The interest of Indian investors in buying property in Greece has increased rapidly. In July-August this year, Indians have bought 37 percent more property in Greece. In fact, before the change in Greece's Golden Visa program, Indian people showed haste in acquiring permanent citizenship in Greece. The new rules of the Golden Visa program have come into effect from September 1. Due to this, now double investment will have to be made to acquire permanent citizenship in Greece through investment in real estate.

This was the rule before September 1

Property development firm Leptos Estates said that before September 1, an Indian could get permanent residency in Europe by investing around Rs 2.5 crore. Now, permanent residency in Greece can be obtained only after investing at least Rs 8 crore in big cities of Greece like Athens. For permanent residency, one will now have to invest at least Rs 4 crore even in tier 2 cities of Greece. Earlier, one had to invest Rs 2.5 crore.

Greece changed the rules in the interest of its citizens.

The Greek government has taken this decision in the interest of its citizens. This will reduce the pressure on real estate in the big cities of Greece. Greece's Finance Minister Kostis Hatzidakis said, "The government believes that the change in the rule will increase investment in less crowded areas. It will also help in fulfilling the housing needs of the local people." It is said that before the new rules came into force, many Indians showed a lot of interest in investing in real estate in Greece.

Indians also showed interest in under-construction properties

Sanjay Sachdev, Global Marketing Director, Leptos Estates, said, “In the last few months, many Indians have shown interest in buying properties in Greece. This led to us selling out our available stock. Many investors also bought homes that are under construction and are expected to be completed in 6-12 months.”

What is Greece's Golden Program?

Greece's Golden Visa program was started in 2013. Under this, foreign citizens can acquire Greek citizenship by investing in Greek government bonds, real estate, and some other instruments. This program is very popular among the wealthy people of India. Many wealthy Indians have invested in Greek real estate for rental income, starting a business in the European Union, and better healthcare and education.

After COVID-19, interest in Greek citizenship has increased.

Before the new rule came into force, many wealthy Indians invested in Greek islands like Paros, Crete, and Santorini. Rental yield in Greece is around 3-5 percent, while the annual growth in property prices is around 10 percent. After the COVID-19 pandemic, the interest of Indians in buying property in Greece increased. Sachdev said that after Portugal, Spain, and Ireland closed their permanent citizenship programs, the interest of wealthy Indians in buying property in Greece and Cyprus has increased.