From September 1st 2024 in Greece, specific regulations dictate the minimum acquisition value for real estate investments, particularly focusing on designated regions such as Attica, Thessaloniki, and various islands. This article outlines the investment requirements based on property location, type, and other relevant factors as per the latest legal framework.

A) Minimum Acquisition Values in Designated Areas

  1. Regions Defined: The minimum value of real estate acquisition, as well as total contractual rent for agreements, is set at €800,000 for the following areas:
    • Attica Region
    • Thessaloniki Regional Unit (Central Macedonia)
    • Mykonos and Santorini Regional Units (Southern Aegean)
    • Islands with a population of over 3,100, according to the latest census.
  2. Acquisition Specifications:
    • Investments must be made in a single property.
    • For constructed real estate or properties with a valid building permit, a minimum floor area of 120 square meters is required.
    • In the case of joint ownership acquisition, the minimum value for the share is also set at €800,000.

B) Minimum Acquisition Values in Other Regions

  1. General Areas: In all other regions of Greece, the minimum acquisition value is established at €400,000, with similar conditions as mentioned above:
    • Investments must still target a single property.
    • The minimum area of constructed properties or those with a valid permit remains at 120 square meters.
    • For joint ownership acquisitions, the minimum value remains at €400,000.

C) Special Cases of Residential Conversion

  1. Changes in Property Use: If real estate properties are converted into residences, the minimum acquisition value is reduced to €250,000. The same criteria apply:
    • The investment must be directed at one property.
    • The conversion must be completed before applying for a permanent residence permit for investors.
  2. Industrial Property Conditions: This minimum value also applies to investments in industrial properties, provided they haven’t housed a functioning industry for the last five years.

SEE our offers for Golden Visa €250,000

D) Rehabilitation and Restoration Regulations

  1. Heritage Properties: For those investing in the restoration or reconstruction of listed buildings, the minimum acquisition value is set at €250,000. Key stipulations include:
    • The investment must focus on a single property, and the full restoration or reconstruction must be completed before any transfer of the property is valid.

Additional Considerations

  1. Rental Agreements: The minimum value for rental agreements associated with hotel accommodations or tourist residences also aligns with the above acquisition criteria.
  2. Investor Residence Permits: Non-EU citizens holding a permanent residence permit can renew their permits as long as they maintain ownership or rental agreements and comply with the regulations. For initial renewals tied to property restoration, full restoration must be completed regardless of the cause for any property degradation.

Conclusion

Understanding the nuances of the real estate regulations in Greece is crucial for domestic and foreign investors. By adhering to the specified minimum values and conditions laid out in the law, investors can navigate the property acquisition process effectively, ensuring compliance and a smooth path toward securing permanent residence in Greece.