Portugal will soon close theirs, and politicians in Spain have made noises about limiting or closing the program. That would leave just Greece, Malta, and Latvia as the only programs still standing.

Greece has recently raisde the minimum investment for a Golden Visa to €500,000. In recent years, a surge of people from outside of the European Union have sought a Golden Visa in Greece. However, there have been concerns that the large number of foreign investors buying property in the country has made it more difficult for Greeks to find homes at affordable prices.

Juwai IQI estimates that the raise in the minimum investment will have minimal impact on the demand from Chinese investors.

Chinese buyers make large investments in Greek real estate

“Chinese buyers tend to make relatively large investments of €650,000 on average, which means many Chinese applicants won’t be affected at all by the new minimum investment,” Ansari said.

“The higher minimum investment in Athens, Thessaloniki, Vari, Mykonos and Santorini has a good side. It should limit popular opposition to the program by reducing the impact it might be perceived to have on housing affordability in tight markets,” he added.

Chinese buyers are often looking for family homes to occupy full-time or to occupy part-time and lease part-time. They want a location that is convenient for services and transportation and also need to be close to good international schools.