Greece’s Golden Visa program attracts investors from around the world, but rental yields on real estate vary significantly depending on the region, property type, and minimum investment thresholds. New regulations have changed the program’s eligibility requirements, and the 2026 tax reform is affecting owners’ net income. Learn more about which regions of Greece offer the highest rental yields and how investment thresholds affect an investor’s actual profit

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Greece’s “Golden Visa” program remains one of the most popular in Europe, but investors are increasingly looking not only at the possibility of obtaining a residence permit, but also at the actual financial return on the property they purchase. Rental yields vary significantly across different regions of Greece, and the reform of investment thresholds further complicates the calculations. ImiDaily recently reported on this.

Which cities lead in terms of profitability, how the minimum investment threshold affects the type of property, and how much actually remains after taxes—we’ll cover all this in the article below.

Planning to invest in Greek real estate to obtain a Golden Visa?

A real estate lawyer from the Visit World portal will help verify the property’s compliance with the program’s requirements, prepare the documents, and secure the transaction.

Gross rental yield in six Greek cities

According to Global Property Guide (November 2025), among the six Greek cities tracked, Athens has the highest average gross rental yield at 5.4%. The ranking of the remaining cities is as follows:

• Patras — 4.8%;
• Thessaloniki — 4.4%;
• Volos — 4.2%;
• Heraklion — 4.2%;
• Kavala — 3.5%.

All figures are gross, meaning they do not account for taxes, vacancy rates, property management costs, or the annual ENFIA tax. According to the methodological notes of the Global Property Guide, net yields in Greece are typically 1.5–2 percentage points lower than gross yields.

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Yield differences within cities: apartment size matters

City averages mask significant variations between neighborhoods and property types. Within Athens, this variation exceeds the differences between cities.

One-bedroom apartments in the Patisia district yield up to 8% gross return, in Kipseli—7.3%, and in central Athens—about 6%. Meanwhile, a three-bedroom apartment in the prestigious Kolonaki-Likavittos area yields only 3.8%.

A similar pattern is observed in Thessaloniki: one-bedroom apartments in the Voulgari-Ntepo-Martiu neighborhoods have a yield of 6%, while three-bedroom apartments in the Tumpa neighborhood yield only 3.2%. The pattern is consistent: smaller and cheaper properties demonstrate higher returns due to a lower purchase price relative to rental demand per unit of area.

Why compact apartments in Greece are rising in price faster — we explain here.

Minimum investment amounts and their impact on real returns

The reform, which took effect in September 2024, introduced zonal pricing for the “Golden Visa” program. In the Attica administrative region (Athens, Piraeus), Thessaloniki, as well as on Mykonos, Santorini, and islands with a population of over 3,100, the minimum threshold is €800,000 for a single property with an area of 120 m² or more.

In all other regions, the threshold is €400,000 under similar conditions.

It is this threshold that radically changes the profitability calculation for “Golden Visa” investors.

At an average price of €2,439 per m² in central Athens (Spitogatos, Q3 2025), an investment of €800,000 yields approximately 328 m²—these are large family apartments or penthouses, not studio units with maximum returns. The yield in this segment is 3.5–4.5%.

In Thessaloniki, the average price is €2,625 per m², meaning that for €800,000, you can purchase approximately 305 m². Such a property falls into the premium segment, with an average yield for three-bedroom apartments at 3.25%.

A similar logic applies to areas with a €400,000 threshold (Patras, Volos, Heraklion, Kavala, the Peloponnese, the Ionian Islands, and a significant portion of mainland Greece). The median price of a three-bedroom apartment in Patras is €190,000 with a yield of 3.9%, while for €400,000, an investor purchases a property significantly above the median—likely a premium apartment with an even lower yield. In Heraklion, the median price for a two-bedroom apartment is €190,000 with a yield of 4.7%, but the threshold amount again pushes the buyer into the upper price segment.

About Greece’s little-known islands in 2026 and where to find an authentic vacation away from the crowds—read more at the link.

Commercial Real Estate Conversion: The €250,000 Path

Two exceptions to the threshold amounts allow for entry starting at €250,000 regardless of location: the conversion of commercial premises into residential units and the restoration of architectural landmarks.

This mechanism effectively directs investment precisely to those areas of Athens where the highest returns are recorded. Investors are buying and converting commercial buildings en masse in the Exarchia, Metaxourgio, Kipseli, and Piraeus districts—that is, where one-bedroom apartments yield 6–7% gross profit.

The combination of the lowest entry threshold with the most profitable locations has become the most sought-after option among applicants.

However, it is important to consider renovation costs, which are not included in the purchase price, and the completion timeline, which affects visa renewal. A recent ministry circular regarding “golden visa” fraud has tightened controls on conversion projects by introducing additional eligibility criteria at the property level.

What is the summer quiet period in Greece 2026 — we explain it here.

Ban on short-term rentals for Golden Visa properties

The September 2024 reform prohibits listing properties eligible for a “Golden Visa” on short-term rental platforms. The penalty for violation is a €50,000 fine and revocation of the permit.

This restriction eliminates the Airbnb premium, which previously significantly boosted effective yields in Athens’ tourist districts (Kolonaki, Plaka, Monastiraki) between 2017 and 2024. “Golden visa” holders are now limited to the long-term rental market, and Global Property Guide’s metrics reflect this specific segment.

In effect, this levels the playing field between tourist districts (where property prices were already inflated by demand for short-term rentals) and residential areas, where prices better align with the fundamentals of the long-term market.

By the way, we previously reported that Greece made it into the top 5 of the 2026 Global Wellness Tourism Index.

Rental income taxes in Greece in 2026 and net profitability

According to Law 5246/2025, an updated progressive tax scale for rental income has been in effect in Greece since January 1, 2026:

1. First €12,000 — 15% rate;
2. From €12,001 to €24,000 — 25% rate;
3. From €24,001 to €36,000 — 35% rate;
4. Over €36,000 — 45% rate.

Landlords may deduct a fixed 5% for maintenance without providing supporting documents.

Specific example: a three-bedroom apartment in the Kolonaki-Likavittos area yields approximately €2,500 per month, or €30,000 per year, representing a 3.8% gross return on an investment of €800,000.

The tax amount under the new scale is approximately €6,900 (€1,800 + €3,000 + €2,100, respectively). After deducting only the tax on rental income, the yield drops to approximately 2.9%—excluding ENFIA, management fees, and potential vacancies.

Investors with foreign income who opt for the Greek non-resident regime (Article 5A) pay a fixed annual tax of €100,000 on all foreign income; however, Greek rental income is taxed separately at standard rates.

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Trend of declining yields across Greece

The trend in the national gross yield index shows a steady decline: 4.8% in December 2024, 4.6% in June 2025, and 4.4% in the fourth quarter of 2025.

The reason is that real estate prices are rising faster than rental rates. The Bank of Greece’s urban housing price index recorded a nominal increase of 7.7% year-over-year (Q3 2025), while rental rate inflation, despite a high annual rate (8.6%), slowed on a quarterly basis throughout 2025—from 2.7% in the first quarter to 1.3% in the fourth quarter.

An additional factor is the decline in construction. In the first eight months of 2025, only 23,462 housing construction permits were issued, which is 24.5% fewer than in the same period last year. Limited supply supports rental rates, but the trend is more important for investors: the growth in capital value can offset the decline in current returns over the five to seven years of holding the property.

About the best cities in Greece to move to in 2026 — read here.

Vacancy rates and liquidity: what do yield figures not account for?

Gross yield is just one of the parameters affecting financial performance. Among the factors not included in Global Property Guide data:

• ENFIA — an annual property tax that varies significantly depending on the location, size, and assessed value of the property. The bill for a 120 m² apartment in central Athens will be significantly higher than for a similar property in Volos.
• Vacancy risk — Athens has a structural deficit in the long-term rental market (the share of households renting rose from 22.8% in 2010 to 30.3% in 2024, according to Eurostat). Regional cities have a smaller tenant market and seasonal fluctuations in demand.
• Management liquidity — Athens and Thessaloniki have a more developed property management infrastructure, a wider selection of tenants, and lower vacancy rates. A one-percentage-point yield advantage in a regional city can be offset if the vacancy period lasts two months longer.
• Capital appreciation — real estate prices in central Athens rose by 12% year-over-year (Q3 2025, Spitogatos), and in western Athens by 12.5%. The Global Property Guide does not provide detailed data on similar growth in Patras, Volos, or Kavala.

Greece’s Golden Visa program involves complex legal requirements, ranging from zoned pricing and rezoning rules to restrictions on short-term rentals and tax nuances. A real estate attorney from the Visit World portal will help you review documents, assess the property’s compliance with the program’s requirements, prepare a purchase agreement, and protect your interests at every stage of the transaction—from selecting a property to obtaining title.

Book a consultation with a real estate lawyer on the Visit World portal to make an informed investment decision with full legal support!

Reminder! In our previous article, we discussed 5 unique places in Greece worth visiting at least once in a lifetime.

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