Greece’s Smartest Property Play?
Suddenly, everyone wants to become a Greek property developer.
I provide private one-on-one consultations to International Living and Field Notes readers looking to diversify abroad. That puts me on the cutting edge of migration trends. And in recent months I’ve detected a big shift in the way people are getting residency in Europe.
Ever since Portugal and Spain abolished the residential property investment option for their Golden Visa programs, there’s been a big shift toward Greece.
Remember why Golden Visas are so valuable… With standard visas like a passive income (retirement) visa, you’re required to spend at least six months a year in the country—which means you’ll owe taxes there. But with a Golden Visa, you make one investment, and get a five-year renewable residency permit that allows you to come and go as you please. You can spend as much or as little time in the country as you like. It’s ideal for people who aren’t yet retired, or people who want a “get out of dodge” plan in their back pocket.
Portugal and Spain abolished their residential Golden Visas (where you buy property and get the right to live there) because of worries that foreign buyers were pushing up prices for locals. In this context, the Greek government was clever. Instead of abolishing their Golden Visa, they tweaked it to minimize its impact on housing markets. If you want to invest in a popular city or island, it will cost you €800,000 ($940,000), you can only buy one property, and it must be at least 120 square meters (1,291 square feet). Everywhere else in Greece it’ll cost you €400,000. The higher investment minimums and the one-property rule mean investors won’t be competing with locals for affordable housing.
But let’s face it: €800,000 is a lot of money. So is €400,000. What about ordinary folks looking for a piece of the European dream? Fortunately, current Greek policy allows people to get a Golden Visa for €250,000 if they convert a commercial property to residential use.
In my mind’s eye, I’ve always imagined someone buying one of those delightful multi-story shop fronts in the neighborhoods around the Acropolis. But the Greek real estate industry had better ideas.
In the past few months, I’ve met several International Living subscribers who’ve decided to pursue the commercial-to-residential option. I put them in touch with Greek real estate agencies that specialize in investment for immigration purposes. Those agencies connected them with developers converting commercial buildings to residential use.
Instead of having to scour Greece for suitable individual properties, all my clients had to do is sign onto a conversion project, invest €250,000, and get a Golden Visa when the conversion is complete.
For example, in 2024, developers in Thessaloniki purchased an industrial building near the local university and converted it into serviced residential units for students. Because conversion didn’t involve major structural changes, the project only took a year. The resulting studio apartments generate cash yields of between 3% and 5%. Anyone who invested in the project is now eligible for a Golden Visa, with a tidy cash flow to boot.
This illustrates an important fact about residency-by-investment (Golden Visa) programs. You’re not just applying for a permit to live in a country. You’re putting your money into assets. And as any investor can tell you, investment success isn’t about what you know, but about who you know.
I keep close contact with migration and investment specialists all over the world. In Greece, I work with agencies with connections to developers planning Golden Visa-eligible conversions. People I send to them don’t have to go looking for eligible properties themselves. It’s all prepackaged for them.
It’s in the developers’ interests to keep close contact with immigration agencies. It’s in my interest to know those agencies, and what’s in their pipelines.
And it’s in your interests to know me… especially if you want to short-circuit your route to a secure and happy residency in a place like Greece.
(You can book me for a personal consultation right here.)
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