Airbnb is almost history
Prices for “Golden Visas” in Athens are going through the roof
March 21, 2024, 7:22 p.m
Greece is popular with foreigners, both as a travel destination and as a place to stay. Therefore, many non-Greeks buy real estate in order to get a residence permit. They then often rent out the apartments as Airbnb. The former is expected to be significantly more expensive. The signs are bad for Airbnb.
In the future, citizens of third countries will have to dig deeper into their pockets in order to obtain a residence permit in the southern European EU state by purchasing a property in Greece. In addition, it will no longer be permitted to rent out these properties as Airbnb, as Greek Finance Minister Kostis Hatzidakis announced in Athens.
Instead of the previous 250,000 euros, from March 31st visa applicants in Athens, the port city of Thessaloniki and on all larger islands will have to pay 800,000 euros. In all other regions, the price of the “Golden Visa” will be increased to 400,000 euros.
This measure is part of an attempt by the government to combat the housing shortage. The purchase of real estate by investors from third countries has led to significantly higher purchase prices for apartments and houses and higher rents in the country’s metropolitan areas and on numerous islands in recent years.
Greeks are discovering shared apartments for themselves
Just at the beginning of the year, a journalist said in a ZDF report that there were hardly any shops for everyday needs in downtown Athens, but that eight out of ten shops were now bars and restaurants. This would have been the case since the number of Airbnb apartments had increased significantly. According to the report, another consequence is that shared apartments (WGs) would be created. They have actually always been frowned upon in Greece, and especially in big cities they are now the only way for many people to live affordably – including for large parts of average earners.
According to the finance minister, Greece collected a good 2.5 billion euros in 2023 by issuing the “Golden Visas”. Most investors come from China and Turkey. The residence permit is valid for five years. If the property remains in the possession of the person who bought it, the visa is extended for another five years.