By maintaining the Golden Visa program, the Greeks retained the winning ticket. Their real estate can simultaneously solve an important task for thousands of people. It's a small matter: to solve it as efficiently as possible, including financially.
Greece's Golden Visa: Is It Possible To Combine Obtaining A Residence Permit And Profitable Investments In Real Estate
Considering the picture "Getting a golden visa for Greece and investing in real estate", one must keep in mind: it is not the one that existed before October 2024, when the simplified conditions looked like this: buy any apartment more expensive than € 250 thousand and get a residence permit.
The rules have become more complicated, there are more nuances, and in order to combine the two tasks – that is, to get a residence permit and buy a good investment property, you need to try hard.
Property For €250,000: Investment Or Payment For A "Golden Visa"?
The threshold of €250,000 has been retained for special categories of real estate. In particular, for objects that are being transferred from the category of commercial or any other non-residential to residential. There are also historical monuments, temples, and mansions that can be found on the islands and that are occasionally used.… But we will still be discussing a more realistic possibility.
I will say categorically: in most of these cases, we purchase real estate, migration status, but that's all. Not an object for your own living, and certainly not an object where you can earn good money.
Why is that? Thanks to the terms of the Golden Visa, the Greeks found themselves in a winning situation. They can put abandoned territories in order and sell objects that actually cost 50-60 thousand less even after repairs.
Overpayment For A Residence Permit: When Is It Justified?
I'll explain it using the example of Athens. A wonderful city where rental is in demand. You are offered an office, or rather, a room that was once an office. The developer is carrying out a complete reconstruction, officially transfers it to the housing stock and sells it to us as an object under a "golden visa".
A normal operating scheme? Technically– yes!
But let's look at it not only at the time of purchase. Let's evaluate the way out of this deal, because you, an investor, will someday want to get rid of the property.
In most cases, after looking at apartments of similar size in a similar location, you will see that they are sold for €195-200 thousand. You will hardly have many opportunities to increase the price of ready-made housing. The conclusion is simple: you are OVERPAYING for a residence permit.
If the real cost is not 190 thousand, but 160 thousand, this is already an absolutely illiterate, hopeless investment, which not only will not lead to income, but also – with some probability – will become a burden.
But what if the object is located in a great area, can bring decent money and is quite liquid? Is this possible? Yes, but housing in such quarters of Athens does not cost € 150-200 thousand, it costs more. If the average price of a small apartment is 230-250 thousand euros, then it's not so scary to overpay 25-30 thousand for it, having received a residence permit for it.
Therefore, the main question I ask myself when offering facilities to investors is: if the Golden Visa were canceled tomorrow, would I buy this facility at a price close to today's price or not? The response determines further actions. You can overpay, but within reasonable limits.
How To Choose Liquid Real Estate For The "Golden Visa" Of Greece
So is it possible to combine a residence permit and an investment, if we are talking about a threshold of 250,000 euros? Yes, if we act in the opposite order. First, find a good property in the right location with a normal price per square meter, corresponding to the current market. And only then buy.
But I must say right away: there are very few such offers, and when choosing an option, it is important to take into account the Greek specifics. Who will rent? Who will outbid you in five years? I see a real chance in apartments of 65-75 square meters, probably on the ground floor, in an area where there are many Greeks.
Not impressive? Well, an investor often chooses an apartment according to their wishes. It seems to him that a small apartment with a balcony in a former factory, put in order, would be the best option. And it doesn't matter that on the next balcony, neighbors from unknown countries will roast herring in beer, preserving their culinary traditions.… This approach leads to the fact that the price is too high, and the exit from the investment is difficult.
Two more risks that are important to mention. The first is when you are offered to pay the rental income for three years in advance. That is, they give money for an object that has not yet been commissioned. This only means that the amount is included in the price of the object being sold – you pay for yourself.
Secondly, be careful when the offer contains only beautiful pictures. The facility will be completed in two or three years, and you are in a hurry to buy it in order to apply for a residence permit as soon as possible. Alas, deadlines are difficult, if not impossible, to guarantee, and if you want to earn money, for example, on rent, be prepared for the fact that you will receive the first payments later than expected.
Tip: choose small, maybe more modest, but already built facilities.
Real Estate For €400,000: Why The Minimum Budget Is Not Enough
The threshold is 400 thousand euros. I'm skipping, again, because today there are decent facilities in interesting locations that fit the program (that is, more than 120 square meters. m of living space – without Parking, storage rooms, etc.), in the same Halkidiki, which are open for this amount, they still cost at least 400 thousand euros.
Investors who apply for a "golden visa" with a specific threshold will never spend this amount penny by penny. There will always be a lot more. So let's move on to options starting from €800k.
Real Estate From €800,000: Does A High Budget Guarantee A Successful Investment?
Of course, the risk described above must be taken into account when choosing more expensive "pre-threshold" options. As long as there is a "Golden Visa", there will be a temptation to bring any object up to the required threshold. Trying to sell an apartment on the Athenian Riviera for 600 thousand for 800 is also a normal practice.…
That's why I've been saying for a long time: a liquid object for a residence permit is not at all about 800,000 euros, but about a "million plus". When a family is looking for something for their own permanent residence, a good option is an apartment of 130-140 sq. m. Locations are Glyfada, Voula, Alimos, that is, the Athenian Riviera.
And, my friends, the price today is exactly the same even without a "golden visa" in this area. But you understand that your overpayment for a residence permit is minimal, and you become the owner of high-quality housing.
Consider the case
The investor says: I have 800,000 euros, I don't care where to buy, I want to get a residence permit and maximum income.
How can this income be? Long-term rental is only possible for objects with a residence permit. Receiving €3,000 per month is very optimistic, but it is more realistic to receive €2,000. But even if the income is maximum, it will be taxed progressively. After calculating the costs, we calculate a yield of about 2-2.5%.
In the above–mentioned areas of the Athenian Riviera, the figures may be higher, but objectively, long-term rentals will not bring large percentages anywhere.
Investment Strategy
So what should an investor do? My recipe is this.
If there is a need to earn income from real estate and you are ready to invest a "million plus", I would advise you to first spend a little more than €250 thousand, become independent in your status, tying it to a small apartment that can be rented out for some money for a long-term lease.
And then I would give you my blessing to buy a quality property – a villa – on the islands, in those places where you will receive income from short-term rentals.
Resume
The purchase of an object of about € 250 thousand often solves only the primary task of obtaining a residence permit.
An investment of more than 800,000 euros can be both good and not so good. It all depends on the specific object, the price, the location and the tasks that you set for yourself.
The option that should alert you is when they simultaneously promise a "golden visa", and 5-7% guaranteed return (with usual figures in Greece, 3-4%), and an increase in value, and a guaranteed buyback. The more promises there are in one brochure, the more carefully it is worth checking the economics of the deal.
The best scenario is more boring, more prosaic, and may even disappoint many. But! You are buying liquid real estate at a price as close as possible to the real market. It is rented for a long time at the current rate. After that, you become independent in your actions when investing in expensive real estate.
Luxury Real Estate In Greece: How To Buy
it in 2026 pleased realtors with numerous requests to search for real estate on calm green islands with beautiful marinas. Including on my favorite island of Corfu.
But when choosing an elite villa and wanting to find the best, the buyer should be prepared for the fact that such a purchase is strongly tied to psychology. The psychology of the seller.
Over a quarter of a century of living in Greece, I have learned to feel, explain, understand and accept it, often playing the role of moderator in transactions. That is, a person who extinguishes nervousness, aggression and simply explains why the owner behaves one way or another.
Features Of Negotiations With Owners
How does the Greek proprietor think? To begin with, the Greeks perceive land not as a simple asset, but as something that belonged to their ancestors. "My grandfather rode a donkey here, my grandmother picked pears here" – the Greek does not sell real estate, but history. The story of his family. Therefore, at the beginning of the conversation with the seller, we will definitely hear it.
A foreign buyer, of course, evaluates the entire product – and this is generally correct. What is the way to the house? Is there a swimming pool? What is the condition of communications, wires, pumps? How many bedrooms? Is it possible to use the house immediately?
The Greek's view is completely different. They really approach negotiations from the position of "I won't give up my own just like that."
Why Are The Owners Of Luxury Real Estate In No Hurry To Lower The Price
The owner is not necessarily motivated to sell quickly. After all, you often don't buy expensive properties from the poor: luxury villas are owned by wealthy people who sometimes don't even need money. For them, the stated amount is not a price, but a bonus or, more precisely, compensation that he receives for parting.
It seems to be a logical question: if the object has been on sale for so long, why has its price been rising for five years? But answering in the style of "it's not for sale, so now we'll quickly bargain for it" is the worst start for any negotiations with a Greek.
Get it right: the person is really selling and is happy with the customer. But his object is his gem. He states the price, say three million, simply because his emotions demand such a figure.
Therefore, in no case should you start negotiations by listing the shortcomings that you have noticed. "It's leaking here, the wall is peeling, there's mold, and in general this junk was built 25 years ago"... The buyer may be right a thousand times, but what will the Greek hear? His villa, no, his pearl is bad! This is the end of communication right away!
Even when we see a really "tired" villa, it's better to praise it first, to pay attention to how beautiful the owner's olive garden is, how beautiful the house is. And only then can we start a substantive conversation: here we would like to touch up, fake, and so on.…
How To Negotiate A Discount When Buying A Villa In Greece
How do you find an owner who is ready for quick negotiations, quick actions and a more pleasant price?
Here you need to take into account the nuances of a particular seller, say, his family circumstances. For example, does he have any heirs? If there are several of them, contradictions are likely within the family. One son lives in London, the other in Athens, and the third urgently needs money. In this case, the sale of the villa becomes a task for the family, and the inheritance needs to be turned into money.
Another option is when the whole family has moved away, its members live far away, and the villa is empty. Distance makes owners more accommodating. And now what was a "three million pearl" becomes the subject of negotiations ... No, of course, not for 2 million, but for 2.7 or 2.5. With a buyer who is ready to offer a clear transaction scheme, make a deposit and close the issue in two or three months, the ideal result is guaranteed.
Buy A Ready-Made Villa Or Build A House In Greece
What if you don't buy something old, but buy land and build your house on it, your dream?
It's a cool and quite popular idea, especially resonating with Russians, Turks, and Arabs. Strangely enough, Europeans and Americans are less pragmatic – they are more willing to buy on emotions. And "our people"… I'll say this: I do not know of a single case when they did not even redo something ready-made.
Why is that? Got it! Old houses (even for millions) require compromises. There are no foundations there, and therefore it is damp. There is no thermal insulation, modern heating systems and much more.
It turns out either comfort or history. There is only one way out: build! Only then can you make everything for yourself, with five bedrooms, an infinity pool, a spa, a maid's room and parking.
What To Check Before Making A Deal
And now a few "buts". More precisely, what you need to pay attention to when selecting.
The first and most important thing is to get to the site! At first, only at him. Before buying, your architect must confirm that your dream can be realized in the selected space. That the site has all the permits – for elevation, archeology, shoreline development, etc.
While there is no full resolution, we are not taking any action. Laws in Greece are constantly changing, for example, if the name of the road next to your site is not on the state maps, it is simply forbidden to build…
What Else Should I Look At When Choosing?
Sunrises and sunsets! What is the illumination level of a particular territory?
Is there a sea view? Make sure a thousand times that no one will ever block it. Estimate the actual distance to the water: it may be a hundred meters away, but it will take an hour or two to walk to it.
Roads are a sore subject, rejecting a huge number of proposals, especially on islands. If you are told that the entrance is "normal", it most likely means that you will have to undergo special climbing training first.
Only after everything is checked, you can start thinking about the house and its area.
And – universal advice: do not chase after cheap land, because unlike a house, it cannot be built for money!
