A decline in property purchases linked to Greece’s Golden Visa scheme is increasing the availability of long-term rental homes in Athens, helping to ease pressure on the city’s housing supply. New regulations and shifting investor strategies are encouraging buyers to focus on residential redevelopment and extended leasing rather than short-term holiday rentals.

Drop in Golden Visa Property Investments

Property transactions under the Golden Visa program fell notably in 2025 after the government raised minimum investment requirements. Total purchases reached €1.46 billion during the first three quarters of the year, compared with €1.925 billion over the same period in 2024, reflecting reduced demand from new foreign investors.

Growth in Long-Term Housing Availability

Out of roughly 16,000 homes bought by overseas buyers in 2024, nearly 15,000 were placed directly into the long-term rental market. This shift was driven by a 2024 regulation that bans newly approved Golden Visa properties from being used for short-term rentals, including platforms like Airbnb.

Redevelopment of Underused Buildings

Many investors are now transforming unused commercial spaces and older heritage structures into residential units to qualify for the lower €250,000 investment option. Areas such as Exarchia, Metaxourgeio, Kypseli, and Piraeus are experiencing increased renovation activity, adding more apartments to the housing stock.

Continued Role of Foreign Buyers

Although overall investment has slowed, international buyers still make up a large share of the housing market in Athens, representing about 40% of residential sales in 2025. The majority of Golden Visa applications remain focused within the Attica region.

Faster Application Approvals

In 2025, authorities significantly improved processing speeds, with some residency applications approved in less than a month, compared to wait times of up to 18 months in the previous year. Faster approvals are expected to help maintain investor interest and support the rental housing sector.

Summary

Higher investment requirements led to a decline in Golden Visa property purchases in 2025, with total investments reaching €1.46 billion between January and September, down 24% from 2024. As a result, most properties are now entering the long-term rental market, especially through the conversion of vacant commercial and historic buildings. While investment activity has moderated, foreign buyers still play a major role in Athens’ housing market, contributing to increased rental availability across central districts.