Astons, a leading consultancy in real estate, residency, and citizenship through investment, has recently detailed the burgeoning property markets in Greece, identifying areas with price surges as high as 28 percent over the past year. This growth is significantly bolstered by Greece’s Golden Visa program, which offers five-year residency rights to non-EU nationals investing in local real estate.
Tiered Investment System in Greek Real Estate Greece’s Golden Visa program is structured around a tiered investment system, which dictates the minimum investment required based on location and property type:
- Tier A: This category includes high-demand areas such as Athens, Thessaloniki, and various Greek islands, where a minimum investment of 800,000 euros is required.
- Tier B: Encompasses other parts of Greece, with a more accessible investment threshold of 400,000 euros.
- Tier C: Pertains to commercial properties being converted into residential ones, with a uniform investment minimum of 250,000 euros regardless of the location.
Top Performing Markets Among the standout regions is Piraeus in Attica, where property prices soared by 27.8 percent in the past year, increasing from 2,000 euros per square meter to 2,556 euros. For a standard 120-square-meter property, this places the average value at around 306,720 euros, qualifying it as a Tier A investment.
Kavala in Eastern Macedonia and Thrace also showed significant growth with a 20.9 percent price increase, where the average property price now stands at 1,630 euros per square meter. This region represents a Tier B market with substantial investment opportunities given its 400,000 euros minimum threshold.
Additional Regions with Notable Growth
- Chios regional unit saw a 20.6 percent increase.
- Sporades Islands experienced a 19.9 percent rise.
- Grevena had a 17.5 percent increase.
- Lakonia went up by 14.6 percent.
- Halkidiki showed a 14 percent increase.
- Messinia and Achaia reported rises of 13.4 percent and 13.2 percent, respectively.
- Zakynthos recorded an 11.5 percent growth.
Expert Insights and Investment Opportunities Alena Lesina, a property expert at Astons, noted the significant growth rates in various regions and stressed the importance of strategic investment considering both price growth and investment tiers. Redevelopment projects in urban areas like Piraeus, Vouliagmeni, and Glyfada are particularly appealing as they often involve the transformation of commercial spaces into sustainable residential properties catering to Golden Visa investors.
Lesina highlighted, “Golden Visa investors have a unique opportunity to align with areas experiencing rapid growth. The program also incentivizes sustainable developments, making it attractive for both investors and local economies.”
This analysis underscores the strategic importance of understanding regional dynamics and investment thresholds in Greece’s real estate market, especially for investors looking to leverage the Golden Visa program for residency and robust returns.
