Apartments for sale in Greece with residence permit
The country is located in the southern part of Europe and has access to several seas. The region is popular for relocation due to the large selection of property and developed infrastructure, including several international airports and ports. There is a large selection of beaches, leisure and sports centres, creating all the necessary conditions for living and relaxing.
A wide range of flats in Greece, which range from small studios to 2-storey penthouses, are available for sale. The layouts usually include kitchen-living rooms, bedrooms, bathrooms and balconies. Some housing units come with terraces, panoramic windows, Jacuzzi and walk-in wardrobes, as well as appliances and furniture.
Most of the residential complexes are on the secondary market. At the same time, property in Greece can be chosen among new projects and properties under construction. Modern buildings often include swimming pools, barbecue areas, gyms, playgrounds, car parks, security and VSS. The most prestigious complexes are located near beaches.
Athens, Corfu and Crete, which offer developed infrastructure and numerous entertainment facilities, are among the most popular locations for buying apartments. As for the cost of property, the most expensive houses in Greece are located in the capital, on the islands of Santorini, Mykonos, Kefalonia and Lefkas. More affordable options are found in the provinces of Karditsa, Florina, Imathia and Kilkis.
Residence permit in Greece by buying an apartment
Obtaining residency is an attractive opportunity for foreign investors. The country has a programme that issues residency if non-EU buyers buy a flat in Greece. In the first 4 months of 2024, more than 2,600 applications for residency were submitted.
A visa by buying an apartment for sale in Greece is issued for 5 years. It can be extended if the applicant continues to fulfil the conditions of the programme. After getting residency, it is possible to apply for permanent residence and later for citizenship. A resident who is interested in the latter option must pass examinations in Greek language, geography, culture, history and system of administration.
The transaction amount for a long-term visa must be at least €250,000 or €500,000, depending on the location of the property. As of 1 September 2024, the minimum cost of apartments in Greece for a residence permit will increase to €800,000 in Attica, Thessaloniki, Santorini and other prestigious regions, and to €400,000 in other locations.
The benefits of obtaining an apartment in Greece with a residence permit include the right to include a spouse, parents and children on the visa, with some restrictions on age and marital status. Other privileges include access to high quality education and health care. Residents can travel visa-free within the Schengen zone. After obtaining citizenship, you will be able to visit the USA, Australia, the UK and many other countries with an e-visa.
Investment apartment in Greece
The country is in demand among investors, which is influenced by the wide choice of properties, the availability of offers in different price categories and the high tourist potential. The attractiveness of the region is associated with an increase in housing prices: in Q1 2024 compared to the same period last year in urban areas cost increased by 10.7%. The maximum price increase was recorded in metropolitan areas and resort locations.
Apartments in Greece for investment are also popular with foreign buyers due to their lower price compared to other European countries. During 2023, foreign direct investment in property increased by 8% to €2.13 billion.
Owners can rent out properties, which will bring a stable passive income (but you will not be able to obtain a residence permit if you provide your home for short-term rent). The main tenants are tourists who choose property in resort locations near the coast, attractions and entertainment venues. The highest season is from April to October.
Apartments are also rented by entrepreneurs, freelancers and remote workers who have obtained residency under the Digital Nomad visa programme in Greece. In order to apply for it, it is necessary to prove an income of at least €3,500 per month.
The average return on investment for the country is 4.8% per year. The highest return on investment is for 1-bedroom apartments in the centre of Athens, which reaches 8% per annum. In some areas of Patras and Thessaloniki, the return exceeds 6% per annum.