Key Takeaways:
- Thousands of Golden Visa properties are set to return to the Greek rental and sales market from spring 2026.
- A second wave of commercial-to-residential conversions will add 3,000-5,000 more apartments by 2027.
- 94% of Golden Visa properties are already in the rental market, not owner-occupied.
- A new ministerial decision has unfrozen over 13,000 pending applications, reigniting the investment pipeline.
- The influx is expected to increase housing supply in a market known for its high costs.
Thousands of homes acquired by foreign investors through Greece's Golden Visa program are preparing to flood back onto the market, creating a potential turning point for the country's strained housing sector. Starting in spring 2026, a significant wave of properties is expected to become available for rent or sale.
This movement is not a coincidence but the result of specific investment patterns and recent regulatory changes. Data reveals that the program has functioned primarily as a rental property generator, not a path to homeownership for investors.
The Golden Visa Rental Machine
Statistics from major agencies paint a clear picture: the vast majority of foreign investors never intended to live in their Greek purchases. From the outset, they channeled these assets into the long-term rental market.
- A staggering 94% of properties bought through the scheme were put up for lease.
- Only 6% were used by the investors themselves.
- By the end of 2024, of the approximately 16,000 total properties purchased, nearly 15,000 were directly recycled into the rental pool.
This confirms the Golden Visa's role as a mechanism for producing disposable rental stock. The common goal for investors is twofold: secure a Schengen passport and achieve a return on investment.
The Conversion Wave and New Rules
The market dynamics shifted significantly with a change in the legislative framework. To curb real estate inflation in popular areas, the government raised the investment threshold.
- The minimum for buying residential property in Attica, Thessaloniki, and tourist islands jumped to €800,000.
- However, a €250,000 minimum was kept exclusively for converting old commercial buildings into residences.
This policy triggered an unprecedented wave of reconstructions, making conversions the most viable path for many investors. Old offices, vacant shops, and warehouses—many dormant for over a decade—are now being transformed into new apartments.
The impact is substantial:
- Projects are concentrated in areas like Exarchia, Metaxourgio, Kypseli, and Piraeus.
- An estimated 3,000 to 5,000 new apartments from these conversions will hit the market by 2027.
- Critically, legislation prohibits short-term rentals for properties in this program, ensuring all new stock feeds into the long-term rental market.
Who Are the Investors?
The investor profile is diverse but dominated by one group:
- Chinese nationals lead, accounting for roughly 65% of all Golden Visas issued. They often buy multiple small apartments and prefer turnkey rental management models.
- Turkish (6%) and Russian (5%) investors follow.
- Investors from Lebanon, Egypt, and other Middle Eastern countries are increasingly active in the lower €250,000 conversion budget segment.
- Israeli investors are the fastest-growing group, focusing heavily on conversion projects in central Athens.
- American and Canadian investors represent a smaller but steadily growing share.
Market Thaw: Unfreezing 13,000 Applications
For nearly six months, the Golden Visa market was paralyzed. Uncertainty over new rules caused lawyers to stop submitting applications and froze notarial processes. A recent ministerial decision has acted as a catalyst, clarifying the path forward.
The decision provides clear guidelines on:
- Certifying changes of property use.
- Including listed buildings in the program.
- Document requirements for issuing or renewing residence permits.
This clarity has "unfrozen" a huge backlog. Official figures show 13,499 Golden Visa applications are pending, with 79% (10,703) in the Attica region alone. Many were placeholders, filed just to secure a spot in line.
The unfreezing of these applications releases a massive amount of capital that was locked for over half a year, re-energizing the entire ecosystem of builders, engineers, and lawyers.
Market players believe this renewed clarity will reignite interest from Asia, the Middle East, and North America, particularly for conversion-suitable properties.
Impact on Greece's Housing Market
The converging factors—the return of older Golden Visa stock and the influx of new conversion apartments—are set to significantly increase housing supply from 2026 onward.
This comes at a critical time. The Greek rental market remains stiflingly expensive for the middle and lower classes. A large, compact pool of available housing could help ease pressure and provide more options for local residents.
The Golden Visa program, often debated for its impact on real estate prices, may now play a paradoxical role in alleviating the very housing crunch it was accused of exacerbating. The coming years will test whether this influx of supply can create a more balanced and accessible market for Greeks.