For those short on time: choose property reclassified from commercial to residential.
This is a must for new investors who want to secure a Golden Visa under the old conditions after September 1st, 2024, and take advantage of one of the lowest investment thresholds in Europe. Otherwise, you'll have to pay more.
As of this autumn, Greece has introduced significant changes to its Golden Visa program. The updates affect both the minimum investment budget and property management rules — notably, the ban on short-term rentals for investment properties.
These new rules have prompted many companies to adjust their property management strategies. However, they also bring new opportunities: investors can now acquire properties in lucrative areas, such as Athens, at half the previous cost and still enjoy all the benefits of the Golden Visa.
This is thanks to a key change: the minimum investment threshold for purchasing commercial properties reclassified as residential in Athens has been reduced from €500,000 to €250,000.
We’ll explain in more detail how these recent changes to Greek law have opened up one of the most affordable ways to obtain EU residency.
Starting from September 1st, 2024, the minimum investment required to purchase residential property in prestigious areas like Attica (including Piraeus and Athens), Thessaloniki, and popular islands with populations over 3,100 has increased from €400,000 to €800,000.
For the rest of Greece, the minimum investment remains €400,000, with two additional conditions:
At the same time, the minimum investment threshold for commercial properties converted to residential use has been cut in half. Previously set at €500,000 and accessible only to high-budget investors, the threshold has now been lowered to €250,000. One key condition: the property must be reclassified as residential.
These changes aim to encourage the restoration and renovation of commercial properties, particularly in major cities and tourist areas. In the long run, the investment migration system will not only benefit investors but also contribute to the economic growth of Greece, strengthening its position as an attractive destination for global investors.
Under the new conditions, the quickest and most affordable way to obtain residency through investment is by purchasing commercial property that has already been reclassified as residential.
A key advantage: these properties are not subject to the minimum size requirement, meaning they can be smaller than 120 square meters. Additionally, they are fully prepared for long-term rental, allowing investors to start generating rental income immediately.
This approach reduces risks associated with construction delays and uncertainties in the future rental market. Moreover, the swift reclassification of the property to residential ensures a quick path to obtaining residency.
Smaller Sizes (under 120 sqm):
When purchasing these properties, investors are not required to adhere to the minimum size restrictions set by the Golden Visa program for other properties. This frees you from additional maintenance costs and the expense of extra square meters. Smaller apartments are also in higher demand due to their more affordable rental prices, making it easier to find tenants quickly.
Larger apartments, on the other hand, may struggle to find tenants due to higher rent prices and fewer potential long-term renters in the market for such properties.
Low Entry Threshold:
With a minimum investment of €250,000, this option is accessible to budget-conscious investors looking to participate in the Golden Visa program. It is significantly more cost-effective compared to newly built properties, which now require a minimum investment of €800,000.
Quick Returns:
These properties are rental-ready, allowing investors to start generating income immediately after purchase. Some companies offer turnkey solutions for rapid rental, simplifying the process for investors.
We offer ready-to-go solutions: properties converted from commercial to residential, fully renovated, and ready for long-term rental. You can view our property listings here.
Disclaimer: The analysis is based on fully furnished, renovated apartments.
When selecting an investment project, one of the investor's primary tasks is calculating rental yield. A crucial factor is the relationship between the property's purchase price and the potential rental income it can generate.
Interestingly, properties priced at €250,000 can offer higher returns compared to properties around €800,000. Let’s break it down with current market offers to compare yields.
Property valued at €800,000
Examples of similar rental listings
Examples of similar rental listings
In the case of an €800,000 property, the rental rate, while higher, is not always proportional to the amount invested. High-end properties often come with significant maintenance costs and lower yields, as tenants at this price point expect a high level of comfort and amenities for their money.
On the other hand, properties priced at €250,000, particularly in regions popular with renters, offer a much more favorable price-to-yield ratio. Demand for these properties remains consistently high, especially among foreign students, employees of international companies, and tourists.
In Greece, there are far more people willing to rent accommodation for up to €1,500 per month compared to those who can afford €2,500 and above for long-term rentals.
Our experience also shows that companies are willing to rent properties for their employees at rates up to €1,500 per month.
In the end, smaller investments can deliver higher returns.
The Greek real estate market has a key feature: smaller properties, up to 120 sqm, offer better prospects due to their greater flexibility for rental purposes, especially in urban areas.
According to the analytical firm Knight Frank, properties under 100 sqm generate 15-20% more rental income per square meter than larger apartments or houses. This is important for investors aiming to generate income from rental properties.
Smaller properties yield higher returns due to:
Demand for smaller apartments: With many international company offices located in Athens, there is a steady demand for smaller rental apartments in the capital region. Many of these tenants are long-term renters, making smaller properties more liquid.
Lower operating costs: A smaller property means lower maintenance and upkeep costs. Additionally, long-term rentals, unlike short-term leases, do not require regular additional spending on marketing, booking systems, and guest services for check-in and check-out.
Many were concerned about the changes to the Golden Visa program, but in reality, they have opened a new "window of opportunity" for those looking to invest in real estate and obtain residency in Europe.
Properties priced from €250,000, particularly those ready or recently renovated, have become ideal options for investors. This approach lowers the barrier to entry into the market while providing stable rental income and minimizing risks related to long-term liquidity and construction.
While more expensive properties around €800,000 may prove less profitable due to higher maintenance costs, smaller properties priced around €250,000 offer strong rental yields and optimal conditions for obtaining a Golden Visa. As a result, Greece continues to be an attractive destination for investors, offering affordable and profitable investment opportunities.
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