DKG Development: Qualify for Greece’s Golden Visa with a €250,000 minimum investment in former industrial properties
The Moschato Hive, currently under construction and slated for completion in 2025, features apartments starting at €250,000 -the minimum threshold for obtaining a Golden Visa.
- 18/10/2024
The forecast for the issuance of permanent residence permits through the Golden Visa program creates new dynamics in the real estate market. While the program introduces higher minimum investment thresholds of €400,000 and €800,000, depending on the location, a key opportunity remains for investments starting at the €250,000 threshold.
This initiative focuses on repurposing abandoned buildings that have remained unused for at least five years, including old industrial sites, factories, and office properties. The new law provides specific incentives to real estate development and construction companies, which are expected to spark a wave of fresh investments. DKG Development is at the forefront of this movement, being one of the first companies to strategically target this category of properties in the Greek market, focusing on key areas like Moschato and Piraeus.
According to Konstantinos Petridis, Founder & CEO of DKG Development, recent legal provisions will significantly boost urban redevelopment across several key areas. “This creates a powerful incentive for real estate development companies to take inactive buildings, revitalize them, and reintroduce them to the market. Investors can then acquire these properties at the minimum €250,000 threshold required for obtaining a Golden Visa”, he explains.
“We foresee areas like Piraeus, where DKG Development is already advancing the Piraeus Gate project, as well as Kallithea and Moschato, emerging as urban redevelopment hubs in the coming years. This provision not only drives urban renewal but also enriches the market with new properties, creating a valuable offering for digital nomads, students, and corporate executives coming to Greece in search of fully equipped and furnished accommodations.”
A unique opportunity emerging in the Greek real estate market
Mr Petridis highlights a unique opportunity currently unfolding in the Greek real estate market. “I anticipate we will soon witness more American universities establishing branches in Europe, leading to a significant influx of students to the Old Continent. Greece stands at the forefront of this shift, thanks to the recent government legislation allowing for the creation of private universities. This development is expected to generate increased demand for organized housing solutions, particularly following the serviced apartment model. Consequently, I foresee a solid commercial foundation for future growth in this segment,” she explains. “Additionally, several companies specializing in managing serviced apartment complexes will likely be keen to enter the Greek market.”
It is also worth mentioning that DKG Development has not only pioneered several projects centred around fully equipped and furnished serviced apartments but has also expanded into property management through a subsidiary. “With this specific government incentive, a new class of investment opportunities is emerging, and we are well-positioned to capitalize on this trend. Two years ago, we acquired the property now known as ‘Moschato Hive,’ one of the first of its kind in Greece, following the conversion of an industrial site into a serviced apartment complex,” adds Mr Petridis, Founder & CEO of DKG Development.
The Moschato Hive: A prime investment opportunity for Golden Visa seekers
The Moschato Hive presents a unique opportunity to invest in high-quality apartments, with prices starting from €250,000—perfect for securing a Golden Visa. Currently under construction, this development is expected to deliver high annual yields through effective operation and managements of the assets.
“Set for completion in the fourth quarter of 2025, investors will begin receiving monthly rental income immediately upon delivery,” explains Mr Petridis.