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Golden Visas and the Ellinikon Development in Greece

View toward Ellinikon area Athens Greece

View toward Ellinikon area of Athens, Greece click to enlarge photo – it is between Glyfada Beach and Kalamaki Beach.

Last update June 2024

The Ellinikon area near Athens is situated along the Mediterranean waters of the Saronic Gulf and has undergone extensive development, featuring hotels, condos, and entertainment venues. Often referred to as "the Greek Riviera" and "the Greek Gold Coast," this expansive zone was previously home to a vast airport complex utilized by the United States military and, subsequently, by the Greeks for various smaller projects. Nestled adjacent to Glyfada, Greece, an established expat community, the area has been earmarked for high-profile projects. Notably, the current Greek government, enjoying remarkable popularity since June 2019, recently secured another four-year term to pursue ongoing reforms within Greece's state system.*

The Golden Visa program has proven to be an economic success for Greece, aiding in the recovery from the economic fallout of the 2008 collapse, during which the country assumed a substantial amount of international loans. The current government has achieved notable progress in addressing some of the largest loans, paying off several ahead of schedule, and systematically navigating through others. The influx of foreign investment, coupled with impressive tourist numbers, has led to a significant surge in rents and home prices in Athens. This surge poses a challenge for the government, which is now actively working to strike a balance between providing affordable housing and fostering continued growth as more people choose to settle in the area.

The development surrounding the construction of the Ellinikon project often intersects with the "Golden Visa" program. This initiative enables foreigners to acquire a property and, for €250K (or €500K in specific high-demand areas), secure a residential visa. As 2024 unfolds, it appears that the momentum of the program will persist, driven by continued foreign investment and an influx of individuals seeking residency in Greece.

More about Greece

More about the Golden Visa program at Athens Greece Now

* The European Parliament elections of June 2024 "squeezed" the Greek ruling party ("New Democracy") a bit. Though ND easily won majority voting across Greece, it wasn't as broad as they expected, and in response the ND leader (and the Prime Minister of Greece) Kyriokos Mitsotakis said that the message of the election results was impacting decision making so that the remaining three year tenure would continue to feature the major reforms and financial house-cleaning that is the basic platform for ND's recent governing.

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