Golden Visa with Real Numbers: Converting a Commercial Building into 10 €250,000 Sales

The Asset

• Location: Kolonos, Athens

• Property type: Commercial building

• Built area: ~800 sqm (above ground)

• Condition: Requires full renovation

• Objective: Change of use to residential & Golden Visa sales

Kolonos is selected not for lifestyle appeal, but because:

• entry prices remain rational

• zoning supports change-of-use projects

• demand exists for €250,000 Golden Visa units

The Concept

With proper architectural planning:

• 10 apartments x 80 sqm

• Functional layouts (not fragmented “box” units)

• Full energy upgrade

• Independent residences tailored to Golden Visa buyers

👉 1 apartment = 1 Golden Visa

Investment Numbers (Realistic Scenario)

1. Acquisition Cost

Purchase price of the building:
€1,000,000

(≈ €1,250 / sqm — realistic for a commercial asset with conversion potential)

2. Renovation & Conversion Cost

Includes:

• architectural & engineering studies

• permits & change of use

• full renovation

• MEP installations

• energy upgrade

Renovation cost:
€700 / sqm x 800 sqm = €560,000

3. Marketing & Sales Cost

Includes:

• Golden Visa product positioning

• international marketing

• brokerage & partner commissions

• legal & administrative sales support

Marketing & sales cost:
€500 / sqm x 800 sqm = €400,000

4. Total Invested Capital

Acquisition: €1,000,000
Renovation & conversion: €560,000
Marketing & sales: €400,000

Total invested capital: €1,960,000

Exit Strategy: Golden Visa Sales

Sale price per apartment:
€250,000

Total units:
10 apartments

Total gross sales revenue: €2,500,000

Gross Result

Total revenue: €2,500,000
Total cost: €1,960,000

Gross profit: €540,000

Taxes & Additional Costs (Conservative Assumptions)

Assumptions:

• corporate structure

• profit tax approx. 22%

• additional costs (legal fees, notarial balances, contingencies): €50,000

Tax on profit (22% of €540,000):
-€118,800

Other costs:
-€50,000

Net Project Result

Gross profit:
540,000 €

Less taxes:
-118,800 €

Less other costs:
-50,000 €

Net project profit:
371,200 €

What This Means in Practice

• Net profit approx. €370,000

• Risk distributed across 10 buyers, not one

• Clear exit without rental exposure

• Value created through conversion, not market timing

This is not a “simple” project.
It is a measurable, structured, and controllable investment.

Why This Model Still Works

1. The price target is fixed (€250,000)

2. The buyer profile is clearly defined (Golden Visa)

3. Value is created before the sale

4. Exit is independent of rental market volatility

5. Risk is diversified across multiple transactions

The Role of Poli Real Estate

At Poli Real Estate, Golden Visa projects are treated as investment products, not simple transactions.

We handle:

• asset evaluation

• feasibility analysis

• project structuring

• Golden Visa positioning

• absorption & exit strategy

Because in Golden Visa investing,
structure matters more than the postcode.

Conclusion

Golden Visa investing is not:

• “buy something ready-made”

• or “pay high and wait”

It is:

• the right asset

• the right conversion

• a clear exit

• and real numbers

When structured correctly,
a commercial building can be transformed into
multiple high-certainty Golden Visa sales.