The Greek press is drawing attention to rising rents due to intense tourism and infrastructure problems in some areas.

Belce ÖRÜ ERÇİN

Compared to Turkey, Greece has become a popular holiday destination in recent years due to its low prices for many products and services, from food and drink to airline tickets, and its physical proximity to Turkey. In 2023, 800,000 Turkish visitors travelled to Greece, and in 2024, 1.5 million. It is estimated that this number will approach 2 million this year.

SPREAD TO THE MIDDLE CLASS

Greece has not only seen an influx of Turkish tourists, but Turkish investments in the country have also increased. In 2024, Turkish investments in Greece reached 485 million euros. Teuta Narazan, co-founder of Vesta Global, noted that they expect investments to exceed 500 million euros this year, stating that the increase is due to real estate purchases under the Golden Visa programme: “Those who cannot overcome visa issues are applying for the Golden Visa to travel freely within the Schengen zone in exchange for a real estate investment starting at 250,000 euros (11.7 million TL). On the other hand, people also want to have a Plan B due to high inflation, political uncertainty, or the war climate in the Middle East.”

Teuta Narazan stated that while in the past they catered to a more niche audience, today they have customers from the middle-income group. Nazaran said, ‘We are observing an increase in interest in this type of visa from people in many different professions, from business people to doctors and pharmacists.’
 

Must be renewed every 5 years
 

The Greek government issues Greek Golden Visa cards to eligible individuals, valid for a five-year period each time. The spouse, children under the age of 21, and parents of the Golden Visa holder are eligible to benefit from it. The residence permit must be renewed every five years. The permit is renewed indefinitely provided the property is not sold and the necessary documents are provided.