European Residence Permit for Investing in Real Estate from €250,000

Since September 2024, residence permits in Greece can be obtained by property investment with a minimum cost of €400,000. In popular locations such as Greater Athens, Thessaloniki, Crete, the minimum cost is even higher – from €800,000. At this price, you need to buy one property with an area of ​​​​120 sq.m.

If a programme participant plans, for example, to buy a villa for family vacations, then he will fulfill these requirements. But in the long-term rental market, apartments and houses from 100 sq.m. are in less demand than compact studios residence among foreign students and expats who have come to work for international companies.

Fortunately, there is still an opportunity to obtain a Greek residence permit for an investment of €250,000 or more by purchasing a property for which it is easy to find a tenant. Let us tell you more.

Property Conversion from Non-Residential to Residential 

Obtaining a residence permit for investments from €250,000 is also possible when purchasing an apartment or studio of any size located in a building that has been converted from commercial real estate.

Greece, especially Athens and its surrounding areas, has been experiencing a shortage of residential sq. m for the past 10 years. To solve this problem, the Greek government has launched a renovation initiative.

Within its framework, the developer buys a former hotel, shopping or business center, and turns it into a modern residential complex. Former factories and other industrial facilities can participate in the programme only if no production has been carried out there for the last 5 years.

The developer completely and at his own expense reconstructs the building, changing the elevator shafts, installing air conditioning and heating, building balconies, changing not only the external appearance and decoration, but also increasing the environmental friendliness and energy efficiency of the project.

There is huge demand for residential property in the region, but there is virtually no space for new construction.

Purchasing a property converted from a non-residential building is one of the most profitable options of the Greek investment programme, which not only contributes to the renovation of the entire city, but also allows applicants for the residence permit program to invest their funds effectively.

Minimum Entry Threshold

The investor receives a 5-year residence permit for the whole family with minimal costs. For €250,000 in the suburbs or in Athens itself, you can buy an apartment with 1-2 bedrooms.

No Independent Work

The developer is engaged in reconstruction. For the investor, the transaction is no different from buying an apartment in a new building. They receive a modern home ready for occupancy with a clean designer finish, partially or fully furnished.

High Quality of Life

The renovated building meets modern safety and comfort requirements. The apartments have convenient layouts and wide balconies, are equipped with autonomous heating systems and other amenities. The territory has a parking lot, sometimes a swimming pool, a gym, and a winter garden for residents.

Potential Profitability

Developers choose locations in the center or quiet areas with high demand for long-term rent for reconstruction. An investor, within the framework of this option, can buy an apartment of any size, including less than 120 sq.m, for €250,000. For example, a studio or a 1-bedroom apartment with an area of ​​​​50 sq.m. This is one of the most popular formats among tenants in large cities.

Many developers immediately offer buyers of real estate to conclude a management contract. The management company can offer the owner a guaranteed annual income of 3% regardless of whether tenants were found, will solve all their issues, and independently pay for utilities when the housing is vacant.

It is possible to rent out the property without a management company. According to the spring 2025 rates, income starts from €11,000 per year. Rent depends on the area and proximity to the metro.

Minimum Maintenance Costs

During reconstruction, the developer must bring the energy efficiency class of the building into line with modern standards. Most projects receive an energy efficiency class from A+ to B. Part of the electricity in them can be generated by solar panels. And modern thermal insulation of walls and roofs allows you to turn on the heating less often in winter, and the air conditioner – in summer. Compared to old buildings, utilities will cost 2-5 times less.

In just 10 years, Greece plans to ban transactions involving residential properties with an energy efficiency rating lower than D. Class A+, A or B+ increases demand for apartments and makes them easier to sell in a few years.

Restoration of a Historic Building

Similar programmes exist in Italy, Japan, and some other countries. The investor buys a cultural or historical heritage site at a reduced price and restores it at his own expense. Greece offers a residence permit to buyers who:

• Purchase partially or the whole of a building under state protection
• Are ready to completely restore the building within 5 years, preserving its status as an architectural monument.

Although the minimum amount for this option is €250,000, in reality the costs can be 2-5 times higher, since the owner pays for the restoration of an old and often completely destroyed house from scratch. The investor will have to study the Greek legislation on the protection of architectural monuments, the requirements for their restoration, and also look for specialists in a foreign country who have experience in this type of work.

This is an option for enthusiasts who are ready to spend a large sum for the sake of preserving the historical heritage. For investors interested in obtaining a European residence permit with minimal costs, the first option will suit.

Direct Offers from Developers

Information about apartments in former non-residential buildings rarely appears in the public domain. Astons clients always have access to a large number of properties from our portfolio, which are suitable for obtaining a residence permit in Greece by price and characteristics. Our office in Athens cooperates directly with local developers. This allows us to find the most advantageous offers on the real estate market.

Main Stages of the Programme

1. Consultation with an Astons immigration specialist. Our experts will conduct a preliminary check of the investor for reliability and compliance with the program conditions, and will also select the best option for participation.
2. Selection of real estate. Our specialists will offer the best options that suit your wishes and budget. You can view the properties in person or entrust this to the Astons team. You can reserve a property by making a deposit of 10% of the property value.
3. Collection and preparation of documents. We will take care of collecting all the necessary documents and organize the signing of the purchase and sale agreement. The transaction can be concluded either in person or through our representative with a notarised power of attorney.
4. Applying for a residence permit. Our specialists will prepare and submit an application for a residence permit within 10 days after full payment for the selected property. After the application is approved, you and the family members specified in it will receive a temporary permit to enter Greece – Blue Paper.
5. Visit to Greece to submit biometrics. All participants over 6 years of age will be required to travel to Greece in person to provide biometric data.
6. Obtaining residence permit cards. You can receive your residence permit cards in person or entrust this to our representative – the documents will be sent to you at the specified residential address.

The residence permit is valid for 5 years with the possibility of extension. After 7 years of continuous residence and subject to the established conditions, you can apply for Greek citizenship.

Along with the opportunity to legally live in Greece, you get the right to visa-free travel to Schengen countries, free access to local banking products, the right to do business in Greece and all the benefits of a European residence permit.