Greece is once again on investors’ radars thanks to interest in the country’s Golden Visa scheme which has channelled billions into Greek real estate since its 2013 launch. With such programs suffering challenges elsewhere in Europe, for example Portugal removing property from its visa route altogether and Spain abolishing its real estate-linked residency scheme, Greece now represents one of the most accessible and strategically attractive destinations for high-net-worth individuals seeking residency rights. And this has implications for the branded residences segment.
Analysis by international property consultancy Astons shows 17,254 visas had been issued in the year to July 2025, with 932 approved in July this year alone. And although data from the Greek Ministry of Migration and Asylum says applications plunged 46.7 per cent in the first seven months of 2025, with 5,011 submissions versus 9,399 during the same period last year, the story isn’t a sad one.
What’s happening is a market working through its own success. The rush of 2024, triggered by impending investment threshold increases, created a large backlog that the government is now processing.
“Demand for Greek Golden Visas has been growing for a long time, and the Greek government has proven amenable to issuing visas due to the boost that they provide to the national economy,” says Suzanna Uzakova, senior consultant for residency and citizenship programmes at Astons.
Greece’s branded resi story
Greece’s branded residence pipeline has quietly expanded over the past three years, driven by global luxury operators, with projects including Six Senses Porto Heli, Mandarin Oriental Athens at Ellinikon and Four Seasons Resort and Residences Porto Heli. According to Savills data, Greece is expected to retain its dominant position in the Euro-Mediterranean region moving forward based on a solid network and pipeline.
And there is alignment between Golden Visa investor needs and what branded residences provides including the reassurance of management, strong resale prospects, flexibility and a lifestyle experience that differentiates them from more traditional residential property.
Risks
Yet this growth story doesn’t come free of concerns. Price increases in certain island and city markets has raised affordability concerns for locals - echoing the pressures seen in Portugal and Spain before their respective clampdowns – and could lead to further regulatory tightening. Any such changes would directly shape branded residence strategy, particularly in urban markets.
Construction cost inflation and a limited pipeline of prime development land also pose risks, particularly for large-scale branded projects requiring extensive infrastructure. And as more international brands enter, differentiation will become harder to achieve, and sustainability credentials, authentic design as well as operational excellence will separate the long-term winners from later movers.
Despite the slowdown, Greece’s fundamentals remain solid. Tourism continues to expand, infrastructure investment is accelerating, and international developers are doubling down on the country’s potential. With branded residences delivering price premiums of up to 30 per cent over comparable unbranded stock according to Savills and offering recurring income, the economics remain compelling.
Interest
And despite fewer new filings overall, the investor mix remains broad. According to the research, Chinese buyers continue to dominate, accounting for the largest share of total applications and renewals with first-time applications up 47.4 per cent this year to 8,179 and renewals up 62.7 per cent to 3,741. Turkish nationals rank second, with a 14.2 per cent uptick in new visas and an 8 per cent rise in renewals, followed by Russia, Iran and Egypt, Interest also grew from Western markets, with UK submissions increasing 4.1 per cent to 704, and US applications climbing 3.0 per cent to 518.
Geographically, Attica is far ahead with 3,079 applications, followed by Macedonia and Thrace. But activity is widening to the Peloponnese, Crete, and the Aegean Islands.
“Many of the foreign nationals obtaining Greek citizenship are wealthy individuals whose investment into the country is helping to further bolster the local business and real estate markets. We’re also seeing strong demand come from expat retirees who want to relocate to Greece,” Uzkova says.
The minimum investment for Greece’s Golden Visa programme remains €250,000 for select project types but climbs to €500,000 to €800,000 in high-demand zones such as Athens and Mykonos. And for high-net-worth individuals seeking branded residences and accustomed to higher entry points elsewhere, those figures remain competitive.
Tax incentives sweeten the pot further. Expat retirees benefit from a flat 7 per cent tax on foreign pensions for 15 years, while wealthy individuals can opt into a €100,000 annual flat tax on all foreign-sourced income, with family members included at €20,000 each.
What it means for branded residences
For developers of branded residences, the surge in Golden Visa demand presents a lot of opportunity. Rising thresholds in central Athens and sought-after islands mean that Golden Visa buyers are being channelled towards higher-value real estate. Branded residences, with their emphasis on service, security and global recognition are well positioned to capture this demand.
Further, the scheme allows investment in commercial property converted into residential use. This opens the door for adaptive reuse projects in prime locations where new land is scarce. Developers with experience navigating these types of projects stand to benefit.
Stepping back from Greece and looking across wider Europe, demand for residency-linked real estate remains strong. And for branded residences, the merging of lifestyle appeal, and in Greece’s case, tax efficiency and EU access is very attractive indeed. The challenge for developers will be staying ahead of regulatory shifts.