Amid rising visa challenges and growing economic uncertainty in Turkey, more Turkish citizens are turning to Greece’s Golden Visa program by investing in local real estate to secure European residency. According to newly released data, 2024 witnessed a sharp uptick in applications and property acquisitions from Turkish nationals seeking permanent access to the European Union.
This trend aligns with a broader movement among non-EU investors seeking residency rights in Greece, but Turkish buyers have shown one of the most significant increases in recent years.
Why Are Turkish Investors Choosing Greece?
There are several key drivers behind this surge in interest:
•Proximity and cultural ties: Greece is geographically and culturally close to Turkey, making it a natural choice for relocation and investment.
•Political and economic concerns: Many Turkish investors are looking for stability, security, and access to the EU market amid economic volatility at home.
•Residency advantages: Greece’s Golden Visa program offers visa-free access to the Schengen Zone and a path to long-term residency, without requiring permanent relocation.
The Greek program remains one of the most attractive in Europe, especially after Spain’s announcement to close its real estate-based Golden Visa route and Portugal’s shift to fund-based options.
2024 Data Highlights Surge
According to Schengen News, the number of Turkish citizens acquiring Greek property specifically for the Golden Visa reached a record level in 2024, with a year-over-year increase of over 30%.
The most sought-after areas include:
• Athens (central and southern suburbs)
• Thessaloniki
• Crete and the Cyclades islands
• Northern Greece, close to the Turkish border
These locations offer both lifestyle value and investment potential, making them highly attractive to Turkish buyers aiming for both residency and returns.
Understanding the Golden Visa Requirements
To qualify for Greece’s Golden Visa, Turkish nationals must:
•Invest at least €250,000 in real estate in most areas (or €500,000 in designated high-demand zones like central Athens or Santorini, following recent changes)
•Maintain ownership of the property to retain the residency status
•Renew their residency permit every five years
•Include family members (spouse and children under 21) in the same application
Golden Visa holders can travel visa-free across the Schengen Area and may apply for Greek citizenship after seven years of legal residency.
Increasing Pressure on Greek Real Estate
The growing influx of foreign investment—particularly from Turkey, China, and Middle Eastern countries—is also placing upward pressure on local property prices. While this benefits property owners and developers, concerns have been raised about affordability for Greek citizens.
As a result, Greek authorities are introducing stricter monitoring mechanisms and revising investment thresholds in high-demand zones to manage foreign demand without distorting the local market.
Looking Ahead to 2025
With ongoing demand from Turkish investors and limited alternatives following policy shifts in other countries, Greece is expected to remain a top destination for Golden Visa seekers in 2025.
Legal experts and investment consultants advise prospective Turkish applicants to act quickly—before potential future policy changes introduce stricter terms or higher investment thresholds across more regions.
Notte Global’s View
Commenting on this growing trend, Yusuf Boz, founder of Notte Global, emphasized the urgency for Turkish investors:
“We are seeing a record number of Turkish clients inquiring about Greece’s Golden Visa. Given the rising demand and expected regulation updates, now is the right time to invest before the thresholds increase.”
Notte Global continues to assist international clients in navigating Golden Visa programs across Europe, with a special focus on affordable and high-yield opportunities in Greece, Portugal, and Latvia.
