How did a US family secure a Greek Golden Visa and build a rental portfolio in Athens?

Athens: Beyond the Golden Visa – A Rising European Investment Capital

Though widely regarded as a gateway for Golden Visa applicants, Athens has emerged as far more than a stepping stone for residency. Its real estate market is rapidly maturing into a compelling, standalone investment opportunity, and the journey of one American family perfectly illustrates this transformation.

In October, a multi-generational family from the United States engaged Astons to purchase their first property in Greece. Their principal objective: securing a Greek residence permit to guarantee long-term European access, free from ETIAS restrictions, while paving the way for their eldest son’s education within the EU.
They also recognised the value of reliable rental income, a passive revenue stream and a financial cushion for their son throughout his academic journey.

Astons guided the family in acquiring a well-positioned apartment in Piraeus, Athens’ bustling port district known for its consistent rental demand. Often referred to as Europe’s southern gateway, Piraeus is a nexus of maritime travel, with daily departures to the iconic Greek islands.

Only four months later, motivated by both their positive experience and the region’s promising returns, the family returned to Athens – this time with a purely investment-driven focus. They acquired three additional apartments to diversify their portfolio, generate euro-denominated rental income, and build long-term capital in a stable, high-growth market.

Initial Investment for Golden Visa Application

• Apartment in Piraeus: €270,000
• Property transfer tax: 3.09%
• Land registry fee: 0.6%
• Notary fees: approx. 1.5%
• Immigration fee: €2,000 (main applicant) + €150 per additional family member
• Residence card issuance fee: €16 per person

Additional Costs:

• Translation services: €300
• Private health insurance: €150 per person
• Legal support by Astons: tailored case-by-case
• Transport & travel expenses: upon request

The family has since received their Greek residence cards. Their Piraeus apartment has entered the rental market, while the three additional acquisitions are contributing to a well-diversified euro-based income portfolio.

Greece’s Golden Visa Programme: Key Highlights

The Greek Golden Visa offers a five-year renewable residence permit in exchange for qualifying real estate investment.

Family members included:

• Spouse
• Children under 21
• Parents of both applicant and spouse
• Minimum Investment (from 2024):
  €800,000 – Central Attica, Thessaloniki, Crete, Rhodes, Mykonos, Santorini
• €400,000 – Other regions
• €250,000 – For commercial-to-residential conversions or restored heritage properties

Programme Benefits:

• No physical residency requirement
• Full access to education and healthcare in Greece
• Visa-free travel across the Schengen Zone
• Citizenship eligibility after 7 years (language & culture criteria apply)

Athens’ real estate market demonstrated strong performance throughout 2024, albeit at a steadier pace than previous peak years.

• Key Metrics:
  Apartment price growth (Athens): +8.2%
• Central districts: €2,250/m² (+10.5% YoY)
• Nationwide average growth: +6.6% YoY (Q4 2024)

Growth Drivers:

• Post-crisis economic rebound
• Declining unemployment and improving GDP
• Surge in tourism fuelling rental demand
• High foreign investor interest
• Limited new housing supply
• Major infrastructure developments (port upgrades, metro expansion, Ellinikon coastal project)

Athens delivers a rare balance of:

• Coastal Mediterranean living
• World-class infrastructure and connectivity
• Timeless cultural and historical allure
• A strategic logistics hub in the Eastern Mediterranean

Greece is no longer merely a sun-soaked retreat. It is a sophisticated investment destination offering growing demand, attractive returns, and full access to the European lifestyle.

Whether you’re planning a strategic relocation or building your euro-denominated property portfolio, Astons is your trusted partner, from first viewing to Golden Visa approval and beyond.