Turkish nationals’ interest in the real estate investment option of Greece’s Golden Visa Program marked a significant increase last year.
More than €2.317 billion is the amount that Turkish nationals spent in 2024 for purchases of real estate investments, according to the statistics from the Central Bank, Schengen.News reports.
The same notes that the top destinations for real estate purchases by Turkish nationals are Greece and Dubai.
Golden Visa Opens “Doors of All European Countries”
The President of the Real Estate Services Exporters Association of Türkiye, Bayram Tekce, told Business Voice that the main reason for buying a house abroad is that those who want to travel freely are interested in obtaining a golden visa.
Dubai and Greece stand out in Turkish property investments abroad. The most important reason why Greece is preferred is that with an investment of €250,000, the doors of all European countries are opened to the buyer. Spain and Portugal are also preferred, but now their visa programs have been closed.
In addition to Greece, Spain and Portugal are also famous for their Golden Visa Programs. However, Spain’s Golden Visa scheme will cease to be effective from April 3, 2025, as part of the country’s efforts to deal with the housing crisis.
On the other hand, Portugal abolished the real estate investment option from its Residency-by-Investment Program, in October 2023, mentioning the same reasons as Spain.
With the abolishment of Spain’s Golden Visa Program and the abolishment of real estate investment option from Portugal’s Golden Visa Programwhich was the most sought-after option of this scheme, wealthy foreign nationals turned their eyes on Greece.
Low Minimum Requirement for Investments
Greece’s Residency-by-Investment scheme offers wealthy foreign nationals residency in exchange for financial investments. The minimum amount required for investments through this scheme is €250,000, reaching a total of €800,000 in some of the most famous parts of the country.
Tekce told Business Voice that properties abroad usually begin at $300,000 (€277,171.50).
Turks pay $500,000 for an average home. The most important point to consider when acquiring a property is the property’s ability to generate rental income.
Last year, Greece’s government announced that it is aiming to attract wealthy investors through its Golden Visa program through more productive ventures instead of real estate investment options.
Authorities in the Hellenic Republic also provided details related to the startup option that will be added to this program.