Earlier this year, the Greek government announced an increase in the minimum real estate investment for the Greek Golden Visa scheme to €500,000 in specific regions. The new threshold, which came into effect on August 1, 2023, will only apply to properties in the regional units of Northern Athens, Central Athens, and Southern Athens, in addition to Vari-Voula-Vouliagmeni, Thessaloniki, Mykonos, and Santorini. Any property in a region other than those areas will maintain the €250,000 price mark, which means investors still have the majority of the country, including potential real estate hotspots. In this article, we will provide a plethora of options that provide investors the opportunity to gain the Golden Visa at the old price mark.

 

Macedonia: A famous tourist destination

Chalkidiki, dubbed the Greek Monaco, remains an eligible option for €250,000, offering a great alternative to Thessaloniki. Its proximity to the buzzing city and its airport makes it an appealing option for investors who are interested in the Macedonian region up north. Chalkidiki, which is home to traditional artisan shops, restaurants, and entertainment, offers investors rental yields of 4.8%[1] because the rental growth is outpacing the sales price growth.

Kavala, a city located in northern Greece, is the principal seaport of eastern Macedonia, the largest and second-most populous region in the country. The city, which is built on a hillside along the coast of the Aegean Sea and on the crossroad between the East and the West, is also a suitable option for Golden Visa investors. The city has mesmerizing mountains and beaches and breathtaking views, as well as delicious local cuisine. The price of a 1-bedroom apartment in Kavala starts at €70,000, and rental yields reach up to 5.4%[2].

 

Ionian Islands: Stunning beaches and lush nature

The Ionian Islands are the most popular in Greece, located on the western side of the city, and are connected to Italy in terms of history and culture. In the Ionian Sea, the magnificent island of Corfu is considered a good option for Golden Visa investors, with high-end housing projects in a serene setting. Corfu offers investors 4.3% real estate rental yields. Palairos is also a charming town in the waters of the Ionian Sea, famous for its many beaches, which have become an appealing magnet for tourists as well as a fertile source of income for the local inhabitants.

Cyclades Island: Highest property yields

The Cyclades Island Group comprises some of the most stunning islands in the world, with beautiful sandy beaches, white and blue architecture, a traditional lifestyle, and hospitable people. Investors looking for a seafront property within the stunning island range in the Aegean are still eligible for the €250,000 price point. These islands include Andros, Ios, Irakleia, Kimolos, Kythos, Milos, Naxos, Sifnos, and Tinos, among others. For instance, the island of Paros, located between Mykonos and Santorini, is another option for investors looking to invest €250,000. It has one of the highest property yields in the country at 7.1%[3], which is higher than Santorini. Millions of foreign visitors come to the Cyclades every year to enjoy the dazzling light and the crystal-blue waters.

 

Western coast of Greece: busy cities

Patra is located on the northern side of the Peloponnese and is the third-largest city in Greece. It has a very busy port, serving ferry itineraries to the Ionian Islands and Italy. It is a town with a rich history, with many relaxing beach places in the surrounding regions. Patra is a bustling student city and a place where entertainment, history, and culture mingle together to create a destination filled with wonderful discoveries. It is also close to tourist destinations like Olympia, Nafpaktos, and Mesolongi. The price of a 1-bedroom apartment in Patra starts at €70,000, and rental yields could reach up to 7%[4].

 

Southern part of the Aegean Sea: Mythical island

Crete, another region in Greece, remains eligible for the €250,000 price mark. It is located in the southern part of the Aegean Sea, separating the Aegean from the Libyan Sea. The mythical island is one of the most popular Greek destinations, thanks to its amazing beaches and historical sites. Heraklion is the largest city in Crete, with rich traditions and historical significance that appeal greatly to tourists. Heraklion is a modern city with a cosmopolitan atmosphere that coexists with ancient civilization, age-old traditions, and rural life. The price of a 1-bedroom apartment starts at €80,000 and surges up to €225,000 for a 3-bedroom apartment. Rental yields in Heraklion range between 4 and 6%.

 

Center of Greece: An economic capital

The City of Volos in Thessaly, located at the foot of the peninsula of Pelion in the center of Greece, is considered a good option for investors looking to invest in Greece’s Golden Visa at the minimum threshold. It is situated at an approximately equal distance between the country’s capital, Athens, and the second major city, Thessaloniki. The city of Volos is the political and economic capital of the territory and the main export centre of Thessaly. The price of a 3-bedroom apartment in Volos starts at €160,000, and the average rental yields are at 5%[5].

It is worth noting that the new regulation covers only a very small portion of Greece. Therefore, investors seeking a good deal with interesting returns have the majority of Greece’s regions to choose from. Investors holding a Golden Visa from Greece, which is a member of the European Union, are entitled to travel without a visa across all 27 countries of the Schengen Zone, including France, Germany, Sweden, and Switzerland. Golden Visa holders wishing to relocate or spend a lot of time in the country will benefit from the highly regarded education and healthcare system, all within an ancient and fascinating landscape. For more information about the main hotspots in Greece and the benefits of gaining a Golden Visa, please visit our website here.

[1] https://www.greekguru.net/single-post/buying-a-house-in-greece-by-the-sea-mykonos-paros-top-yields-list

[2] https://www.globalpropertyguide.com/europe/greece/rental-yields

[3] https://www.greekguru.net/single-post/buying-a-house-in-greece-by-the-sea-mykonos-paros-top-yields-list

[4] https://www.globalpropertyguide.com/europe/greece/rental-yields

[5] https://www.globalpropertyguide.com/europe/greece/rental-yields