Commercial-to-Residential: The Last Smart Way to Secure a Golden Visa at €250,000

Greece’s Golden Visa program has seen major changes, with the minimum investment raised to €800,000 in most prime areas. For many investors, this made the program less accessible. But one smart path still remains: buying commercial property and converting it into residential use, which still qualifies for the €250,000 threshold. This rare strategy is becoming the last loophole for investors seeking EU residency at a lower cost.

GOLDEN VISA

Christos Boubalos - poli.gr

10/1/2025

1. Why This Works

Lower Entry Point: Commercial assets are often priced lower than residential equivalents.
Golden Visa Eligibility: Once converted, the property qualifies at the €250,000 minimum.
Value Creation: Renovation transforms outdated spaces into modern apartments.
Exit Strategy: Resell at higher value or rent out to achieve steady yields.

2. Case Study Example

Acquisition: Small office in central Athens – €200,000.
Conversion & Renovation: €50,000 (permits, redesign, energy upgrades).
Total Investment: €250,000 (qualifies for Golden Visa).
Market Value Post-Renovation: €320,000–€350,000.
Investor Gains:
- Golden Visa residency.
- Equity increase of €70,000–€100,000.
- Potential rental yield: 5%–6% annually.

3. Best Areas for Commercial-to-Residential Conversions

Central Athens: Kypseli, Pangrati, Exarchia – older offices convertible into apartments.
Piraeus: Shops and offices near the port with strong rental demand.
Secondary Suburbs: Marousi, Peristeri, Nea Ionia – good transport, affordable entry prices.

4. Challenges to Consider

Permits: Legal approval for conversion is essential.
Renovation Costs: Must budget realistically; energy-efficiency upgrades are required.
Scarcity: Eligible commercial properties are very limited.
Timeline: Conversion can take longer than a simple renovation.

5. Comparison: Standard vs Conversion Route

Golden Visa PathMinimum InvestmentEligible PropertiesFlexibilityPotential ReturnsStandard Golden Visa (2025)€800,000Prime residential in Athens Riviera, Mykonos, SantoriniLimitedMostly lifestyleCommercial-to-Residential€250,000Old shops, offices convertible to apartmentsHighRenovation upside + rental income

✅ Conclusion

The commercial-to-residential strategy is one of the last smart ways to secure a Golden Visa at €250,000 in Greece. It combines lower entry costs, legal eligibility, and investment upside through renovation and resale.

For international buyers, it offers not only EU residency but also a profitable real estate project in one of Europe’s most attractive markets.

📞 Looking for Golden Visa Opportunities?

At POLI Real Estate, we specialize in sourcing rare commercial-to-residential properties that qualify for the €250,000 Golden Visa.