Greece’s Golden Visa is moving in a new direction, with short-term rentals gradually being taken out of the picture and long-term housing gaining a central role in the government’s planning. The programme’s new philosophy is no longer limited to attracting foreign capital to the Greek real estate market, but seeks to link investment with addressing housing pressure and returning more properties to the conventional rental market.
The next step is already on the table through the National Housing Policy Plan. The proposal provides for the creation of a special Golden Visa category, through which a foreign investor will be able to acquire more than one property, provided that these properties are made available exclusively for long-term rental. Their use through short-term rental platforms will not be permitted, while a corresponding restriction will also apply to personal use.
This change comes to reinforce a direction that has already begun to take shape within the programme. The use of Golden Visa properties for short-term rentals has been restricted, as the government seeks to prevent even more homes from being channelled into a market that in recent years has absorbed a significant share of the available housing stock, particularly in central Athens and areas with high tourism demand.
From Airbnb to long-term rentals
The new intervention essentially seeks to reverse one of the key problems associated with the Golden Visa in previous years. The inflow of foreign capital gave a strong boost to the property market, but in several areas it also contributed to rising prices and a reduction in the supply of homes that could be made available to households through long-term rentals.
According to a study by IOBE, properties located close to the respective Golden Visa investment thresholds tend to experience price increases due to increased demand. This impact is not limited to sale prices, but is also passed on to the rental market.
The government is now seeking to directly link new capital with increasing available housing. Under the new model, an investor will be able to create a portfolio of several properties instead of committing all the capital to a single home, but will be required to make them available for long-term rental for a specific period of time.
The logic is that in this way, vacant or inactive properties can be brought back into use, homes can return to the market and supply can increase in areas where demand for rental housing remains particularly high.
The market shifts towards €250,000
The change in philosophy coincides with a broader restructuring of the Greek Golden Visa. Following the increase in the main investment thresholds, a significant part of the interest has shifted towards the €250,000 category.
These are mainly properties that are changing use. Old offices, shops, hotels, industrial spaces and other commercial properties are being converted into homes, creating a new market that has gained significant momentum in Athens and Piraeus.
Interest comes largely from Turkish and Israeli investors, who are looking for properties in the southern suburbs, central Athens and Piraeus. However, despite the impression created by high prices in many areas, the bulk of demand is not directed towards properties worth €800,000.
Instead, €250,000 investments are currently the most attractive segment of the market, as they can be made even in areas where the basic Golden Visa threshold is significantly higher, provided that the property meets the requirements for a change of use.
To a lesser extent, there is interest in €400,000 investments, while very few new cases are moving at the €800,000 threshold.
44% drop in new applications
The change in thresholds has already left its mark on new applications. In the first half of 2026, 2,551 new applications were submitted for the initial granting of a residence permit, compared with 4,553 in the corresponding period of 2025, recording a 44% drop.
The picture for issued permits is moving in the opposite direction, as the authorities continue to process a large number of older applications. During the same period, 4,919 new permits were issued, up 21% year-on-year.
A total of 7,368 applications from the past two years remain pending, as a result of the wave of investment recorded before the successive increases in the thresholds.
After the first half of 2026, active residence permits since the launch of the programme in 2014 amount to 32,702, excluding investors’ family members. Of these, 24,796 concern initial grants and 7,726 renewals. Compared with June 2025, when active permits stood at 22,001, this represents an increase of 48.6%.
Greece remains on the international radar
Despite the decline in new applications, the Greek programme continues to attract wealthy foreign investors. Greece, together with Portugal, Italy and Malta, is among the European destinations attracting strong interest in residence permits through investment.
The international market has also changed significantly. As highlighted in a report by the French newspaper Les Echos, obtaining a second residence permit is increasingly being viewed as a “Plan B” by wealthy families and businesspeople.
Geopolitical uncertainty, wars, international sanctions and tax instability have increased the value of having a second base in Europe. For many investors, the main motivation is no longer simply the return on the property, but access to the Schengen Area, their children’s education and the existence of an alternative country of residence in the event of a crisis.
According to data from Henley & Partners cited by Les Echos, during the first five months of 2026 alone, interest was recorded from 86 different nationalities in 47 residence and citizenship-by-investment programmes. More than 70 countries and territories worldwide currently offer similar programmes.
From Chinese investors to a new mosaic of investors
The profile of those interested in such programmes is also changing. The previous decade had been associated mainly with Chinese investors and wealthy citizens of countries facing political or economic instability.
Today, the landscape is much more complex. The market includes businesspeople from the Gulf countries, families from Lebanon and Israel, entrepreneurs from Africa, as well as wealthy Britons and Americans.
A characteristic example is Portugal, where around a decade ago Chinese investors represented the largest group of applicants, while today Americans have taken the top position.
For Greece, this means that competition is no longer exclusively about buying a home. The country is seeking a position on the international map of destinations that can serve as a second European base for high-net-worth families.
The new balance of the Golden Visa
The Golden Visa is therefore facing a new balance. On the one hand, the government wants to continue attracting foreign capital. On the other, it seeks to limit the impact that investment demand can have on the availability of housing and rental prices.
The shift from short-term to long-term rentals lies at the heart of this change. The new special category being considered could transform the Golden Visa from a programme primarily based on property acquisition into a tool that would directly link investment with the creation of available housing.
Whether this will actually lead to more homes entering the long-term rental market will depend on the final terms of the measure, the duration of the mandatory rental period and the properties that will be eligible. What is clear, however, is that the model is changing: short-term rentals are losing ground within the Golden Visa, while housing policy is gaining increasing weight in the way the programme’s next phase is being designed.
