ECONOMY

Golden Visa program slows down as travel gets tough

golden-visa-program-slows-down-as-travel-gets-tough

Thousands of property owners are faced with a very different reality to that of just a few weeks ago, as the effect of the coronavirus outbreak is being felt in the local real estate market, among other sectors of the economy.

According to estate agents and market players, there has been a clear slowdown in foreign interest in the Greek property market, especially among potential buyers hoping to obtain a residence permit under the “Golden Visa” scheme. The fact that turnover in this program relies by 70-80 percent on Chinese investors points to a major blow.

Alexandros Risvas, head of the Risvas & Partners law firm, confirms that “there is certainly a slowdown in applications for residence permits, due to difficulties in transport mainly for investors from China, as well as from the Middle East now.”

He estimates that unless there is an explosion of the coronavirus in Greece as well, the slowdown in the Golden Visa program in 2020 will mainly affect the first half of the year, with a gradual impact on all property transactions.