Property in Greece with a residency permit
Buying real estate in Greece to obtain a residence permit is a popular option for many foreigners. The country offers a Golden Visa programme that allows you to obtain a residence permit when acquiring residential or commercial property. This makes the republic an attractive destination for investors seeking access to the European Union. The minimum price of properties in Greece to qualify for a residence permit under the existing programme is €250,000. However, from 31 August, the starting threshold will rise to €400,000. In certain regions, including popular tourist destinations such as Attica, Thessaloniki, Mykonos, and Santorini, the minimum investment amount will increase to €800,000. This also applies to islands with a population of over 3,100 residents.
The new programme to obtain a Golden Visa in Greece by property investment introduces several restrictions on foreign real estate owners:
- An investor aiming to obtain a residence permit can only purchase a single property for sale in Greece. The unit must have a minimum area of 120 m². This rule excludes the possibility of obtaining a residence permit by purchasing the most popular type of housing—studio apartments. Compact apartments and small houses are also restricted under this regulation.
- Golden Visa holders will not be allowed to rent out the acquired housing on a short-term basis, such as through platforms like Airbnb. Violation of this prohibition may lead to the annulment of the residence permit and a significant fine of up to €50,000. It is currently unclear whether these new restrictions will apply to those who have already obtained a Golden Visa.
However, the government has provided two exceptions where the minimum investment threshold remains unchanged at €250,000. The first relates to the purchase of historic buildings with the intention of restoration. In this case, to retain the residence permit, the restoration must be completed within 5 years. The second exception involves the renovation of commercial properties when an investor acquires an industrial building and converts it into residential premises. All construction work must be completed before applying for the Golden Visa.
These exceptions maintain the existing investment requirements regardless of the region and do not require adherence to minimum property size. It is important to consider that when purchasing real estate, associated taxes and fees can range from 5% to 11% of the unit’s value, increasing the total transaction costs.
Residence permit in Greece by buying property
The process begins with selecting real estate and obtaining legal consultation. After signing the contract and paying the deposit, the buyer proceeds with the following steps:
- They must open a bank account in the country and obtain an individual taxpayer identification number (AFM).
- Pay a deposit amounting to 10% of the total purchase price. Until 31 August 2024, the cost of property in Greece can be based on the €250,000 threshold.
- Pay the remaining balance of the investment.
- Submit all necessary documents for the residence permit to the immigration office, confirming the completion of the investment.
With the upcoming changes, if the investor pays the deposit but cannot finalise the deal by 31 December 2024, they are allowed to choose another property. In this case, the remaining amount must be paid by April 2025.
A long-term residence permit allows you to legally reside in the country, travel within Schengen Area countries visa-free, and access high-quality healthcare and education. The residence permit is available to all family members of the investor. After 7 years, you can apply for citizenship, provided you retain ownership of the apartment or villa in Greece.
This is not the only programme in the country that allows foreigners to obtain legal grounds for residence. Those not currently planning to invest in apartments or houses might consider the Digital Nomad Visa in Greece.
Investment real estate in Greece
Buying properties in Greece for investment purposes can be lucrative, with the steady rise in real estate values and the potential to achieve high returns appealing to foreign buyers. According to recent data, property prices in Greece have shown a strong upward trend. In 2023, the average price increased by 7% compared to the previous year, confirming the high profitability of such investments.
Demand for rental apartments in Greece, especially in tourist-attractive regions such as Athens, Santorini, and Mykonos, remains high. In the capital, short-term rental yields can reach 5–7% annually (note that obtaining a residence permit under this rental business model is not possible). Long-term rentals in major cities and popular resorts also show steady growth and are permitted for Golden Visa holders.
The programme that grants access to a residence permit when purchasing property generates additional interest in the market. Therefore, investing in residential or commercial real estate for sale in Greece not only preserves capital but also ensures stable income.