Personal Experience: Buying Loft Apartments in Thessaloniki for a Golden Visa through Commercial Conversion

15.03.2026

Image: Loft apartments in Thessaloniki purchased for Greece Golden Visa and rental investment income

In September 2024, Greece has changed the Golden Visa rules and increased the entry threshold up to €400,000-€800,000. However, the option of obtaining a residence permit by purchasing a commercial or industrial property converted to residential status, with an entry threshold of €250,000, was retained.

The difficulty was that, after introducing the new category, the Ministry of Migration took almost 1 year to clarify which properties could be considered for the Golden Visa in this category and outline all the requirements for these properties. This clarification was completed in November 2025, and only after the developers were able to offer Golden Visa properties under this new category eligible for Ministry of Migration's requirements.

In December25, our client, Alex, contacted us to find a Golden Visa property as quick as possible, to purchase it online, and to obtain a residence permit. The deadlines were quite tight, but we succeed to find an attractive Golden Visa property and to close the deal in early January 2026. Obtaining the physical residence permit card took only 3 months. This is an excellent processing time. The client is already traveling to Europe for personal matters.

What gets the client:

The client's choice is three spacious loft apartments on the ground floor of a completely renovated commercial building in a prime area of Thessaloniki. Each apartment features one bedroom, a loft kitchen-living room, and a bathroom. They are delivered fully furnished and ready to rent. These 3 apartments are officially combined into a single property of approximately 150 square meters. The renovation project will be completed in May 2026, and the guaranteed rent for the three apartments will be €1,200 per month. The developer provides full management and leasing services. The apartments are situated within walking distance from a metro station, and a supermarket, shops, and banks are nearby. The price of the apartment is €250,000.

The project is located in the district close to the center, with good transport access to the city of Thessaloniki, close to a supermarket, taverns, cafes and restaurants, etc.

Since the demand for Golden Visa properties is huge due to changes in conditions, and there are very limited quantity of renovation projects for Golden Visa-compliant properties in Thessaloniki, but demand for them is high, we succeed to find a proper a property, held an online viewing, and provided a deposit for an apartment that was eligible for the Golden Visa and appealed to the client. The advantage of this property is that, if necessary, there is easy possibility to divide the property into three separate apartments and quickly sell them by unit.

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The income: only due to the price growth, the owner will receive a minimum of 5-6% anum. The guaranteed rent will bring about 5% anum more. Plus, the client managed to get the cherished Golden Visa for residence in Greece for him and his wife.

Please note: When purchasing remotely, after submitting your Golden Visa application, you must have a Schengen visa in your passport or obtain a Schengen visa for your first entry to Greece, which will require additional time. After submitting your fingerprints, you can reside in Greece permanently, and after receiving your residence permit card, you can travel freely throughout the EU.

The purchase in Thessaloniki was completed remotely, using the client's power of attorney. The selection process, signing of the deposit agreement, and contract execution were all completed without the client's presence. The purchase was completed in the shortest possible time. At the end of January, the client and his wife submitted their Golden Visa application and attended the fingerprinting session. The residence permit cards were issued in just 3 months, which is an excellent processing time. The client is now already traveling freely within Europe for personal purposes.

Full support of the client by RES-Greece experts: we helped to select the investment property, to prepare the necessary documents, ensure maximum security for the client during the investment phase, and closed the transaction. The client's Golden Visa application was submitted on time and the residence permit cards were issued in just 3 months.

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