Foreign investment in Greece’s real estate market has surged by more than 1,000% over the past decade, reaching a record €2.75 billion in 2024, according to a new report by investment consultancy Astons.
The substantial increase represents a 28.9% rise from 2023’s total of €2.13 billion and continues a decade-long climb from just €239.5 million in 2014. Astons’ quarterly breakdown for 2024 indicates accelerating momentum, with investment totals rising from €520 million in the first quarter to €824.5 million in the fourth.
The Greek Golden Visa program is identified as a major driver behind this trend. In comments to the press, Denis Kravchenko, Head of Astons Cyprus and Business Development Director, emphasized that Greece remains one of the most attractive destinations in the European Union for global investors seeking residency through real estate.
The program grants five-year residency to investors and their families in exchange for real estate purchases. The minimum investment for commercial properties converted into residences remains at €250,000. However, new rules effective in 2024 raised the threshold for residential property in high-demand areas like Athens to as much as €800,000, which has nonetheless continued to channel foreign capital into the sector.
“The Golden Visa continues to gain popularity, particularly among affluent Americans looking to diversify their portfolios beyond North America,” Mr. Kravchenko said. “Even with higher thresholds in some zones, Greece remains competitively priced, with strong appeal due to its EU access and tax advantages.”
While the boom is largely welcomed by the investment community, it has also fueled domestic concerns about rising property prices and housing availability for Greek residents—issues that are drawing increased attention as the 2024 investment figures come into sharper focus.