Personal Experience: Real Estate Investments for Long-Term Rental in Thessaloniki with a 20% Yield Right from the Start of the Purchase.

Graphics: Investor's Guide to Greek Real Estate – Illustrated Steps and Testimonials

In January 2023, we with our trusted client from Moldova Igor, agreed the plan for the investment in Greece for the year. We have been working with Igor for 6 years. All started with a holiday house purchasing, then the family decided to gradually move to Greece and a cozy villa was purchased in the suburbs of Thessaloniki and Golden Visas were issued for all the family members, then during the next couple of years the client invested in several small apartments in the center of Thessaloniki with a guaranteed rent ( all are rented daily through the management company). Now we decided to change the strategy a little and to look for long-term rental options in Thessaloniki.

What gets the client:

The client's choice was to buy three corner apartments of 64–67 sq. m. with 1 bedroom, kitchen-living room, balconies in a three-story building completely restored and redesigned into a residential complex of 30 apartments in a prestigious and respectable area of Thessaloniki, close to the metro station, shops, schools and 300m from the main seaside promenade.

The project is located on an excellent spot with all the infrastructure, very close to the center, with good transport accessibility, close to art galleries, theaters, restaurants, etc.

Because we entered the project at a very early stage and purchased three apartments at once, the cost per square meter of the finished property with full high-quality furniture, all appliances, equipment, and decor (for turnkey rental) had been set as 2,470 euros per sq.m. Now, after 8 months, the last apartments in the complex are for sale for 3,000 per m2 without furniture.

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The income: only due to the price growth in 2023, even not paying the full amount for the apartments ( paid scheme is in portions due to construction stages), the owner gets the more than 20% profit. The agreed guaranteed rental price for each apartment was set at 650 euros per month, which will bring about 5% per annum. However, during 2023 the long-term rental rates increased significantly and after the building will be completed the apartments can be rented for 700-750 euros per month, which will increase income.

Obviously, when you are investing in such projects at the very early stage you will get not only high income but also there are high risks. We faced the issue with the terms of renovation and for the moment we are sure it is delayed for 4-6 months. Nevertheless, according to the contract, the client is protected from delays by the penalties: after a 2-month delay of delivery of the whole project the constructor starts paying compensation to the owner in the amount of a guaranteed rental of 650 euros per each apartment.

The purchase was made remotely, by power of attorney from the client, since this is not the first transaction with us and he trusts us to sign and execute contracts without his presence.

Full support of the client by RES-Greece experts: we helped to select the best investment project, prepare all the documents for the contract, provide maximum security for the client at the investment stage, and close the deal remotely.

Write to us for advice on purchasing real estate in Greece and to receive a selection of best properties that suit your needs and budget.

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