Greece’s urban centers, such as Athens, Thessaloniki, and Heraklion, offer exciting opportunities for real estate investors. A mixed-use strategy—converting a building into serviced apartments for both short-term and long-term rentals—provides a balanced approach to maximize returns while reducing risks associated with seasonal demand. Here’s a detailed guide with indicative numbers and examples to help you evaluate this opportunity.

Investment Opportunity Overview

1. Mixed Rental Demand

• Short-Term Rentals: Tourism in Greece continues to thrive, with over 30 million visitors in 2023. Many prefer serviced apartments for their flexibility and local charm over traditional hotels.
• Long-Term Rentals: Growing demand from digital nomads, expatriates, and corporate travelers who seek high-quality, fully furnished apartments with hotel-style amenities.

2. Competitive Real Estate Market

Greek real estate prices are more affordable compared to other EU capitals, creating a favorable environment for investors:

• Athens: €1,300–€3,500 per square meter (indicative average, depending on neighborhood).
• Thessaloniki: €1,000–€2,500 per square meter.
• Heraklion/Chania: €900–€2,000 per square meter.

3. Benefits of the Mixed-Use Model

• Diversifies income streams, ensuring year-round revenue.
• Balances higher short-term rental yields with the stability of long-term leases.

Financial Model: Indicative Numbers and Examples

The following example assumes the purchase and conversion of a 1,000-square-meter building with 15 units. Actual numbers will vary depending on location, market conditions, and investor decisions.

1. Building Acquisition and Renovation

• Purchase Price: €1.2M–€2M (indicative average for central locations).
• Renovation Costs: €600K–€900K (€600–€900 per square meter, reflecting mid-to-high-quality upgrades).
• Operational Setup: €200K (furnishings, smart systems, and shared spaces).
• Total Initial Investment: €2M–€3.1M

2. Rental Allocation and Revenue Potential

• Short-Term Rentals (10 Units):
  • Average nightly rate: €120 (indicative average for midrange serviced apartments in central urban areas).
  • Occupancy rate: 70% (approximately 255 nights per year).
  • Annual Revenue per Unit: €30,600
  • Total Revenue (10 Units): €306,000/year
• Long-Term Rentals (5 Units):
  • Average monthly rent: €1,200 (indicative average for fully furnished, centrally located apartments).
  • Annual Revenue per Unit: €14,400
  • Total Revenue (5 Units): €72,000/year
• Combined Annual Revenue: €378,000

3. Operating Costs

• Maintenance and Utilities: €50K–€70K/year
• Staffing (cleaning, concierge, management): €40K–€60K/year
• Marketing and Online Platforms: €20K–€30K/year
• Total Operating Costs: €110K–€160K/year (indicative range based on industry averages).

4. Net Income and ROI

• Net Income (Indicative Range): €218K–€268K/year
• ROI (Initial Investment of €2M–€3.1M): 7%–13.4%

Why the Mixed Model Works

1. Optimized Revenue Streams

By blending short-term and long-term rentals:

• Capture high nightly rates from tourists during peak seasons.
• Maintain steady monthly income from long-term tenants during slower tourism months.

2. Year-Round Occupancy

The mixed-use model helps reduce vacancy risks by targeting diverse customer segments.

3. Scalability

This flexible rental approach allows adjustments to unit allocations based on changing market dynamics.

Strategic Insights for Investors

1. Location Matters

• Short-Term Rentals: Target tourist-heavy areas like Plaka or Kolonaki in Athens or Old Town Heraklion in Crete.
• Long-Term Rentals: Focus on business districts, expatriate communities, and tech hubs.

2. Cost-Effective Renovations

• Invest in durable materials and modular furnishings to reduce costs while maintaining quality.
• Incorporate universal design features that appeal to both rental types, such as modern kitchens, high-speed Wi-Fi, and efficient climate control.

3. Dual Marketing Strategies

• Use platforms like Airbnb and Booking.com for short-term rentals.
• Partner with relocation agencies and businesses for long-term tenant referrals.

4. Operational Efficiency

• Implement smart technologies for energy efficiency and remote management to reduce ongoing expenses.
• Standardize cleaning and maintenance processes for cost-effective operations.

Challenges and Mitigation Strategies

1. Regulatory Compliance

• Work with local experts to understand zoning laws, short-term rental regulations, and tax implications.

2. Seasonal Tourism Trends

• Adjust unit allocations between short-term and long-term rentals to align with seasonal demand.

3. Competitive Market

• Differentiate your offering with unique features such as concierge services, local partnerships, and high-quality interiors.

Conclusion

This example demonstrates how investing in a mixed-use serviced apartment building in Greece can yield attractive returns while diversifying risk. By balancing costs, targeting high-demand locations, and offering dual rental options, investors can achieve a net ROI of 7%–13.4%. While these numbers are indicative averages and subject to variation, they highlight the strong potential for sustained profitability in Greece’s growing real estate market.

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The Greek Golden Visa program is an attractive pathway for non-EU nationals seeking residency in Greece and the broader Schengen Zone. This program offers several benefits, including visa-free travel within the Schengen Zone, the right to reside in Greece, and access to a vibrant lifestyle in one of Europe’s most historic and picturesque countries. Here’s a comprehensive guide to obtaining a Greek Golden Visa.

What Is the Greek Golden Visa?

The Greek Golden Visa is a residency-by-investment program launched in 2013. It grants a five-year residence permit to individuals who make qualifying investments in Greece. The program is renewable every five years as long as the investment is maintained.

Benefits of the Greek Golden Visa

• Visa-free travel: Access to all 27 countries in the Schengen Zone.
• Residency rights: Live, work, or study in Greece.
• Family inclusion: Covers the applicant’s spouse, children under 21, and the applicant’s or spouse’s dependent parents.
• No minimum stay: Unlike some programs, Greece doesn’t require a minimum number of days spent in the country to retain residency.
• Path to citizenship: After seven years of continuous residence, holders can apply for Greek citizenship.

Eligibility Requirements

To qualify for the Greek Golden Visa, applicants must meet the following criteria:

1. Be a non-EU/EEA national.
2. Be over 18 years old.
3. Have a clean criminal record.
4. Possess health insurance for themselves and their family members.
5. Make a qualifying investment in Greece.

Qualifying Investment Options

The most popular route for obtaining the Golden Visa is through real estate investment, but there are several options:

1. Real Estate Investment:
   • Purchase property worth at least €250,000 (increasing to €500,000 in select regions like Athens, Mykonos, and Santorini from May 2023).
   • Joint ownership is allowed if each person’s share meets the minimum investment requirement.
2. Capital Contribution:
   • Invest at least €400,000 in Greek government bonds, corporate bonds, or shares in Greek companies.
3. Deposit in a Greek Bank:
   • Make a minimum deposit of €400,000 in a fixed-term deposit account.
4. Investment in a Greek Business:
   • Establish or invest in a business in Greece with a minimum contribution of €400,000.

Application Process

1. Prepare Documentation:
   • Valid passport
   • Proof of funds
   • Health insurance certificate
   • Clean criminal record certificate
   • Documents proving the investment (e.g., property purchase agreement, bank statements, or business contracts).
2. Make the Investment:
   • Finalize the chosen investment option and secure the necessary agreements or transactions.
3. Submit the Application:
   • Apply at the Decentralized Authority or through a certified legal representative in Greece.
4. Biometric Collection:
   • Attend an in-person appointment in Greece to provide biometric data (fingerprints and photographs).
5. Receive Residence Permit:
   • Once the application is approved, the residence permit is issued. This process typically takes 1-2 months.

Costs Involved

Apart from the investment amount, applicants should account for:

• Application fees (€2,000 per adult, lower fees for minors).
• Legal and consultancy fees.
• Taxes and transaction fees (property purchase tax is 3%, plus notary and registration fees).

Examples of Real Estate Investments with Good ROI

Investing in Greek real estate can be both a pathway to a Golden Visa and a profitable venture. Here are some examples of properties that offer promising returns:

1. Vacation Rentals in Tourist Hotspots:
   • Properties in popular destinations like Santorini, Mykonos, and Crete are highly sought after by tourists. Purchasing villas or apartments for short-term rentals can generate significant income during the high season.
2. Urban Apartments in Athens:
   • Athens is experiencing a real estate boom, with high demand for rental properties from both locals and expatriates. Investing in centrally located apartments can provide steady rental income and capital appreciation.
3. Renovation Projects:
   • Many older properties in historic districts are available at competitive prices. Renovating these properties can increase their value significantly, making them attractive for resale or long-term leasing.
4. Commercial Real Estate:
   • Investing in retail spaces, offices, or mixed-use buildings in thriving cities like Thessaloniki and Athens offers potential for higher returns as Greece’s economy continues to recover and grow.
5. Luxury Developments:
   • High-end properties near beaches or in exclusive neighborhoods appeal to affluent buyers and renters, ensuring a lucrative market for resale or rental purposes.

Maintaining and Renewing the Visa

The Golden Visa is renewable every five years as long as the investment is maintained. If the primary investment is sold, the visa is forfeited unless a new qualifying investment is made.

Conclusion

The Greek Golden Visa program offers an excellent opportunity for investors to secure residency in Greece while enjoying its economic and lifestyle advantages. By understanding the eligibility requirements, investment options, and application process, you can take the first steps toward obtaining your Golden Visa and unlocking the doors to Europe.

The post Steps on Acquiring a Golden Visa in Greece in 2025 appeared first on RightWay Real Estate & bnb | Full Service Property Management.

Anyone can buy property in Greece. It is easier for EU citizens to buy property in Greece. Non-EU citizens may need to prove their ties to Greece and their intention to use the property. On the other hand, non-EU citizens can obtain a Golden Visa. Note: Our office can arrange the entire process without your presence, except for opening a bank account. Buying a house in Greece for EU or non-EU citizens

1. Open a bank account

2. Apply for a tax registration number (AFM).

3. Hire a lawyer

4. Pay fees (notary fees, stamp fees, registration fees)

5. Approve the transaction at the notary public

6. Register the property at the local land registry

Tax ID

Purchasing a property in Greece requires a Tax ID (AFM), which is issued by the local tax office. We usually do this for you on the same day. To obtain a Tax ID, you must bring your Greek registration card or residence permit. Together with the Tax ID, you will receive from the tax office an access code to the national online tax system called “TAXIS”. All buyers must register, regardless of whether the property is for residential purposes or as an investment/rental property. The Greek government levies an annual residential property tax (ENFIA), which is calculated on this basis and must be declared in your tax return. Therefore, all property owners must be registered as taxpayers and have a Greek bank account.

Opening a bank account

The buyer must open a Greek bank account. All funds required for the purchase are transferred into this account. You must be here in person. To open a bank account you must bring your passport and tax number. Many banks require additional documents such as: proof of address (e.g. a recent utility bill), an employment contract or a reference from your previous bank.

Involvement of our lawyers is highly recommended.

It is recommended to hire a local real estate agent and lawyer to assist you through the various steps of the buying process. We also hire engineers to determine the age and condition of the property and to identify any specific zoning regulations. There are many properties in Greece that require maintenance. Therefore, it is always a good idea to inspect the property in advance and make sure everything is in good working order. In addition, hiring a lawyer and notary is a must. If you are not fluent in Greek, we speak your language.

Costs of buying a property in Greece

There are a number of costs involved in buying a property in Greece. This includes the fees of the real estate agent, lawyer, notary and appraiser, as well as the deposit. By paying a small deposit, you reserve the property with the seller and confirm that you will purchase it. You will then receive a preliminary contract. Please note that paying a deposit does not constitute a legal guarantee of the sale. Once all relevant documents have been approved, the notary can complete the transfer of ownership.

Real Estate Transfer Tax (Law 1587/1950) in Greece

When you buy a house in Greece, you become subject to taxation. There are two types of the real estate tax. The first one is the transfer tax or tax on the acquisition. Each transfer of real estate, which is not subject to VAT, is subject to real estate transfer tax. The real estate transfer tax is imposed at a rate of 3% on the taxable value of the property. Moreover, on the amount of main transfer tax is imposed an extra tax of 3% in favour of municipalities and communities.

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Note: Returns may be significantly higher in a buy and renovate for rent scenario.

Insights:

• High-yield areas (above 5%): Kolonaki, Chalandri, Dafni, Acharnes, and Perama.
• Premium areas like Vouliagmeni, Voula, and Elliniko have lower yields due to high property prices.

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Property Purchase Prices: Capital Gains Potential

Athens has seen significant growth in property values, making it attractive for long-term investors seeking capital appreciation.

Key Statistics on Purchase Prices:

• National Growth: Property prices rose 9.2% in Q2 2024 compared to Q2 2023.
• Athens-Specific Growth: Prices increased by 9.1%, continuing from a robust 13.8% rise in 2023.

Current Purchase Prices by Area:

• Central Athens: €2,120/m² (+12.4%)
• Northern Suburbs: €3,043/m² (+7%)
• Eastern Suburbs: €2,850/m² (+12.8%)
• Western Suburbs: €1,720/m² (+11.4%)

These figures underscore the appeal of central and suburban neighborhoods for their growth potential. Infrastructure upgrades, like the metro expansion and urban redevelopment projects, further enhance the investment case.

Rental Market: High Yields in Key Areas

Athens offers strong rental yields, particularly in neighborhoods popular with young professionals, students, and tourists.

Rental Market Highlights:

• Average Rent in Attica: €12/m² in 2024, a significant increase from prior years.
• One-Bedroom Apartments (40m²): €350–€400/month.
• Two-Bedroom Apartments (92m²): €500–€650/month.

Neighborhood-Specific Rental Increases:

• Koukaki: +8.5%, rents at €14/m².
• Kolonaki: +10.2%, averaging €20/m².
• Piraeus: +11.8%, with ongoing port revitalization boosting demand.

With 30% of renters in Athens spending over 40% of their income on housing, demand for affordable rental options remains robust, ensuring consistent occupancy and income potential.

Short-Term Rental Opportunities

Platforms like Airbnb have transformed Athens into a profitable market for short-term rentals, especially in tourist-heavy districts like Plaka and Monastiraki. However, increasing government regulations, including restrictions on new short-term rental licenses in central Athens (effective 2025), may shift demand to long-term leasing.

Key Investment Drivers

1. High Demand, Low Supply: Athens faces a housing shortage, driving up both rental and purchase prices.
2. Economic Recovery and Foreign Investment: Greece’s improved economic conditions have attracted international investors, particularly those benefiting from the Golden Visa program, which grants residency to non-EU citizens investing €250,000 or more in real estate.
3. Tourism Boost: Athens remains a major tourist destination, creating strong demand for short-term rentals and boosting the resale value of properties in central areas.
4. Urban Development: Projects like the Hellinikon redevelopment (Europe’s largest urban regeneration project) and metro expansion are making Athens more appealing to renters and buyers alike.

Government Policies Favoring Investors

The Greek government has taken steps to balance market growth and affordability:

• Tax Incentives: Lower taxes for property owners offering long-term leases.
• Golden Visa Thresholds: Changes in 2024 require higher minimum investments (€500,000) in specific areas, incentivizing investors to act quickly in less-regulated neighborhoods.
• Short-Term Rental Restrictions: New rules are expected to tighten the supply of short-term rentals, increasing demand for long-term investments.

Why Invest Now?

Athens presents a rare blend of affordability, growth, and income potential. With prices still competitive compared to other European capitals, investors can benefit from:

• High Growth Potential: Double-digit annual price increases in prime locations.
• Strong Rental Yields: Particularly in central and emerging neighborhoods.
• Capital Appreciation: Driven by economic growth and infrastructure projects.

Timing is critical. As regulatory changes and rising prices reshape the market, early investors can lock in favorable deals before thresholds like the Golden Visa increase further.

Table 1: Current Purchase Prices by Area

Insight: The central and eastern suburbs show the highest annual growth, driven by infrastructure developments and demand from both domestic and international buyers.

Table 2: Current Rental Prices by Area

Insight: Central Athens and northern suburbs command the highest rents, making them ideal for short-term rentals, while the western and port areas offer better affordability with strong growth potential.

Investment Scenarios: Returns Analysis

Scenario 1: Purchasing a 50m² Apartment in Central Athens

• Cost: €2,120/m² × 50m² = €106,000
• Monthly Rent: €14/m² × 50m² = €700
• Annual Rental Yield: (€700 × 12) / €106,000 = 7.9%

Scenario 2: Purchasing a 70m² Apartment in the Northern Suburbs

• Cost: €3,043/m² × 70m² = €213,010
• Monthly Rent: €15/m² × 70m² = €1,050
• Annual Rental Yield: (€1,050 × 12) / €213,010 = 5.9%

Conclusion

For investors, Athens offers compelling opportunities in both residential and short-term rental markets. By focusing on high-demand neighborhoods and emerging suburbs, savvy investors can capitalize on the city’s ongoing growth, benefiting from robust yields and long-term appreciation.

The post Investing in Athens Real Estate: Trends, Prices, and Opportunities appeared first on RightWay Real Estate & bnb | Full Service Property Management.

As of: Jan 2025

Athens, Greece, offers a wide variety of opportunities for Airbnb rentals, catering to diverse traveler preferences and budgets. From historic neighborhoods in the city center to the serene southern suburbs along the coast, property owners can attract a range of guests, including tourists, business travelers, and long-term visitors. This comprehensive table highlights potential income estimates based on property type, location, and occupancy rates. Whether you own a cozy studio in Exarchia, a luxury apartment in Kolonaki, or a seaside penthouse in Glyfada, understanding the rental market dynamics in Athens is crucial for maximizing returns.

The table below organizes key areas of Athens into three categories:

1. Central Athens Neighborhoods – High-demand areas with historical and cultural appeal, such as Plaka, Monastiraki, and Thissio.
2. Less Expensive Neighborhoods – Residential and budget-friendly areas like Sepolia, Kallithea, and Peristeri.
3. Southern Suburbs – Coastal neighborhoods such as Glyfada, Vouliagmeni, and Alimos, popular for their proximity to beaches and luxurious living.

Each area includes estimated nightly rates, occupancy rates, and monthly income projections, providing a practical guide for Airbnb hosts to assess the potential of their properties.

This table highlights the diverse potential for Airbnb rentals across Athens, allowing property owners to plan their investments and maximize returns effectively.

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Athens, the historic heart of Greece, has been gaining momentum as a hotspot for real estate investment, particularly in its vibrant city center. The combination of affordability, strong rental yields, and increasing tourism makes Athens an attractive destination for property investors.

Why Invest in Athens City Center?

1. Affordable Entry Point
   Athens offers some of the most competitive property prices in Europe. Despite recent price increases, properties in the city center remain more affordable than in other major European capitals, allowing investors to enter the market without breaking the bank.

2. High Rental Demand
   The city center is a hub for tourists, students, and professionals, driving consistent demand for short-term and long-term rentals. Platforms like Airbnb have made Athens a top choice for short-term stays, while the city’s thriving business sector ensures steady demand for longer leases.

3. Tourism Growth
   Greece’s tourism industry continues to flourish, with Athens serving as a gateway to the country’s iconic islands and cultural landmarks. The city’s appeal as a year-round destination boosts the profitability of short-term rental properties.

4. Golden Visa Program
   Investors spending a minimum of €250,000 or €500,000 (depending on area) on real estate in Greece are eligible for the Golden Visa program, offering residency and visa-free travel across the Schengen Zone. This incentive has attracted a wave of international investors.

Key Considerations

While the investment potential is strong, it’s essential to conduct thorough due diligence. Pay attention to property conditions, legal processes, and market trends. Collaborating with local real estate experts can provide valuable insights and ensure a smooth transaction.

The below rental yields are estimated amounts for well-maintained unfurnished apartments based on what is currently available in each area. It does not include new builds.

Conclusion

Athens city center offers a unique blend of affordability, growth potential, and lifestyle appeal. Whether you’re seeking steady rental income or long-term appreciation, the Athenian real estate market presents compelling opportunities for savvy investors.

Best yields are in lower income area but these require more and better management and have an increased risk of lost rents. Also these areas may offer lower capital gains as properties tend to increase slower in value.

Smaller apartments offer a better return but bigger apartments are more difficult to find and usually rent quicker.

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