Investing in real estate property in Greece is a smart financial decision and an opportunity to get several advantages associated with the Greek Golden Visa. It is considered one of the most sought-after residency programs since it enables immigrants and their families to reside, study, and work permanently within Greece or travel across the Schengen borders without restrictions. Greece Real Estate Investment Residency’s appeal is due to its affordability, simple requirements, and the potential for high returns on investment, given the country’s thriving real estate market and booming tourism sector.
The country’s strategic location at the crossroads of Europe, Asia, and Africa and its growing economy make it an attractive destination for real estate investment. It provides a range of options suitable for different preferences and budgets. A Greece Golden Visa Real Estate Investment secures European residency and helps investors tap into a market that has shown resilience and steady growth, ensuring lifestyle and financial rewards.
In this article, we will discuss the Greece Property Investment Visa and delve into the Greece Real Estate Golden Visa options.
Greece Real Estate Golden Visa Options
Several investment thresholds qualify investors for a Greece Golden Visa. The country does not restrict property deals, therefore Greece Real Estate Investment for Non-EU Nationals is possible. Foreigners can freely buy, lease, and sell residential properties such as villas, hotel complexes, maisonettes, apartments, penthouses, and commercial properties. The Greece real estate golden visa options are:
- A minimum of €250,000: For real estate under renovation or conversion into residential properties.
- A minimum of €400,000: Investors looking to obtain a Greece Real Estate Investment Residency can apply by purchasing property in rural areas or in less densely populated cities and islands, worth €400,000 or more, provided that the investment is in a single property of at least 120 m2.
- A minimum of €800,000: Investors can qualify for a Greece Golden Visa Real Estate Investment if they purchase a property in Athens, Thessaloniki, Mykonos, Santorini, Attica, and islands with more than 3,100 inhabitants, worth €800,000 or more.
Investors looking for a Greece Property Investment Visa should own and keep real estate with them. If they acquire the property through a legal entity, they must own 100% of the company shares. If investors opt to sign a lease of hospitality accommodation, the contract must cover a minimum duration of 10 years and €400,000 or €800,000 in rental amount. The contract must also require a single payment of the rent for the equivalent of the ten-year leasing of the property. The investors may renew the Greece Real Estate Investment Residency every five years, however, they must fulfill the above conditions. Investors can qualify for citizenship after 7 years of permanent living in Greece.
Booming Real estate market
Demand from foreign homebuyers is rising strongly in Greece. During 2023, the total value of real estate purchases[1] by foreign buyers, which accounts for about 80% to 85% of all real estate purchases in Greece annually, soared to an all-time high of €3 billion, following annual increases of 68% in 2022 and 34.4% in 2021. Greek house prices continue to accelerate amidst strong demand from foreign homebuyers, growing residential construction activity, and continued economic growth in the country. Despite the strong growth, Greek house prices remained relatively lower than most European countries. Foreign investors have been attracted to Greece, mainly due to the Greece Real Estate Investment Residency, despite the decision to double the cost of Greece Property Investment Visa. Five months after the policy change (i.e. August-December 2023), a total of 3,626 investors have submitted their Golden Visa applications[2], up by around 60% from the same period in 2022.
The average house prices in Central Athens[3] were at €2,177 per square meter in Q3 2024, €3,800 in South Athens, €2,400 in Thessaloniki, and €1,700 in Thessaloniki suburbs.
Those holding the Greece Real Estate Investment Residency are allowed to rent out the real estate purchased, but only for the long term. The investor can start renting the property immediately after the acquisition for additional income. In central Athens, specifically Athens Historical Center and Kolonaki – Lykavittos, gross rental yields ranged from 2.87% to 8% in Q1 2024, with a city average of 5.42%. Currently, the monthly rents for two-bedroom apartments in Athens range from €650 to €1,770. In Thessaloniki, a similar apartment rents for about €450 to €650 per month.
European Residency
Greece Real Estate Investment Residency holders can travel visa-free to all Schengen countries and EU countries that are not part of the agreement such as Romania, Croatia, Cyprus, and Ireland. This applies only to short visits of up to 90 days within 180 days. The number of days sums up for all states within the Schengen Area. For instance, within half a year, one can travel to France for 45 days, Spain for 15 days, and then to Italy for 30 days. Being able to travel and reside in Europe, is one of the key benefits of Greece’s Real Estate Investment Residency program.
Along with the investor, the Greek Real Estate Investment Residency is available to their close family investors, including the spouse or registered partners, the unmarried investor’s children under 24, the children of the spouse if they are under the investor’s custody, and unmarried, and the investor’s parents of any age. The application process is fast and takes 4 months or more.
[1] https://www.globalpropertyguide.com/europe/greece/price-history
[2] https://www.globalpropertyguide.com/europe/greece/price-history