Personal Experience: Urgent Sale of Investment Apartments in Greece and Buying Property for a Golden Visa

In March 2024, Greece announced the upcoming changes in the rules for obtaining a Golden Visa and an increase of the entry threshold to the program to 400,000 euros. The transitional period with the preservation of old conditions was extended until August 31, 2024. During this period, everyone who wanted to get a visa under the old conditions needed to choose a property and make a deal (or at least deposit 10% of the real estate amount). Our good client, Semen, decided to get the Golden Visa of Greece for his adult daughter and her family (the daughter has Moldovan citizenship). Since the necessary amount was not available at that moment, Semen decided to sell 2 investment apartments in the center of Thessaloniki, which belonged to him and his wife. And then after the apartments would be sold, to choose an object for his daughter, to buy it and submit documents for the Golden Visa. The time frame was very limited, nevertheless we managed to quickly sell both apartments and find an object under the Golden Visa conditions.

What gets the client:

The client's choice — an excellent spacious apartment of 115m2 with 3 bedrooms and 2 bathrooms, gas heating and closed parking place in a prestigious and seaside suburb of Thessaloniki, close to shops, schools and 300m from the promenade and the beach. The apartment offers a panoramic view of the city and the sea. Apartment price 255 thousand euros.

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

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Since the demand for Golden Visa properties was huge due to changes in conditions, we started searching for properties in parallel with the sale of apartments in Thessaloniki. The sale was completed within a month and a half, and we proceeded with a deposit for the apartment, which met the conditions of the Golden Visa and the client liked it. The tenants who rented the apartment decided to end the lease and That’s why the client had the opportunity to rent it again at a new price. Now the apartment is rented 700 euros per month without furnishing and any additional investments.

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The income: only due to the price growth in 2024, the owner will receive a minimum of 5-6% anum. The guaranteed rent will bring about 3.5% anum more. Plus, the client managed to get the cherished Golden Visa for residence in Greece for herself and her son.

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Obviously, in the tight timelines and a shortage of properties on the market, we have attracted partners for the fastest possible sale of apartments in Thessaloniki and search for investment options for the Golden Visa.

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The sale of apartments in Thessaloniki was done remotely, on behalf of the client, as this is not the first transaction with us and he trusts us to sign contracts without his presence. The purchase of the new apartment was prepared and signed in the shortest possible time.

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Full support of the client by RES-Greece experts: we helped to sell the existing apartments, to find a proper object for investment in Golden Visa, to prepare all the documents for all three contracts, to protect the client during all the procedures and to close all the deals quickly and not just to apply for the Golden Visa on time but also to receive approval asap.

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