- Launched in 2014 to attract foreign capital during Greece’s debt crisis.
- Critics now blame it for driving up housing prices and squeezing out locals.
- Supporters say it injected over €9 billion and revived the construction sector.
- Conversions of factories and offices into housing keep foreign investment flowing.
When the Golden Visa was introduced in 2014, Greece was gasping for economic air. The plan was simple: invite foreign investors to buy property and, in return, offer them residence. At the time, few could imagine it would one day fuel a new kind of crisis — not of liquidity, but of roofs and rents.
The scheme worked wonders at first. Billions of euros entered the economy, abandoned buildings were revived, and entire neighborhoods came back to life. But a decade later, the mood has shifted. Many Greeks now see the Golden Visa less as a remedy and more as a cause of the housing fever that has priced families out of their own cities.
Two Faces of the Same Coin
Supporters argue that the program saved construction during years of economic paralysis. Developers found buyers when local demand vanished, and new life was breathed into the property market. Sellers, they say, often reinvested the profits — buying larger homes or investing in rental properties, keeping money circulating within Greece.
But critics counter that the scheme distorted the market. Prices soared, expectations ballooned, and permanent residents found themselves on the losing side of a real estate boom they never asked for. What began as a golden ticket has, for many, turned into fool’s gold.
Factories Become Flats
In recent years, the focus has turned toward adaptive reuse — the transformation of old industrial and office buildings into residential spaces eligible for Golden Visa investment. Areas like Faliro and Piraeus are buzzing with construction, where the old Keranis and Korona factories are being reborn as modern housing complexes, offering hundreds of apartments and new hopes for profit.
These projects, intended for long-term rentals or private use, continue to attract investors from Asia, the Middle East, and beyond. Greece, alongside Cyprus and Malta, remains one of the few EU countries still offering such programs.
Whether this is a renaissance or a reckoning depends on who you ask. For some, the Golden Visa remains a symbol of resilience — a bridge from crisis to recovery. For others, it is a glittering gate that now bars ordinary Greeks from their own homes.
