The Finance Ministry presented on Thursday changes to the Golden Visa program increasing the minimum amount a third national needs to invest and secure the residence permit, in an effort to tackle the country’s housing crisis.

In popular regions, such as Attica, Thessaloniki, Mykonos, Santorini and the islands with a population of over 3,100 inhabitants, the threshold increases to 800,000 euros while in other areas the threshold is 400,000 euros and above. Moreover, investors must purchase a property of at least 120 sq.m. For buildings that have industrial use and are converted into houses, the required amount is 250,000 euros while the required amount for investment in a historic building stands at 250,000 euros.

The ministry also introduced incentives to convert buildings into homes, protect historic buildings and explicitly prohibits Golden Visa properties from being used for short-term rentals.

“We are moving forward with balanced measures for the Golden Visa program, which primarily takes into account the housing needs of households, without however forgetting the need to attract investment to the country,” Finance Minister Kostis Hatzidakis said

“These measures are part of the government’s overall housing policy, which aims, in cooperation with the private sector, to ensure affordable and quality housing for all citizens, taking into account, however, the need to continue investments on more balanced terms,” he added.