Greece operates a three-tier Golden Visa system, with big ticket investors focusing on prime areas and others looking for value in the lower end of the market.
International real estate firm Astons said buyers wanting a Tier A visa in Greece should look to Athens, Thessaloniki, and the Islands. The minimum investment required in these locations is €800,000 (approx.. $867,000), while all other areas, known as Tier B, require a minimum investment of €400,000 (approx.. $435,000).
Tier C concerns those investors who choose to convert commercial property into a residential property, for which the minimum investment is €250,000 (approx.. $278,000), regardless of where in the country the property is located.
House price growth
In the past year Piraeus in the region of Attica leads the way, with Aston also seeing the highest level of demand from Golden Visa investors, a factor that has helped to drive the market.
Between Q3 2023 and Q3 2024, the average property price across Piraeus increased by 27.8%, rising from an average of €2,000 per square metre to €2,556 per square metre.
Based on an average property size of 120 square metres, this means the average home in Piraeus costs €306,720. But Piraeus is a Tier A location which means it commands a minimum investment of €800,000, so investors will need to bear this in mind when looking for the right investment opportunity.
In Kavala Prefecture in the region of Eastern Macedonia and Thrace, the average property price has grown by 20.9% in the past year, up from €1,348 per square metre in 2023 to €1,630 in 2024. This brings the average property price to €195,600 in a Tier B region where the minimum investment requirement is €400,000.
Strong price growth has also been recorded in Chios Prefecture (20.6%), Sporades (19.9%), Grevena (17.5%), Lakonia (14.6%), Chalkidiki (14%), Messina (13.4%), Achaia (13.2%), and Zakynthos (11.5%).
Astons property expert
Alena Lesina, citizenship, residence permit, and real estate investment expert for Astons, said: “As with all countries, Greece’s property market is split into a number of local markets, each of which performs in different ways when it comes to price growth.
“Of course, some parts of the country will always perform well, from major cities like Athens through to the much-revered islands.
“Golden Visa investors are wise to consider two things when selecting where to put their money. The first is price growth performance and the potential return on investment.
“The second is which investment tier a given area falls into, because if it’s a Tier A area, you need to ensure that you are meeting the minimum investment enquiries.
“However, there has been a great deal of regeneration, particularly across the most beautiful areas of Attica, such as Piraeus, Vouliagmeni, and Glyfada, whereby developers are taking older buildings such as hotels or offices, stripping them back to the load-bearing walls and giving them a new lease of life.
“The result is an eco-friendly property with huge appeal that falls within the €250,000 Tier C investment classification and we’re seeing developers purchase more and more older commercial buildings to deliver properties directly aimed at Golden Visa investors.”