GREECE Trends and Developments Contributed by: Ioanna Alexandropoulou, Konstantinos Plastiras, Filippos Lamnidis and Sergios Lamnidis, Lamnidis Law
it – rather than further inflating markets already under pressure. Strategic redirection: where and how investment now flows That said, the reforms have preserved space for strategic, socially conscious investment. Certain properties still qualify under the original EUR250,000 threshold, provided they meet spe - cific criteria. These include non-residential build - ings (such as commercial or industrial spaces) being converted into housing and preserved, or heritage-listed buildings that require full-scale renovation. In both cases, the focus is not on facilitating low-cost entry, but on incentivising urban renewal and architectural conservation – areas where private investment can make a real difference. Importantly, both Law 5100/2024 and its suc - cessor, Law 5193/2025, provided a transitional window for investors who had already initiated the process under the previous regime. Investors who signed a preliminary agreement and paid a 10% deposit by 31 August 2024 could complete their transactions under the old rules, so long as the acquisition was finalised by 31 December 2024 – or by 30 April 2025, in the case of conver - sions and restorations. This showed the state’s willingness to protect good-faith investors, while also making clear that the era of easy specula - tion was over. Law 5193/2025 goes one step further by open - ing a new pathway for residency through invest - ment in Greek start-ups. Third-country nationals can now obtain a residence permit by investing at least EUR250,000 in an enterprise registered with Elevate Greece, the country’s official start- up registry. This signals a welcome broaden - ing of scope – away from real estate alone and
towards innovation, entrepreneurship and sus - tainable economic growth. Alongside these legal adjustments, the state has also taken meaningful steps to address the related issue of vacant housing. Through Article 28 of Law 5036/2023, owners of long- unused residential properties can claim a 40% income tax deduction on renovation costs, pro - vided they commit to offering the unit on a long- term lease. This kind of fiscal incentive serves two purposes: it supports the revitalisation of decaying urban stock while nudging property owners towards contributing to the long-term rental market, which has been squeezed in many urban centres. Early signals of change: market reactions and social impact It’s already clear that the impact of these reforms is being felt. In central Athens – particularly in are - as like Kypseli, Neos Kosmos and Pagrati – real estate professionals have reported a visible drop in speculative transactions. Rental availability has begun to improve slightly, and asking prices in certain segments have started to stabilise. By curbing the fragmentation of the market and dis - couraging artificially engineered purchases, the new rules are helping to realign the property sec - tor with broader public interest goals. What’s perhaps most striking is how these changes reflect a wider shift in the role of prop - erty law in public policy. For years, the Golden Visa operated as a relatively straightforward economic instrument. But today, the emphasis has moved towards integration – of housing, tax, urban planning and social cohesion. The legislative framework that now governs Golden Visa issuance is no longer simply about capital inflow. It’s about directing that inflow in a way
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