Greece continues to be one of the main destinations for Turkish investors seeking access to the European market; however, their profile and motivations have changed significantly in recent years. This is highlighted by the CEO of Investgreece, Kostas Arslanoglou, in an interview with BnBNews.gr, describing a market that has matured considerably since the period when the Golden Visa was almost the sole reason for investing in the Greek real estate market.
Investgreece has been active in the real estate sector for twelve years, with primary specialization in the Golden Visa program. As Mr. Arslanoglou explains, the company developed this expertise through handling a large number of foreign investor cases.
“Our specialty became the Golden Visa because we had a great many clients and gained tremendous experience. I do not think there is anything we have not encountered during these twelve years,” he notes characteristically.
At the same time, he expresses concern regarding the activity of foreign real estate agents operating in the Greek market without a substantial presence in the country. According to him, several approach investors from abroad and promote Greek properties without paying taxes or maintaining real business operations in Greece, which, as he states, creates conditions of unfair competition for Greek companies in the sector.
The profile of Turkish buyers
According to Mr. Arslanoglou, Turkish nationals began making extensive use of the Golden Visa during the first years of the program’s implementation, in 2014 and 2015. At that time, purchasing property in Greece was not a common decision for a Turkish citizen.
“In the beginning, it was a taboo for a Turk to buy property in Greece. There was the perception of a rival, there were historical sensitivities. Over the years, however, this changed completely,” he says.
Today, according to him, owning property in Greece is considered an entirely normal choice for many Turkish citizens. Greece is viewed as a safe European destination, geographically close to Turkey, with a high quality of life and significant investment opportunities.
From housing to businesses
The biggest change observed today concerns the reasons why Turks invest in Greece. As Mr. Arslanoglou explains, the Golden Visa served as the first step. Subsequently, many investors began acquiring properties with purely investment characteristics, establishing businesses, and transferring part of their activities to the country.
“Now they also buy investment properties. They have started opening businesses. They are not coming only for the residence permit,” he says. According to him, this trend reflects investors’ growing confidence in the Greek economy, as well as their willingness to establish long-term ties with the country.
The role of education
Another reason leading an increasing number of Turkish families to Greece is their children’s education. Mr. Arslanoglou notes that the high cost of studying in many European countries is encouraging families to choose Greece as a base of residence so that their children can gain access to European educational institutions at a lower overall cost. In fact, he estimates that the increase in families choosing the country is particularly strong.
“The increase is exponential. We are not talking about small changes. Demand is growing geometrically,” he claims, adding that he maintains a large number of clients who have chosen Greece precisely for this reason.
Changes to the Golden Visa
The changes implemented in the Golden Visa program in 2024 have also played a decisive role in investment decisions. As the head of Investgreece explains, the new framework created three different investment categories.
The first concerns high-demand areas such as Athens, Thessaloniki, and islands with a population of more than 3,100 inhabitants, where the minimum investment amount now stands at €800,000.
The second concerns the rest of Greece, where the threshold is set at €400,000, provided that the property has a minimum surface area of 120 square meters.
The third category concerns property conversions. Specifically, it provides the possibility of obtaining a Golden Visa through the purchase of commercial properties—such as offices, shops, industrial or light-industrial premises—which are then converted into residential units.
“The state did not want to abolish the Golden Visa. It wanted it to continue to exist, while at the same time creating new housing units through changes of use,” he explains.
The major shift toward change-of-use conversions
According to Mr. Arslanoglou, the market has shifted almost entirely toward the third investment category. As he states, 99% of applications and transactions carried out today concern properties that are converted from commercial spaces into residences. “Investors want to obtain the Golden Visa entitlement as quickly as possible, and this particular option is the one attracting almost all demand,” he emphasizes.
Interest across the entire country
In contrast to previous years, when demand was concentrated mainly in Athens and certain tourist destinations, investment interest has now expanded to almost the entire country. “There are no longer specific areas. There is interest in all of Greece,” stresses Mr. Arslanoglou.
The new Golden Visa rules, combined with the different investment categories that have been created, have led many investors to seek opportunities in regional cities and markets that until recently were outside the investment map.
The picture described by the head of Investgreece reflects a market that has changed radically over the course of a decade. The Golden Visa continues to be a key motivation; however, it now functions as the starting point for a broader strategy of relocation, business activity, and investment in Greece, with Turkish buyers remaining one of the most active groups of foreign investors in the Greek real estate market.
