Villa in Athens for a residence permit
A house in Athens, Greece, can become a comfortable place for permanent residence and seasonal holidays and a source of high and stable profits. The capital attracts foreign investors with its developed infrastructure, numerous leisure opportunities, and iconic sights. It is the economic and cultural centre of the country, so villas and houses in Athens are in demand among expats and tourists alike.
Some of the capital's most popular neighbourhoods for buyers of a house or apartment in Greece include:
- Monastiraki is a major neighbourhood combining modern charm and a distinctive old-world feel. The Acropolis of Athens, the nation's most famous site, is not far from it. The area is quite popular with travellers because of its many hiking routes that provide stunning views of ancient Greek monuments and its array of eateries, souvenir stores, flea markets, and sightseeing options.
- Paleo Faliro. The area's main advantages are well-appointed beaches, coastal facilities for leisure and recreation, and the city's best marina. It was here more than 20 years ago that the Summer Olympic Games took place, and maritime museums and other attractions were built for the opening of the Games. The city centre is just a short drive away.
- Encircled by thick nature, the northern suburb boasts numerous luxurious houses and castles. Those who enjoy a more private setting and dislike the intense heat of the southern shore are drawn to local real estate.
Residence permit in Greece by buying house in Athens
The local government is interested in attracting foreign investors, so foreigners can apply for a golden visa in Greece by property investment. Today, to participate in the program, it is necessary to purchase an object, which starts from €250,000 or €500,000, depending on the location, but from the end of August 2024, the amount will be increased. If the property is situated in the city's northern, central, or southern regions, the minimum investment threshold for capital is now €500,000.
One of the main advantages of the Golden Visa program is the residency card, which has a 5-year validity and can be renewed indefinitely. Because of this special flexibility offered by the Greek program, participants are exempt from requirements that, in contrast to other residence card systems, include proving their income and savings, applying for a D visa, or having to live somewhere.
The investor must be of legal age and have no criminal record in other countries. They may include in the application a spouse or partner with whom they have a registered cohabitation contract, children under the age of 21, children under the age of 24, and children of a spouse under the age of 21 in their care, and parents (their and spouse's). All children claiming residency must not be married.
Among the main advantages of visas, including the investment visa and the digital nomad visa in Greece, are:
- The right to visa-free travel within Schengen countries.
- The possibility of applying for residence permits for family members.
- Access to health and education systems.
- The right to obtain a passport after 7 years of residence in the territory of the Republic with the status of resident.
For those interested in the investment program, it's worth noting that after 31 August 2024, the minimum investment threshold will be raised to €400,000 and €800,000, depending on the property's location. However, applicants who make a deposit and don't complete the transaction by the end of this year will still be able to purchase the property and process the visa at the old prices until 30 April 2025, thanks to flexible conditions.
Investment house in Athens
Villas in Athens for investment remain among the most attractive items on the property in Greece for the following reasons:
- The cost per square metre in the city is significantly lower compared to other European capitals.
- In the context of the EU energy crisis, the number of foreign nationals and visitors — representing a significant demand for buyers and rentals — keeps increasing.
- The interest of foreign buyers has shifted from the country's island resorts to the central and northern parts of the capital.
In the city's coastal districts, income from short-term rentals can reach an astonishing 5–7% annually, offering investors substantial yields and a quick payback on their investment. Even if it needs a lot of work from property owners, the rental business can be effectively run by hiring a management company to handle things like guest management, tax accounting, and property upkeep.
Also, owners of a villa for sale in Athens can confidently anticipate resale profits as Greek property values are rapidly rising. The local property prices have shown a great potential for long-term value appreciation, as seen by their increases of 10.76% year-over-year in Q1 2024, 12.48% in Q4 2023, 13.04% in Q3, 15.22% in Q2, and 15.91% in Q1.