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.
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:
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.
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.
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.
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:
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.
And here’s why:
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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