Choosing Real Estate for the Golden Visa in 2025

Greece remains one of the most attractive countries in Europe for investors seeking residency through real estate purchases. The Golden Visa program grants investors and their families the right to legally reside in the country, travel within the Schengen area, and enjoy various other benefits. In 2025, several changes have been introduced to the program, impacting investment strategies, particularly in major cities and resort regions.

In this article, we’ll take a closer look at which properties qualify for the program, which regions offer the best investment potential, and key considerations when purchasing real estate.

Key requirements for real estate investments

The Greek government does not impose strict restrictions on property types available to investors. Eligible options include hotels, luxury villas on the islands, city apartments, as well as properties in both primary and secondary markets.

The minimum investment amount depends on the property's location and type:

• €800,000 – For a single property of at least 120 sq.m. in Athens, Thessaloniki, Crete, Rhodes, Mykonos, Santorini, and other islands with populations exceeding 3,100.

• €400,000 – For a property of at least 120 sq. m in all other regions of Greece.

• €250,000 – For commercial properties converted into residential use, regardless of location or size. This threshold also applies to historic buildings under state protection, provided they undergo full restoration. If restoration is incomplete, residency renewal will not be granted.

The Greek government actively supports the renovation of old hotels, office buildings, and industrial sites for residential use, aiming to boost long-term rental availability and stabilize the housing market. Such projects are focused on high-demand rental areas. Developers must obtain official approval for property repurposing and ensure compliance with modern building codes. As a result, these conversions create contemporary, energy-efficient residential complexes that bear no traces of their former commercial use.

Important update: rental restrictions

Since 2024, investors holding a Golden Visa can no longer rent out their properties for short-term stays (e.g., Airbnb). This shift has made long-term rentals and personal use the primary focus for investment properties.

Best cities for long-term rentals

Demand for long-term rentals is rising in Greece’s major cities, particularly among students, IT professionals, business owners, and expatriates. The top locations for investors are Athens—the country’s capital—and Thessaloniki, often referred to as Greece’s "northern capital."

Athens – a capital with strong rental demand

Athens remains the most attractive city for real estate investment, with high rental demand driven by students, multinational employees, and expats. The best districts vary by investment goals:

For investment & rentals:

• Koukaki – Near the Acropolis, high rental demand.

• Plaka – Tourist hotspot, premium real estate.

• Kolonaki – Prestigious district, ideal for long-term investment.

• Psiri – Trendy area with growing popularity.

• Metaxourgio – Up-and-coming neighborhood with affordable prices and strong growth potential.

For comfortable living:

• Glyfada – Upscale coastal area with restaurants, shops, and a marina.

• Voula – Prime seaside properties, peaceful and secure.

• Vouliagmeni – The most exclusive coastal district, known for its villas and five-star hotels.

• Marousi – Modern area with offices, shopping centers, and green spaces.

• Paleo Faliro – Well-developed infrastructure, close to both the city center and the sea.

Emerging districts with rising prices:

• Neos Kosmos – Rapidly developing, close to the city center.

• Ilioupoli – Green, well-connected, and still relatively affordable.

• Kallithea – Undergoing renovation, promising for investors.

Long-term rental yields in these areas typically range from 4-6% per year.

Thessaloniki: Greece’s second investment hotspot

Thessaloniki is a rapidly growing city with increasing rental demand, particularly from students and professionals working for international companies.

Best districts for investments starting at €250,000:

• Historic center – Ideal for students and office workers.

• Kalamaria – A prestigious district, favored by families.

• Perea & Nea Epivates – Seaside suburbs popular with foreigners.

Long-term rental yields in Thessaloniki average 5–7% annually, making it a solid choice for investors.

Halkidiki: the perfect choice for summer homes

For those looking to buy a vacation home, the Halkidiki peninsula is an ideal choice. However, to qualify for a Golden Visa here, the minimum investment is €400,000, and the property must be at least 120 sq. m (excluding basement space).

Halkidiki is one of Greece’s top seaside real estate destinations, consisting of three peninsulas: Kassandra, Sithonia, and Athos. While Athos is a monastic territory with limited property availability, Kassandra and Sithonia offer excellent opportunities for summer homes.

Despite their geographical proximity, Kassandra and Sithonia differ greatly in atmosphere, level of development, and pace of life. The choice between them depends on personal preferences: Kassandra is ideal for those seeking comfort, well-developed infrastructure, and entertainment, while Sithonia appeals to those who appreciate tranquility, nature, and seclusion.

Kassandra: developed infrastructure and vibrant lifestyle

Kassandra, the first peninsula of Halkidiki, is the most developed in terms of tourism and amenities. It is the closest to Thessaloniki and Macedonia International Airport, with a drive of about one hour. This makes it a convenient location for those who visit multiple times a year or rent out their property.

This region is known for its lively atmosphere, numerous restaurants, shops, bars, and nightclubs. It features family-friendly resorts with sandy beaches as well as upscale complexes with marinas and five-star hotels. During summer, Kassandra sees a significant influx of tourists.

Sithonia: seclusion, nature, and the best beaches

Unlike Kassandra, it lacks large resort towns, nightlife, and tourist crowds. This region is chosen by those who appreciate peace, scenic landscapes, and turquoise bays reminiscent of the Caribbean.

Sithonia's beaches are considered among the best in Greece, featuring secluded coves with crystal-clear waters and golden sand, surrounded by pine forests. Many of these beaches are difficult to access, keeping them free from large tourist influxes.

Property prices in Halkidiki

Prices start at €2,500–4,500 per sq. m, depending on proximity to the sea and property condition. Luxury villas range from €700,000 to several million euros.

Expenses for buying property in Greece

When purchasing real estate in Greece, it’s important to consider not only the property’s price but also additional costs, which can amount to 7–10% of the property’s value. These include taxes, legal and notary fees, registration charges, and real estate agent commissions.

1. Property purchase tax

The property transfer tax is 3.09% of the cadastral value and is always paid by the buyer before the transaction is finalized.

2. Notary fees

All real estate transactions in Greece must be certified by a notary. Notary fees range from 0.8% to 1.2% of the property's price.

3. Legal services

It is recommended to hire a lawyer to verify the transaction’s legality and register ownership rights. Legal service fees typically range from 1% to 1.2% of the property’s value.

4. Real estate agency fees

Real estate agencies in Greece charge a commission of 2% of the property's price.

5. Property registration fees

After the transaction is completed, the property is registered in the Hellenic Cadastre. Registration costs around 0.5% of the property price plus a 24% VAT. Fees may vary by region.

Example calculation of additional costs (for a property priced at €250,000)

Important! If purchasing through the Golden Visa program, additional expenses for residence permit processing may apply. Learn more about the Golden Visa process on the Aktis Estate website.

Property maintenance costs in Greece

After purchasing real estate in Greece, owners need to consider regular maintenance expenses. These include taxes, utility bills, and shared property maintenance fees (for apartments in residential complexes). On average, annual costs range from €1,500 to €5,000, depending on the type and location of the property.

Annual property tax (ENFIA)

All property owners in Greece must pay the annual ENFIA tax.

• The tax amount depends on factors such as size, age, location, and cadastral value.

• On average, it ranges from €2 to €5 per m².

• For properties valued at €250,000–300,000, the annual tax is typically €300–600.

Utility bills

Utility expenses depend on usage and include:

✔ Electricity – €50–150 per month (higher if there is a pool or heating system).
✔ Water – €10–30 per month, depending on consumption.
✔ Heating – Autonomous gas heating is common in cities. Electric or diesel heating in houses can cost €150–250 per winter month.
✔ Internet & TV – A combined package costs about €25 per month.

Common area fees (for apartments in complexes)

If the property is in a residential complex, owners contribute to shared space maintenance (elevators, lighting, cleaning, security, pools).

• Apartment in a building: €20–50 per month.

• Complex with a pool, garden, and security: €100–200 per month.

Villa or house maintenance costs

For private homes, additional expenses may include:

• Gardener – €50–150 per month.

• Pool maintenance – from €100 per month.

• General upkeep (minor repairs, system checks) – €500–1,500 per year.

Rental income tax

Rental income is taxed progressively based on annual earnings:

• Up to €12,000 per year – 15%.

• From €12,001 to €35,000 – 35%.

• Over €35,000 – 45%.

Example tax calculation for €15,000 rental income:

• First €12,000 taxed at 15% → €1,800

• Remaining €3,000 taxed at 35% → €1,050

• Total tax due: €2,850

Avoiding mistakes with Golden Visa property purchases

With stricter regulations in place, choosing the wrong property can result in residency permit denial. Aktis Estate provides full-service support, ensuring a secure purchase and successful Golden Visa approval. Contact us to find the best investment opportunities in Greece!

Author : Natalia

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