Greek property sees increased demand from Chinese buyers seeking permanent residency under golden visa scheme

Inquiries from mainland Chinese and Hong Kong buyers shot up 40 per cent in the first quarter of 2022, according to consultancy Henley & Partners

Demand for houses in Greece may have been boosted by recent restrictions on Portugal’s popular golden visa scheme, says analyst

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Those who buy property in the Greek capital, Athens, are likely to see their investment grow in the coming years, according to Savills. Photo: Shutterstock

Published: 10:30am, 8 May 2022

Greek property is getting the attention of Chinese buyers seeking permanent residency, as recent restrictions on Portugal’s popular golden visa scheme make Greece a more attractive option, according to analysts.

Greece’s fast-track residency programme, which has been in place since 2013, received 36 per cent more inquiries in the first quarter of 2022 than in the whole of last year, according to consultancy Henley & Partners.

Inquiries coming from mainland Chinese and Hong Kong buyers shot up 40 per cent from the last quarter of 2021.

Since the start of 2022, house purchases in Portugal’s capital city of Lisbon, Porto and parts of the Algarve region have no longer qualified under the fast-track visa scheme, a move intended to cool down home prices and encourage investment in other Portuguese cities.

The Portuguese capital, Lisbon, has become a magnet for international property investors, attracted by its sunny weather and tax incentives. Photo: Bloomberg

Investors seeking citizenship can still invest in those popular cities, but they have to put their money into commercial properties such as serviced apartments or hotel units that can serve as flats to rent out.

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