When foreign investors consider the Greek real estate market, attention often turns to the country’s most well-known destinations: Mykonos, Santorini, Corfu, Crete or the Athenian Riviera. However, following the recent changes to the Greek Golden Visa framework, smaller island markets have gained renewed legal and transactional interest.
Under the current legal framework, in areas such as Attica, the Regional Unit of Thessaloniki, Mykonos, Santorini and islands with a permanent population exceeding 3,100 inhabitants, according to the latest census, the minimum real estate investment threshold is €800,000. By contrast, in areas that do not fall within the above categories, the minimum threshold remains,
subject to the applicable statutory requirements, at €400,000.
This distinction has redirected attention toward smaller Greek islands, which may combine a lower investment threshold, authentic local character and limited property supply.
Smaller Islands and the €400,000 Threshold
Subject always to specific legal and administrative review, certain stand-alone island municipalities with a permanent population below 3,100 inhabitants may fall within the €400,000 threshold.
Indicatively, such cases may be found in islands such as Sifnos, Kea, Amorgos, Kythnos, Antiparos, Serifos, Kimolos, Ithaca, Paxos, Skyros, Elafonisos, Samothrace, Symi, Astypalaia, Kasos, Nisyros, Tilos, Lipsi, Halki, Megisti / Kastellorizo and Gavdos.
However, the inclusion of an island or a specific property within the €400,000 threshold should not be assumed automatically. In each case, it is necessary to verify the exact administrative classification of the property, the applicable population data and the legal framework in force at the time of the transaction.
The 120 sq.m. Requirement
For the standard real estate acquisition route under the Golden Visa framework, the investment must concern a single property with a minimum surface area of 120 sq.m. of main-use spaces.
This requirement is particularly important in smaller islands, where many properties are older, traditional or include auxiliary spaces such as storage areas, basements, cellars or former utility rooms.
Auxiliary spaces cannot be arbitrarily counted toward the required main-use surface area. For this reason, before any binding commitment or signing, a combined review by a lawyer and a qualified engineer is essential.
Border Areas and Special Authorizations
Certain Greek islands are located in designated border areas. In such cases, third-country nationals may need to obtain prior administrative authorization in order to acquire real estate.
This requirement may affect both the feasibility of the acquisition and the timing of the transaction. Therefore, the border-area status of the property should be reviewed before the signing of any binding documents.
The Alternative Route of Change of Use
In addition to the standard real estate acquisition route, the Golden Visa framework also provides a special route for properties whose main spaces are converted into residential use.
In this case, the minimum investment threshold is €250,000, regardless of the location of the property, provided that the change of use has been lawfully completed before the submission of the Golden Visa application and all other statutory requirements are met.
Under this route, the 120 sq.m. minimum surface area requirement does not apply. However, the route requires enhanced caution, as urban planning, technical and legal issues must be carefully reviewed before the acquisition.
What Should Be Reviewed Before the Investment
Before purchasing property on a smaller island for Golden Visa purposes, it is critical to review:
- the exact administrative classification of the property and the applicable investment
threshold; - the main-use surface area and compliance with the 120 sq.m. requirement, where
applicable; - the title deeds, cadastral records and any encumbrances or claims;
the urban planning status and the Electronic Building Identity; - any restrictions relating to border areas, forestry maps, coastline, archaeology or
protected settlements; - the restrictions on the use of the property after the residence permit is granted,
particularly in relation to short-term rentals.
Conclusion
Smaller Greek Island markets may offer an interesting alternative for investors considering the acquisition of a Golden Visa through real estate. The lower €400,000 threshold, combinedwith the authenticity and scarcity of these markets, may create legally and commercially interesting opportunities.
However, this opportunity comes with significant legal and technical complexity. The selection of the right property should not be based solely on location or price, but on full legal, technical and immigration due diligence.
In the current Greek Golden Visa environment, the real value of an investment lies not only in
the property itself, but also in the legal certainty that supports it.
Disclaimer: This article is provided for informational purposes only and does not constitute
legal, tax, financial, immigration or investment advice. The eligibility of each property and
each applicant must be assessed on a case-by-case basis.
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Planning your Golden Visa investment in Greece? Contact Georgaki & Partners Law Firm today to evaluate eligible island properties and secure a seamless residency application process.