Investment Opportunities And Price Growth Trends”

Greece operates a three-tier Golden Visa system, catering to investors with different priorities—those seeking high-end properties and those seeking value in more affordable markets.

According to international real estate firm Astons, buyers with a Tier A visa should consider Athens, Thessaloniki, and the Greek Islands. The minimum investment required in these locations is €800,000 (approx. $867,000). On the other hand, Tier B areas require a minimum investment of €400,000 (approx. $435,000).

Tier C applies to those interested in converting commercial property into residential property. The minimum investment is €250,000 (approx. $278,000), regardless of the property’s location.

House Price Growth Over the past year, Piraeus in the Attica region has seen the highest growth in property prices, a trend fueled by demand from Golden Visa investors. Between Q3 2023 and Q3 2024, Piraeus’s average price per square meter rose by 27.8%, from €2,000 to €2,556.

For a property with an average size of 120 square meters, this translates to an average cost of €306,720. However, since Piraeus is a Tier A location, the minimum investment requirement is €800,000, so investors should consider this when considering investment options.

In Kavala Prefecture in Eastern Macedonia and Thrace, average property prices grew by 20.9% over the past year, increasing from €1,348 per square meter in 2023 to €1,630 in 2024. This brings the average property price to €195,600 in this Tier B region, where the minimum investment requirement is €400,000.

Other areas showing strong price growth include 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%).

Expert Insight Alena Lesina, a citizenship, residence permit, and real estate investment expert at Astons, explains: “Greece’s property market is divided into various local markets, each performing differently in price growth. Some areas, like Athens and the islands, will always perform well.”

Lesina advises Golden Visa investors to consider two key factors: price growth and the potential return on investment, as well as the area’s specific tier. If the area falls under Tier A, investors must meet the minimum investment requirements.

“Significant regeneration has been in areas like Piraeus, Vouliagmeni, and Glyfada. Developers are repurposing older buildings such as hotels and offices, transforming them into eco-friendly properties that meet the €250,000 Tier C investment criteria. These properties are attracting Golden Visa investors, and we’re seeing developers purchase older commercial buildings to cater to this demand,” she adds.

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