Greece has long established itself as one of the most sought-after destinations for investors seeking to obtain a residence permit through the purchase of real estate. Thanks to its mild Mediterranean climate, rich historical heritage, high level of security and affordable housing prices, the country becomes an ideal choice not only for investment, but also for a comfortable life by the sea. In this article we will tell you how the “Golden Visa” program works, what to pay attention to when choosing an object and what advantages an investor and his family get.
The program “Golden Visa” gives foreigners the opportunity to obtain a residence permit in exchange for investment in real estate. However, since August 2023, the conditions have been revised: in the most popular regions, such as Athens, Thessaloniki, Santorini and Mykonos, the minimum investment amount has increased to 500,000 euros. In the rest of the country, the threshold remained at 250,000 euros. These changes are intended to reduce the pressure on the real estate market in tourist areas and stimulate the development of less popular regions.
It is important to note that investments can be made not only in residential real estate, but also in commercial properties or land plots intended for construction. The residence permit is issued for a period of five years with the possibility of extension and covers all members of the investor's family, including spouse, children under 21 and parents.
The choice of real estate in Greece depends on the investor's goals: whether the property will be used for personal residence, rental or simply as a long-term investment asset. Greece offers a wide range of options, each with its own advantages and prospects. Let's consider the most suitable investment destinations.
Athens and Thessaloniki are the largest cities in Greece, which combine a rich cultural heritage, developed infrastructure and a dynamic urban environment. These cities are ideal for those who plan to live in Greece or rent out property.
Athens. The capital of Greece attracts investors with its high demand for housing, especially in prestigious neighborhoods such as Kolonaki, Glyfada and Kifissia. Here you can find both modern apartments in new residential complexes, and historical buildings in the city center. The cost per square meter in Athens varies from 2000 to 5000 euros, depending on the area and the condition of the object.
Thessaloniki. The second largest city in Greece is known for its lively atmosphere and proximity to the sea. Real estate here is slightly cheaper than in Athens, but also shows a steady rise in prices.
Advantages:
Greek islands such as Crete, Rhodes, Corfu, Santorini and Mykonos offer luxury real estate for vacation and rental. These destinations are particularly popular with tourists, making them attractive for investment.
Santorini and Mykonos. These islands are considered the most prestigious and expensive. Villas overlooking the sea here can cost from 1 million euros and more. However, the high demand for rent allows you to quickly recoup your investment.
Crete, Rhodes and Corfu. These islands offer more affordable housing options, while remaining popular among tourists. The cost of villas here starts from 300,000 euros.
Advantages:
The coast of Greece is an ideal place for summer vacations and profitable investments. Prices for housing by the sea are steadily increasing and the demand for rentals remains high all year round.
Peloponnese. This region is known for its picturesque beaches and affordable real estate. Here you can find both small houses and luxury villas.
Halkidiki. The peninsula with clean beaches and developed infrastructure attracts both tourists and investors.
Crete. The largest island of Greece offers a wide range of real estate, from budget apartments to luxury villas.
Advantages:
Investing in commercial real estate is an opportunity not only to earn income, but also to strengthen your position in the market. Greece receives millions of tourists every year, which makes the hotel and restaurant sector particularly attractive.
Hotels and aparthotels. Resort areas such as Santorini, Mykonos and Crete offer high rental income.
Restaurants and cafes. Investing in catering establishments on the coast offers a quick return on investment.
Office buildings. In Athens and Thessaloniki demand for office space remains consistently high.
It is worth mentioning separately investments in commercial real estate with its conversion into residential real estate. Any property located anywhere in Greece (including the central districts of Athens and Thessaloniki) converted from commercial to residential will comply with the new Golden Visa rules. The value of such property must be equal to or more than 250,000 euros.
Advantages:
Despite the attractiveness of the program, it is worth considering some nuances:
The program “Golden Visa” makes Greece one of the best options for obtaining a residence permit through investment in real estate. The choice of a suitable object depends on the investor's goals: a city apartment is suitable for permanent residence, a villa on the island - for vacation, and commercial real estate - for income. Due to the affordable cost of housing, stable market and mild conditions of residence permit, Greece remains an attractive country for investors wishing to obtain a European residence permit and favorably invest their funds.
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