
The additional time is expected to boost demand in:
•Athens: Particularly in upscale neighborhoods like Kolonaki and Glyfada.
•Islands: Mykonos and Santorini remain hotspots for high-end property investments.
Potential Implications for the Real Estate Market
While the extension provides an opportunity to secure pending investments, it also raises concerns about its impact on housing prices. Critics argue that the program has contributed to rising property values, making homeownership more difficult for local residents. However, proponents highlight the economic benefits, particularly in regions that rely heavily on tourism and foreign investment.
What Happens After the Extension?
The Greek government has confirmed that no further extensions will be granted beyond February 2025. Investors must finalize their transactions before the deadline to qualify for residency under the current Golden Visa framework.
After the program officially ends, alternative options such as the Digital Nomad Visa and Entrepreneur Visa will remain available for non-EU nationals seeking residency in Greece.
The extension of Greece’s Golden Visa deadline to February 2025 underscores the program’s crucial role in attracting foreign investment. By securing a €750 million investment pipeline, Greece aims to strengthen its real estate market and sustain economic momentum. However, as the countdown begins, prospective investors must act quickly to benefit from the program before it officially closes.
