How the Chinese have transformed Athens.

China has transformed Athens, the Greek capital in both visible and less obvious ways.

Aug 2025 : On the one hand, authentic Chinese restaurants – from spicy hotpot to Cantonese cha chaan teng – have sprung up in central Athens, where many patrons speak the northeastern Chinese dialect and work for China Ocean Shipping Company, an industry giant managing Europe’s fifth-largest port.

On the more discreet side, Chinese buyers have snapped up thousands of flats in a rush to apply for the Greek investor residency scheme, commonly known as the “golden visa”. In June 2025, 7795 Chinese citizens were first-time members of the scheme, meaning they had not yet reached the five-year mark to renew their permits. That represents 47.8% of all first-time permit holders, making them by far the largest group, according to data from the Greek Ministry of Migration and Asylum.

Among the other 5,679 people who had renewed their golden visa, 61% were also Chinese citizens, the ministry reported. When the programme was launched in 2013, it mostly attracted applicants from nearby countries such as Turkey and Russia. But interest from Chinese investors exploded after the pandemic, as many wealthy and middle-class individuals shaken by Beijing’s stringent lockdown measures towards the end of its zero-Covid policy had sought an escape plan.

Compared to similar programmes in the EU, Greece stood out for its affordability. Before August 2023, residency could be acquired by purchasing a property for as little as €250,000 (US$290,346) in Athens. In contrast, Portugal’s real estate residency programme cost €500,000 (US$583,709) before it was scrapped in 2023. Greece also offers higher living standards and a stronger local economy than countries like Malta.

The trend has had a positive impact on the local economy, stimulating renovations, construction and other sectors, according to Eleni Lazoura, founder of Bnbkeys, an Airbnb agency in the Greek capital.

“I don’t believe locals would have the possibility to contribute that much to the local economy. I even have cases of people who not only renovated their flats, but also the facade or the entrance of the building, which had been a huge issue for us since the economic crisis in Greece because it was very difficult to get people in a building to coordinate to pay for the expenses”.

However, the gains have been tempered by fears that locals could be priced out of their own cities. In late 2024, the Greek government took action by raising the minimum investment threshold for golden visa applicants to €800,000 (US$929,000) for Athens and popular islands such as Santorini, Naxos and Paros, and to €400,000 (US$464,000) for the rest of the country.

Investors mostly chose to buy in Athens before the new regulations took effect. In June 2025, among the 14,931 pending golden visa applications, most of which were filed before the September rule change, more than 80% were registered in the Attica capital region, according to the Greek Ministry of Migration and Asylum.

Athens’ flat price index jumped by 16.1% between the first quarter of 2023 and the first quarter of 2025, climbing from 95 to 110.3, according to the Bank of Greece – though it remains unclear how much of that increase was driven by the influx of Chinese golden visa applicants.

Team Maverick