Spring 2025. We’re witnessing a true real estate boom in Athens
The Renty team has already doubled its sales target.
This isn’t marketing hype — apartments are literally flying off the market. And it’s happening everywhere.
Many deals are completed remotely: buyers don’t even visit in person — they simply purchase whatever’s available.
So what’s going on? Why such high demand — and what comes next?
The conclusion is clear: prices are going to rise.
We’ve done our research and identified 6 key factors driving the current market.
These are based on firsthand observations and a deep dive into the current market situation.
Investors are not coming to Greece for penthouses with sea views — they’re looking for a simple, effective formula:
buy an apartment → get a residence permit → earn rental income.
That’s why they focus on three main criteria:
This isn’t about relocating — it’s about buying European residency with added rental yield.
Documents and ROI are the two main drivers. The higher the yield, the faster the deal closes.
As of September 2024, the rules for the Golden Visa program have changed.
Now, you can only qualify for the €250,000 visa by purchasing a property that has been converted from commercial to residential use.
All other property types now fall into the €400,000–€800,000 range.
Yes, you can still buy for less — but it won’t qualify for the Golden Visa.
What’s the result?
Everyone is now chasing converted apartments priced between €250,000 and €400,000 — but supply is limited.
To create a property eligible for the €250,000 Golden Visa, a developer has to:
In the past, properties could be sold “off-plan” — now only after purchase and conversion.
The result? Such apartments are extremely limited — especially in Athens.
According to Greece’s Ministry of Migration, the average demand for the Golden Visa program is around 5,000 applications per year.
So, for 5,000 potential applications, the market can offer just 309 (!) qualifying properties at the €250,000 mark.
That’s 16 times more demand than supply.
It’s already clear that finding the right property isn’t easy. And here’s another factor:
Until recently, investors could choose between two main programs offering EU residency through real estate investment:
Now, Spain has shut down its program.
Looking at the past 3 years, Spain received an average of 3,200 applications per year.
With its closure, that demand is now shifting — to Greece.
It’s reasonable to assume that part of the applicant flow that previously chose Spain will now shift toward Greece — especially those buyers who weren’t looking for a luxury villa by the sea, but rather planning to invest in real estate to obtain residency.
Below is a chart comparing application volumes in Greece and Spain.
Most Golden Visa investors come from countries experiencing political or economic instability.
In recent years, these conditions have only worsened — and demand has grown as a result.
Application volumes by country:
Key market conditions in 2025:
Sources:
From our own experience — and that of our partners — we’re seeing clear trends:
Basic market logic applies: “If demand rises — raise prices.”
If rumors resurface in summer 2025 — about the Golden Visa program shutting down or raising its investment threshold — price growth will accelerate.
Right now, there are just 309 properties on the market that meet the €250,000 Golden Visa criteria.
Demand is dozens of times higher.
Stricter rules may come as early as late summer — just like they did in 2024.
Those who delay may face two options:
The worst decision is to wait.
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