Apartment in Athens with residence permit
The capital is the economic and cultural centre of the Mediterranean country with a well-developed infrastructure and major transport hubs. The city has many attractions such as historical monuments, temples, museums, parks and unique restaurants of local cuisine. The nearest beaches and marinas are located within a 20-minute drive from the centre. Due to the attractiveness of the city for tourists and people moving for permanent residence, property here is in high demand.
Apartments for sale in Athens, Greece, are the most popular housing option, which is represented by both studios and penthouses. The layouts usually include 1 or more bedrooms, kitchen, living room and bathroom. Some flats in Athens have balconies and terraces, air-conditioning, appliances and furniture. 2-level maisonettes with car parks and private entrances are also available.
Most of the residential buildings belong to the secondary market. New complexes are also offered in the capital, which are often equipped with swimming pools, sports grounds, areas for children, barbecue facilities, and underground car parks. Security and VSS guarantee safety in some modern projects.
The apartment prices in Athens are one of the highest in the country. The most expensive residences are located in the districts of Monastiraki, Kolonaki, Anafiotika, Plaka, Kropia and Vouliagmeni due to their proximity to famous historical sites or coastal locations. More affordable options are available on the outskirts of the capital: in Oropos and Skala Oropou, as well as in the suburb of Piraeus.
Residence permit in Greece by buying an apartment in Athens
The residence permit, also known as the golden visa, is a unique opportunity for foreigners. It allows you to obtain a residence permit in exchange for buying a flat or a house in Greece and moving to a European country. The programme was launched in 2013 and has attracted thousands of investors from all over the world. Thus, more than 2,600 applications were submitted in the first 4 months of 2024.
The main requirement for a Golden visa in Greece by property investment is the purchase of a residence worth over €250,000 or €500,000 for the most popular areas of the country. This transaction amount is valid until 31 August 2024. After this date, the minimum price of flats for sale in Athens will increase to €800,000 for the central, northern, southern part of the capital and its southern suburbs, as well as for other popular locations in the country. In other regions, the required value of a property to obtain a visa will increase to €400,000.
The initial residence permit is issued for 5 years. To renew, it is necessary to confirm the object ownership of the investor. The residence permit opens the way to a permanent residence permit, and in the far to citizenship. An applicant for a Greek passport must be over 18 years of age and have no criminal record, as well as pass examinations for knowledge of the language, history, geography, culture and the system of government of the state.
The programme also applies to the immediate family members of the property owner:
- spouse(s);
- parents of the owner and his/her spouse;
- children but with restrictions on age or marital status.
A residence permit offers many advantages, including the right to travel freely throughout the Schengen area without the need for additional visas. You do not have to be in the country permanently to maintain your status. Residents do not need to learn the language if they do not want to apply for citizenship in the future.
In addition to a residence permit for the purchase of real estate, there is a Digital Nomad visa in Greece. It can be issued to freelancers, entrepreneurs and remote workers with an income of €3,500 per month.
Investment apartment in Athens
Greece is a sought-after destination due to its stable currency, growing economy, business opportunities and well-developed tourism sector. The country is an attractive option for buying a home due to the wide range of properties in different price categories, configurations and locations. The value of property in urban areas increased by 10.7% in Q1 2024 compared to the same quarter of the previous year. Prices in Athens showed an increase of 9.35%.
Buying apartments and villas in Greece is favourable for long-term investments. Apartments in Athens for investment will bring stable passive income when rented out. Here housing is rented by tourists who come to the city to visit world-famous sights and relax on the seashore. Rentals are in demand among students, retirees and freelancers who move here for a long period of time.
Return on investment in the capital averages 5.4% per annum. The highest return in the Ahearnon area is 8% per annum for a 1-bedroom flat. In Kipseli and Patissia, the return on investment for such residences reaches 7.75% per annum.
Apartments in Athens can be bought not only in finished buildings, but also in projects under construction. A prestigious community with residential complexes, sports grounds, beaches and places for walking will be created in the suburb on the site of Ellinikon Airport. The new project is an attractive option for own residence and rental flats.