Guide to Choosing Property for Greece’s Golden Visa

Greece’s Golden Visa programme has been running since 2013 and remains the most popular among its European counterparts. In 2024 alone, Greece received over 9,000 applications for the Golden Visa. Today, it stands as one of the fastest and most accessible paths to legal residency in Europe.

In this guide, we’ll walk you through how to select high-potential properties, what to pay attention to, and share some attractive investment options.

Why Invest in Greek Real Estate?

Property prices in Greece have shown steady growth. According to the Bank of Greece, prices rose by 6.6% nationwide in 2024 and by more than 60% over the past 10 years. Athens and Thessaloniki continue to lead, with annual property increases of 14.1% and 16.4%, respectively. A similar trend is also seen in the rental market.

The Greek economy is steadily recovering from the 2008 crisis, and demand for real estate now twice exceeds the supply. This means investors can expect 4-6% annual rental yields, while property values remain resilient and resale-friendly.

Real estate in Greece is also significantly cheaper than the European average:

*Source: https://www.numbeo.com/cost-of-living/

Programme Requirements

To participate in the programme, you will need to buy property in Greece from €250,000. As of September 1, 2024, Greece introduced two investment zones with different entry thresholds:

• From €800,000: Athens, all of Attica, Thessaloniki, Crete, Mykonos, Santorini, and all cities/islands with populations over 3,100.

• From €400,000: All other regions.

Investors can purchase a single property from a developer with a minimum area of 120 sq.m. Short-term rentals are not allowed for properties acquired under this programme.

However, the €250,000 minimum investment still applies in two cases:

1. Commercial-to-residential conversions: You can invest in a commercial property and redevelop the building into residential units. The developer must obtain the permits and fully renovate the property, delivering new apartments or homes with modern finishes and energy-efficient systems.

2. Restoring listed heritage buildings: The investor must personally manage the restoration process. Renovations must be completed within 5 years, or you will not be able to renew your residency permit.

These options are especially popular in Attica, where there are many buildings in need of renovation. This allows you to invest in prime locations at a lower entry cost. Properties of all sizes qualify—from compact studios to spacious duplexes.

Requirements and Benefits

Programme requirements are minimal, with the below applying to this option:

• Applicant must be over the age of 18

• Have a clean criminal record

• No entry bans to Greece or the EU

• No previous or current Greek or EU citizenship

• Prove the legality of your funds

The residence permit is valid for 5 years and can be renewed indefinitely. You can also include family members in the application, including your spouse, children under 21, and both sets of parents.

Processing takes around 3-6 months, and there is no requirement to live in Greece unless you plan to apply for permanent residency or citizenship later on. One trip is required to submit biometrics but everything else can be handled remotely.

Key benefits:

• Visa-free travel within the Schengen Area

• Access to international banking and asset protection

• Ability to relocate your business to Europe
• Access to top European education and healthcare

• Safe, high-quality lifestyle in a warm Mediterranean climate

• A reliable backup plan for your family

• Eligibility for Greek citizenship after 7 years (upon adhering to certain conditions)

To obtain residency, you need to buy a qualifying property, register the sale with a notary and the land registry, and submit your documents to the immigration authorities. You can do this independently, but professional assistance is strongly recommended.

Good to know

To avoid any mistakes and minimise the risk of a residence permit being denied, it’s best to work with experts who understand the specifics of the Greek visa system. Astons specialists will handle the entire process—from document preparation to property selection. Contact our team today for a free consultation.

Top Cities in Greece to Buy Property

Athens

The Greek capital remains a top choice for both tourists and expats to visit, reside in, and explore. Not only is it one of the country’s main transportation hubs and the starting point for many journeys through Greece, but it’s also a modern city with a well-developed infrastructure. In addition to its world-famous historical and cultural landmarks, Athens is home to corporate headquarters, leading universities, government institutions, and everything needed for a comfortable lifestyle—including schools, kindergartens, hospitals, pharmacies, shopping centres, restaurants, and much more.

Athens also has some of the highest property purchase and rental prices in Greece. The city’s dense, older construction limits opportunities for new developments, and there’s a restriction on building structures higher than 7 stories. Small one or two-bedroom apartments near metro stations, universities, and business districts are in particular high demand for long-term rentals. One of the key advantages of residential complexes is private parking—a rare and valuable feature in Athens, as with many older European cities.

Contemporary Residential Complex in the Heart of Athens

Residential Complex Overlooking the Acropolis

Apartments and Duplexes in the Heart of Athens

Stylish Apartments in the Center of Gazi, Athens

Apartments with Breathtaking Sea Views, Athens

Piraeus

Piraeus is the largest suburb of Athens, located just a 15-minute drive from the capital. It’s well connected to other major Greek cities, thanks to the Athens metro line and the nearby European highway E75.

The Port of Piraeus is the largest in the Mediterranean and one of the most important global shipping hubs. Ferries depart here to Greek islands and neighbouring countries, and the area features several marinas. The cost of living in Piraeus is slightly lower than in Athens, property prices are rising faster, and demand for rentals remains steady even in the off-season—despite the city not being considered a major tourist destination.

Stylish Apartments with Spacious Layouts and High Ceilings in Piraeus

Stylish Apartments near the Metro in Piraeus

Quiet Haven Near the City Centre

Comfortable Detached Villas in Athens

Serviced Apartments in a Landmark Development

Athens Suburbs

Many families choose to live in the suburbs of Athens for a more relaxed pace of life, with fewer tourists, and an abundance of parks and greenery—while still being just 20-30 minutes by car from the city centre. Kifisia and Chalandri are upscale northern neighbourhoods, favoured by affluent expats for their clean environment and cosy atmosphere.

Glyfada, which is an elite southern resort area, is known for its luxury hotels, pristine beaches, and Greece’s best golf courses. Voula, Vari, and Vouliagmeni—the gems of the Athenian Riviera, also attract residents with their stunning natural scenery and peaceful lifestyle.

Modern Property Development in Chalandri

Stylish Maisonettes with a Pool in Kifisia

Apartments 5 Minutes Walk from Kavouri Beach, Voula

Three-storey Apartment Complex in Glyfada, Athens

Exclusive Modern Residences with Private Pool in Elliniko

Thessaloniki

Thessaloniki is the second-largest city in Greece, and in 2024, property prices here outpaced even those in the capital. The city boasts excellent infrastructure, with strong sectors in commerce, education, and healthcare. It’s also located near stunning beaches with crystal-clear water. People are drawn to Thessaloniki for its clean environment and competitive salaries, which means residents here can have the best of both worlds.

Halkidiki

Halkidiki is a peninsula in northern Greece, where the Aegean Sea meets beautiful pine-covered forests and mountains. The waters here are exceptionally clean, and the beaches are considered some of the most pristine and well-equipped in the country. Thanks to its location, Halkidiki is a convenient place for both tourism and year-round living.

Premium Villas with High Rental Yield in Skala Gerakini

Luxury Villa with Roof Terrace in Halkidiki

Three-Storey Villa in Hanioti, Chalkidiki

Peloponnese

The Peloponnese is the southern part of mainland Greece, and is known for its clear sea, beautiful landscapes, and rich history, with numerous cultural and historical landmarks. Its central location offers easy access to other regions of Greece, and with its well-developed infrastructure, the Peloponnese is an attractive option for those considering a permanent move. This is worth keeping in mind when looking for property in Greece.

Furnished Maisonette Near the Main Corinth Harbor

Greek Islands

Living on the islands may come with a few limitations, but many expats choose them for their unparalleled relaxation surroundings. Island properties tend to rent well even for long-term stays, especially those located in residential neighbourhoods with good infrastructure and everything needed for comfortable living.

Apartments in an Area with Developed Infrastructure, Chania

Luxurious Villa with Breathtaking Sea Views in Lefkada

New apartments close to the beach in Paros

What Budget Should You Plan For?

In Athens and its suburbs, you can buy one or two-bedroom apartments for around €250,000. These are often located in fully renovated buildings that have been transformed into modern residential complexes.

Astons offers a wide portfolio of properties not available on the open market, working directly with developers to provide exclusive options tailored to individual client needs.

When planning your budget, it’s important to consider mandatory fees and additional costs, including:

• Property transfer tax – 3.09% of the purchase price

• Land registry fee – from 0.6% of the property value

• Notary fee – from 1.5% of the property value

• Immigration fees – from €2,000 for the main applicant and €150 for each family member over 18

• Residence permit card issuance fee – €16 per applicant

• Power of attorney preparation – from €150

• Translation services – from €150

• Health insurance – from €150 per person

If you plan to rent out the property, you probably won’t need to furnish it, as in Greece, tenants typically prefer to rent unfurnished apartments and bring their own furniture. For those who want a ready-to-move-in home, there are fully furnished options available. In all cases, developers deliver the units fully renovated with a fitted kitchen, modern appliances, and fully equipped bathrooms.

How Much Does it Cost to Maintain Property in Greece?

Property owners in Greece are required to pay taxes and cover maintenance costs.

Important! You have to retain ownership of the property to keep your residence permit. Otherwise, your resident card may be revoked.

Rental income tax in Greece is calculated progressively like personal income tax:

• 9% on income up to €10,000 per year

• 22% on €10,000-€20,000

• 28% on €20,000-€30,000

• 30% on €30,000-€40,000

• 44% on income over €40,000

Rental income tax applies even if you live outside of Greece.

If the property is owned by a legal entity established by the investor, a corporate tax of 22% applies.

Investors purchasing property worth €500,000 or more may opt for the Non-Dom tax regime, which replaces all personal income taxes with a flat annual tax of €100,000—potentially much more favourable than the 44% maximum personal tax rate for high earners.

You’ll also need to account for property ownership taxes:

• The base rate ranges from €0.1-13 per sq.m, depending on the size, location, and age of the property.

• An additional surcharge applies: 0-1.5% for individuals and 0.55% for legal entities, based on the cadastral value.

• Municipal tax: 0.025-0.035% of the cadastral value, depending on the municipality.

Utility bills for an apartment of 85-100 sq.m typically range from €200-300 per month, covering electricity, water, sometimes gas (metered), building maintenance, and waste removal. Heating depends on the building, as older complexes may have a central boiler, while newer ones usually feature autonomous systems for each individual apartment. When the property is rented, tenants typically pay utility bills themselves—often via private contracts with the utility providers.

If you’re interested in obtaining a Greek residence permit through investment, reach out to Astons for a free consultation. Our experts will guide you through every step of the process—from submitting your application to receiving your residency documents.

Tamara Chetcuti

Head of Astons Athens Office