AVLA REAL ESTATE · MARKET REPORT · JULY 2026
Greece Golden Visa & Real Estate Market Report — July 2026
Greece's Golden Visa almost doubled its approvals in 2025 (8,879 approvals, +96%), and Turkish investor permits rose 153% to move into second place behind China. Home prices climbed 7.8% on average, while Spain (3 April 2025) and Malta both closed their programmes — leaving Greece effectively the last major programme granting EU residency through real estate. This report captures the market in six numbers as of July 2026.
By M. Sami Akbeniz — Founder, Avla Real Estate, Istanbul · Report date: 16 July 2026
The market in six numbers
- 79,056valid Golden Visa permits (27,786 investors + 51,270 family members), December 2025.
- +96%in approvals: 8,879 in 2025 (2024: 4,535).
- +153%Turkish investor permits (1,067 → 2,698); Turkey now second behind China, a 16.3% share.
- +7.8%average home-price growth (2025); Thessaloniki 9.6%, Athens 6.2% (Bank of Greece).
- 5.4%Athens gross rental yield (the country's highest); 7.3% in Kipseli.
- €8.5bn+total real estate investment since inception (23,221 investors).
01Demand hit a record
According to the Greek Ministry of Migration and Asylum, 8,879 Golden Visa approvals were issued in 2025 — almost double 2024's 4,535. Between March 2025 and March 2026, 13,127 investor permits were finalised. The most striking move came from Turkish investors: permits jumped from 1,067 to 2,698 in a year (+153%), making Turkey the second-largest group as of February 2026 with a 16.3% share, behind China (48.1%). Turkey ranks second in the pending pipeline too.
02Home prices in double digits
Bank of Greece data shows apartment prices rose 7.8% on average in 2025 (2024: 9.1%). Thessaloniki (9.6%) outpaced Athens (6.2%); growth continued at a more moderate 5.7% in Q1 2026. By the Spitogatos Index, Athens' southern suburbs are the country's most expensive at €4,125/m², with Vouliagmeni topping the market at €7,500/m². West Athens' Peristeri, by contrast, remains at €2,120/m² — an entry-level opportunity riding a metro-led regeneration.
03Rental yields: where the returns are
Greece averages a 4.4% gross rental yield; Athens leads the major cities at 5.4% (Global Property Guide, November 2025). One-bed flats in the regenerating central district of Kipseli reach 7.3%. Piraeus posted the fastest rent growth in Attica, up 19.4% in a year. The southern coast (Glyfada–Vouliagmeni) offers a lower-yield, higher-capital-growth profile. City-by-city yield analysis →
042026 tax and legislative changes
- VAT suspension extended: the 24% VAT on new builds is suspended to 31 December 2026 (Law 5246/2025) — buyers pay only the 3.09% transfer tax.
- New rental bracket: from 1 January 2026, a 25% band (€12,001–24,000) — a tax cut for mid-scale landlords.
- Capital gains suspended: the 15% tax on sale profits remains suspended to 31 December 2026.
- Thresholds held: Law 5275/2026 and an April 2026 circular tightened checks but left the €800K/€400K/€250K thresholds untouched; no official proposal to raise them.
05Greece stands alone in Europe
Spain's Golden Visa closed completely on 3 April 2025 (Ley Orgánica 1/2025); Malta's citizenship-by-investment scheme was struck down by the EU Court of Justice. Ireland (2023), the Netherlands (2024) and Portugal's real estate route (2023) had already closed. The result: among Europe's major programmes, Greece is the last door still open to residency through real estate — with its €250,000 conversion exception. Greece vs Spain comparison →
Avla's view — July 2026
The market is seeing a supply-tight rise in demand: as rival programmes close, more investors turn to Greece, prices are moderating from double digits toward single, and processing times can lengthen under demand pressure. Two moves stand out: (1) the risk of a threshold increase is low but not zero — act while the €250,000 conversion exception is still open; and (2) choose your district on sourced data, according to whether your goal is yield or capital growth. Avla clarifies that choice with a 2-page feasibility report for every property.
Related reportWhere to start: The Complete 2026 Greek Golden Visa Guide →Avla Real Estate — independent buyer's advisory for the Greek Golden Visa and Athens property investment. This report is updated monthly. realestate@avla.com.tr · +90 532 282 2657
A senior economist, graduate of Université Paris 1 Panthéon-Sorbonne, and a graduate of Istanbul University Business Administration with 33 years in business; founder of Avla. Today the focus is Greece: homes for Golden Visa and for investment. He reads every shortlist and every agreement himself.
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