7 min.

Apartments in Athens for €250,000 Are Still Available: How to Invest Smart and Obtain a Golden Visa

Published on
September 9, 2024

As of September 1st, 2024, new changes to Greece’s Golden Visa program have raised the minimum investment threshold to €400,000. However, despite the new rules, investors can still purchase apartments in central Athens for €250,000 and qualify for residency.

There are many myths circulating in the market. One is that the only option for the Golden Visa is purchasing homes in remote areas for €400,000. Another is that only large apartments starting at €800,000 can be found in Athens. Finally, some believe that only properties with a minimum size of 120 m² are eligible for the Golden Visa program.

The rumors that real estate under the Golden Visa program is now out of reach are simply not true. There are more affordable and profitable options available. We’ll tell you where to find them.

What to Buy: Investment Options in Greece’s Real Estate Market

Let’s explore three key options available to investors in Greece’s real estate market, especially for those looking to participate in the Golden Visa program: homes typically priced at €400,000 and above, luxury apartments in Athens for €800,000, and renovated apartments starting at €250,000.

Your final choice will depend on your goals. Homes are primarily appealing to those seeking larger properties for personal use rather than for investment purposes.

Luxury apartments offer prestige and prime locations, but the high entry price and limited demand for high-end rentals make them a less attractive investment option. Renovated apartments in central Athens provide the best price-to-return ratio, making them the ideal choice for those looking to secure a Golden Visa while also maximizing rental income.

The decision is yours, so let’s take a closer look at each option:

Homes

  • Minimum Size – 120 sqm: According to Golden Visa requirements, properties must have a minimum of 120 square meters. This automatically makes them more expensive to maintain and less liquid for long-term rentals.
  • Price per Square Meter: With a minimum price of €400,000, the average cost per square meter is approximately €3,333, which aligns with market rates. However, given their distance from city centers and higher maintenance costs, these properties are less attractive for long-term rental investments.
  • Low Rental Yields: In Greece’s more remote regions, rental rates for such properties are relatively low, leading to reduced annual yields. According to Renty, rental rates often do not cover the high maintenance costs associated with these homes.

New Luxury Apartments

  • High Cost: Priced from €800,000 and with the same 120 sqm minimum size requirement, the price per square meter rises to €6,667. This significantly exceeds the market rate for apartments.
  • Low Rental Demand: Despite their luxury status, demand for rentals in this price range is typically low. To achieve a modest 3% annual return, you would need to rent such a property for at least €2,000 per month. Renters who can afford such high rates are in the minority.
  • Construction Risks: Many of these projects are still under construction. Delays, changes in terms of delivery, additional expenses, and legal complications can significantly impact the return on investment.

Renovated Apartments (Converted from Commercial to Residential Use)

  • Optimal Size and Price per Square Meter: Typically, these apartments range from 70 to 75 sqm, making them the ideal choice for investors seeking to obtain a Golden Visa without the additional costs associated with larger properties. The price per square meter starts at €3,500, aligning with market rates in central Athens.
  • High Rental Demand: Central Athens consistently sees strong rental demand. The area attracts students, foreign professionals, and tourists, allowing investors to find tenants quickly and secure a steady income stream.
  • Ready for Rental: Renovated apartments can be rented out within 2-3 months, providing faster income compared to new builds, where you might need to wait up to two years for construction and finishing.
  • High Yield: Compared to more expensive options, these apartments offer higher returns due to their lower purchase price and strong rental demand. Our data indicates that these apartments can generate up to 5% annual returns from long-term rentals, significantly outperforming luxury properties and homes.

Determining the Best Rental Yield

One of the key factors when choosing an investment property is the rental yield. To help with this decision, we analyzed available listings and factored in the performance data of Renty properties.

Apartment for €250,000
The average rental rate for a renovated apartment in central Athens ranges from €900 to €1,000 per month. This translates to an annual income of €10,800 to €12,000 from long-term rentals. Based on the property’s price, the yield is approximately 4.3% to 4.8% per year.

House for €400,000
In the suburbs of Athens, such properties can be rented for €1,200 to €1,400 per month, yielding an annual income of €14,400 to €16,800. This equates to a rental yield of 3.6% to 4.2%.

Apartment for €800,000
Premium apartments in Athens can command rents of €2,000 to €2,500 per month, generating an annual income of €24,000 to €30,000. However, despite the higher rent, the yield is lower—just 3% to 3.7%, meaning a lower return on a larger investment compared to a smaller, renovated apartment.

Therefore, when choosing a property on the secondary market, you can invest a smaller amount and still achieve a higher return.

Investment Property Management Strategy: Details, Costs, and Income

Under the new rules of the Golden Visa program, short-term rentals and subletting are prohibited. The only viable option for investment properties is long-term rentals. Choosing the right management strategy becomes a key factor in ensuring stable returns.

We help investors avoid one of the most common mistakes—overlooking the full range of costs associated with property ownership.

We offer comprehensive property management services, from signing long-term rental agreements with tenants to handling all property maintenance issues. This provides our investors with transparency, stability, and the ability to focus on income while minimizing operational risks. As a result, we offer guaranteed returns for Renty properties participating in the Golden Visa program.

Let’s break down the key points of calculation to give you a complete picture of rental returns and assess the profitability of your investment.

Here's What We Focus On:

Annual Rental Income
The average market rent for newly renovated apartments in the prime areas of Athens reaches up to €1,200 per month. This translates into an annual income of €14,400 (calculated as €1,200 × 12 months).

Operating Costs and Management
Our calculations include the primary costs associated with property management and maintenance, such as property management fees and upkeep.

  • Property Management Fees: These typically amount to 10% of the rental income, which equals €120 per month or €1,440 per year. This covers tenant sourcing, contract handling, and day-to-day management tasks.
  • Maintenance Costs: Annual maintenance expenses range from €1,000 to €1,500, covering minor repairs and preventative maintenance of the apartment’s systems.

Taxes on Rental Income
In Greece, rental income is taxed at 15% for income up to €12,000 and 35% for any amount above that. For a property generating €14,400 per year, the tax will be approximately €2,500 annually.

Annual Costs to Expect
Over the course of the year, investors should expect management-related expenses of:

  • Property Management Fees: €1,440 per year.

Net Annual Income
If the rental income brings in €14,400 annually and total management costs amount to €1,440, the net income will be €12,960.

This breakdown helps investors understand their potential returns after accounting for expenses, offering a clear view of rental profitability.

By investing €250,000 in an apartment and paying a 3% tax on the purchase price—amounting to €7,500—the total investment comes to €257,500. With an expected annual return of 5%, this provides a yield that surpasses the average rate for bank deposits and some other types of investments, making the purchase of an apartment a profitable decision.

Renty Partners Choose to Invest in Renovated Apartments

And here’s why:

  • Lower Investment Amount: A €250,000 apartment is one of the most affordable options across Europe, while still allowing investors to qualify for the Golden Visa program.
  • Higher Returns: Apartments priced at €250,000 offer better returns compared to houses at €400,000 and luxury apartments at €800,000.
  • Lower Maintenance Costs: Renovated, smaller properties are easier and cheaper to maintain compared to larger houses and luxury properties, which helps reduce operational costs.
  • Stable Rental Demand: Central Athens is a popular location for renters, especially employees of international companies and students. Smaller apartments are always in demand, ensuring a steady rental income.
  • Liquidity Risk: Houses in remote areas or larger, expensive apartments are harder to rent or sell. In contrast, more affordable properties in central Athens quickly attract both tenants and buyers.

Key Takeaways

Investing in renovated apartments for €250,000 in central Athens offers a unique opportunity to obtain the Greek Golden Visa with minimal investment. In addition to being affordable, these properties provide higher rental yields compared to more expensive real estate.

Often, these apartments have been converted from commercial spaces, such as offices, into residential units, making them highly desirable in the rental market. They require lower maintenance costs, offer high liquidity, and ensure stable profits.

Following the recent changes to the Golden Visa program, these apartments remain one of the most attractive real estate options in Greece.

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