Buying an Older Athens Apartment to Renovate: The 250,000 EUR Golden Visa Route

Most of the apartment stock in central Athens was built during the 1960s–1980s. For an inexperienced buyer that is a risk; for an investor with a strategy it is a source of moderately priced assets in locations that cannot be recreated — and, in certain structures, a route into the Golden Visa at the lowest capital threshold.

Why is the renovation strategy attractive?

Older apartments in regenerating central districts such as Kipseli have entry prices well below the wider market, while strong long-term rental demand pushes yields in these areas above 7%. Renovating to a proper standard lifts both the rent and the resale value — the classic “value-add” strategy in a market that is recovering while prices remain below their 2008 peak in many areas.

Costs and a checklist

• Deep renovation (electrics and plumbing, structure, insulation): budget 500–1,000 EUR/m2.
• Inspect the structure and the systems of the building, not only the apartment.
• Most important: the legal status of unpermitted extensions, which must be regularised before the transfer is notarised.
• Building service charges and the annual ENFIA tax.

The link to the 250,000 EUR Golden Visa

The special Greek Golden Visa route — converting a commercial building to residential use, or restoring a heritage building — applies in every area at a threshold of only 250,000 EUR. In some structures the renovation cost is counted towards the total investment; each case must be confirmed by a lawyer before you commit. Note the general restriction: a property attached to the visa may only be let on a long-term basis.

This strategy requires a reliable local team — an independent lawyer, a surveying engineer and a contractor with a documented track record. Read more at Greece Property or request a consultation to access the network of partners VNIS has vetted.

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The information in this article is for reference at the time of writing. It is not legal advice and no outcome is promised — immigration policy, tax rules and market conditions can change. For an assessment based on your family's specific circumstances, please request a consultation with the VNIS Investment team.