Greece's Golden Visa Program Shows Signs of Stabilization Following Years of Record Growth

After two years of extraordinary growth, Greece's Golden Visa programme showed its first signs of moderation in early 2025, with monthly new applications easing from the record pace set through 2023 and 2024. Between 2023 and 2024 alone, foreign investors acquired close to 18,000 properties through the programme — more than the entire preceding decade combined — so a cooling from that pace was, in many ways, a natural adjustment rather than a warning sign.

A significant backlog of pending applications remains in the system, which is expected to keep translating into new residence permits for some time yet. At the same time, rising real estate thresholds have pushed a growing share of investors toward the programme's financial-instrument routes, including mutual fund participation, as an alternative to property. For prospective applicants, the takeaway is a programme entering a more measured, sustainable phase rather than losing momentum.