Some years ago, when Greece was going through an economic crisis, one could buy holiday property at prices, that were more than affordable for the middle class, even EUR 25,000 — would have been enough to buy a quite decent small apartment in Halkidiki. Those who had these funds available and who understood that Greece will eventually come out of the crisis and real estate prices will inevitably increase have invested into property, and simultaneously into their new lifestyle and a steady source of passive income (apartment rental). Owning affordable property of course doesn’t give you the right for permanent residency, yet it allows you to stay within the Schengen zone for 90 days during 180 days of a six months period. The rest of the time, the property can be rented out and thus cover its maintenance costs and even generate profit. The apartment owners can easily get help in setting up the apartment rental business from property development companies.
For this kind of investment non-EU nationals usually choose such regions as Halkidiki, Crete, and Rhodes, as well as the Pieria region.
The same type of investments can be made into affordable residential properties in Athens or Thessaloniki, which are seats to many educational institutions and thus have a steadily high demand for cheap apartments for rent from students that come from other cities or even come to study to Greece from abroad. The price for this kind of real estate is also around EUR 20,000-25,000. Sometimes property developers suggest foreigners buying apartments that can be immediately rented out so that there is an option to start repaying the investment immediately after the purchase. Sometimes it is a large property, to buy which is extremely profitable. To find a house, with two, three, or more apartments for rent with steady demand is quite a big luck for an investor.
Those non-EU nationals, who have substantial financial assets, are mostly looking for commercial property in the Athens and Thessaloniki areas, in Halkidiki, southern Greece – real estate for sale. Very often those are the buildings that are in need of substantial investment and renovation. And after the last deep economic crisis, that hit Greece, there are quite a lot of such buildings. After completing suspended construction projects or neglected real estate, one can count on high profits. There are many ways to gain it: from reselling to renting it out or setting up your own business.
In all of the above areas – both in the capital and in resort areas – it is possible to invest in existing successful hotel business. Many hotel chains offer investment projects. If to keep in mind, that Greece is one of the first countries to welcome tourists after the peak of the COVID-19 pandemic, such investments can be more than reasonable.
Regions with a well-developed infrastructure – Athens, suburbs of Thessaloniki, Halkidiki – are popular for real estate or other investment projects of over EUR 250,000. The reason why such investments are attractive is that it gives investors the right to obtain a long-term residency permit also for family members, including infants and senior parents. It is possible to buy a house for each of the family members individually, or it can be one large property. The Golden Visa is granted for a period of 5 years with an option to extend, subject to the residence permit holder still owning the property. At the same time, such investors do not have an obligation to be physically present in the country on a permanent basis, and in case of permanent residency non-EU nationals will be eligible to apply for Greek citizenship after 7 years.
It should be said that the provisions of this residency by investment program are the most favorable and simple, compared to the similar programs in the rest of the Eurozone.
Without any doubt it is a great investment in one’s future, the value of which is increased by the fact, that the positive changes in the lifestyle are the best dividends that can be paid out to an investor, and those are payable immediately after the execution of the property sale and signing of the purchase agreement.