Real estate experts in Greece have expressed their concerns about the recent changes that have been applied to the Golden Visa Program.
The president of the Federation of Real Estate Brokers of Greece, Dimitris Biniaris, said the amendments applied to this scheme have led to distortions, Schengen.News reports.
Golden Visa Program Never Contributed to Housing Crisis, Experts Say
Greece’s Residency by Investment Program, known as the Golden Visa Program, offers a pathway to residency to foreign nationals who make a financial investment in this country.
However, as part of an effort to better manage the housing crisis, the Hellenic Republic applied new changes to this program, including in the real estate investment options.
However, real estate experts argue that the program never contributed to the housing shortage crisis.
Investments Through Real Estate Option Reach €800,000 in Some Areas
The Prime Minister of Greece, Kyriakos Mitsotakis, unfolded new changes that took effect from September 1, among them increasing the minimum amount required for the real estate investment option, which is the most sought-after option of this scheme.
Greece’s PM announced that in some of the most famous parts of the country, the minimum amount required would reach €800,000. The decision has been criticised by Biniaris. He said governments often make decisions without consulting experts.
CEO and Co-Founder of Prelevits and Georgakos Real Estate, Kostas Georgakos, emphasised that the most famous destinations for new investments consist of the centres of Thessaloniki, Halkidiki, Kalamaria, Pieria, as well as Kavala, according to Greek Travel Pages report.
Greece’s Residency by Investment Scheme makes a significant contribution to the country’s economy.
The figures from Imi Daily revealed that in the first seven months of this year, over €1.2 billion were brought to Greece through the Golden Visa Program.
Last month, Prime Minister Kyriakos Mitsotakis revealed that the program would be expanded to include startup investments.
Source: https://schengen.news/real-estate-experts-concerned-over-new-rules-for-greeces-golden-visa/
