Greece remains one of the most attractive destinations for investors seeking European residency through real estate. For investors from Turkey, Golden Visa Thessaloniki combines two things rarely found together: geographic proximity to home and full access to the European area. This guide explains the thresholds in force today, the €250,000 route that remains open, and the real reasons Greek real estate is still worth it.
The three investment thresholds in force today
Law 5100/2024 restructured the programme into three zones. Identifying the correct zone is the first step of any serious investment plan:
- €800,000 — the Attica Region, the Regional Unit of Thessaloniki, Mykonos, Santorini and all islands with a population above 3,100.
- €400,000 — the rest of Greece.
- €250,000 — special category: properties whose main areas are legally converted from commercial use to residential, as well as listed buildings undergoing restoration.
In the two main categories (€800,000 and €400,000) the investment must be in a single property, with a minimum of 120 sq.m. of main areas. The €250,000 category has no floor-area restriction, but the conversion must be legally completed before the application is filed.
The €250,000 route: why it matters in Thessaloniki
Thessaloniki falls within the €800,000 zone. A straightforward apartment purchase in the city centre therefore does not qualify unless its value exceeds that threshold. There is, however, a fully legislated alternative: the change of use from commercial premises to residential. A former office or shop converted into a modern home falls under the €250,000 threshold — regardless of location.
In practice, the investor acquires a property in the centre of Greece's second-largest city with one third of the capital a conventional purchase in the same zone would require. The condition is single and non-negotiable: the change of use must be issued and legally completed, with a full permitting file.
Why Greek real estate is still worth it
1. European residency with no minimum stay
The permit covers the investor, spouse and dependent children, allows free movement within the Schengen area and is renewable as long as the investment is maintained. No minimum stay in Greece is required — the investor continues to live and work wherever they are today.
2. Entry cost into a European market
Price per square metre in Thessaloniki remains significantly lower than in comparable Western and Central European cities, while the market has been trending upward in recent years. The investor is not simply buying a permit — they acquire a euro-denominated asset, outside the risk of currency depreciation.
3. Proximity and familiarity for Turkish investors
Thessaloniki is less than an hour's flight from Istanbul, with daily connections. That short distance lets owners visit their property, monitor their investment and use it as a second base without relocating their lives.
4. A city with genuine demand, not just tourism
Thessaloniki is the university and medical hub of Northern Greece, with tens of thousands of students, hospitals and a constant flow of professionals. Long-term rental demand is steady year-round — a crucial factor, given that Golden Visa properties may not be used for short-term rentals.
5. Infrastructure that is reshaping the city
The metro, the port upgrade, the Flyover and the redevelopment of the western entrance are transforming the urban map. Areas considered run-down until recently are gaining new momentum, and properties around the new metro stations show the strongest appreciation.
What investors need to watch
- Short-term rentals are prohibited for properties under the new regime, with fines and risk of permit revocation.
- Use as a business seat is prohibited for properties created through a change of use.
- Legality of the file: the change of use must be complete before the application. A property "under conversion" does not meet the requirement.
- Technical due diligence: structural adequacy, planning compliance, energy certificate and clean title.
The role of ATLAS
ATLAS Engineering & Development is not a brokerage promoting third-party properties. We are the contractor: we identify the property, prepare the studies, obtain the change-of-use permit, build and hand over turnkey. The investor has one point of contact and one engineer's signature from day one to delivery — with support in their own language at every step.
This article is for information purposes and does not replace legal advice. Every Golden Visa investment file should be reviewed by a lawyer specialising in immigration and property law.