Greece Student Housing Investment: A Potential Route to Greek Residency for the Whole Family
March 1, 2024 · Greece · 10 min read
Named the best-performing economy of 2023 in The Economist’s annual rankings, Greece is attracting growing interest from investors worldwide, including through its Golden Visa real estate program. IMM Group is now presenting a Greece student housing investment that can help investors obtain European residency for the whole family, with clear long-term investment prospects.
2023 was an eventful year for residency by investment programs in general and Golden Visa programs in particular. In Greece, even though the minimum investment amount doubled in the most sought-after areas in mid-July 2023, the number of Golden Visa applications in 2023 nearly doubled compared with the previous year. Many reports suggest the program will raise its investment thresholds again in the coming weeks. This underscores the appeal of Greece residency by investment, arguably the world’s most popular residency by investment program in 2023.
Investing in the best-performing economy of 2023
The Golden Visa has become a familiar concept, attracting large numbers of investors around the world who want to obtain residency or settle in Europe. Many European countries offer Golden Visa programs, so when choosing where to invest, investors should weigh a range of factors, above all the host country’s economic situation. Greece now ranks among Europe’s fastest-growing economies, largely thanks to the government’s economic reforms. The Economist has ranked Greece the best-performing economy in its annual rankings for the second year in a row, helping to make it one of the world’s most attractive investment destinations.
The Greece Golden Visa program offers investors the opportunity to obtain a residence permit through a qualifying real estate investment. Where Golden Visa investors once focused mainly on residence rights and freedom of travel in Europe for the whole family, today they can also choose projects that both qualify for the Golden Visa and offer a promising, well-performing overseas property investment. The student housing investment model in Greece is one such option.
Arish Wonderwall: a student housing project with sustainable business prospects
Purpose-built student accommodation (PBSA) is a well-established model in Western countries and has existed in the U.S. and European markets for decades. Universities always have students enrolled, and those students need somewhere to live, which sustains demand for housing. As a result, student housing has become an increasingly common component of investment portfolios: beyond its growth potential and strong operating performance, it is regarded as a relatively defensive asset class in today’s volatile economic environment.
Arish Wonderwall is a student housing project set beside the sunny beaches of Patras, home to more than 35,000 students and 3 of Greece’s leading universities. The project sits next to the city center and less than a 15-minute drive from the University of Patras, making it easy for students to get to campus, shop, enjoy leisure activities, and find work at companies and stores in the center.
The project comprises 56 modern apartments. Every apartment is fully equipped, with its own private bathroom and kitchen, to ensure comfort and convenience and make the most of student life. Shared amenities include a gym, laundry room, study area, cinema room, rooftop garden, and bicycle parking, making the project an ideal home for students throughout their studies.
Patras is Greece’s third-largest city and the capital of the Western Greece region. Known as a student city, Patras also has a developed, modern, and dynamic economy.
The project is developed by Arish, a European real estate development group with more than 65 years of combined experience. The developer also offers a stated rental return of 5% per year for 5 years, under the terms of its offer.
European residency with a €250,000 investment: a window of opportunity
The Greek government recently confirmed plans to raise the real estate investment thresholds for the Golden Visa program. According to Greek media, the government is likely to introduce 3 investment tiers by region, with the highest minimum investment reaching €800,000 (approximately US$896,000), and the new rules are expected to be officially announced in the coming weeks. For now, Arish Wonderwall remains one of the promising projects located in an area that qualifies at the €250,000 (approximately US$280,000) investment level.
By investing €250,000 or more in real estate, investors and their families can obtain a Greek residence permit under the Golden Visa program, with a range of advantages and benefits:
- The investment and application process takes about 12 months, and most steps can be handled from your home country.
- Access to healthcare, education, and other benefits in Greece.
- Visa-free travel within the 29-country Schengen Area, with stays of up to 90 days in any 180-day period.
- After 7 years of residence in Greece, you may be eligible to apply for Greek citizenship, subject to Greece’s naturalization requirements. Once naturalized, you and any family members who also obtain Greek citizenship could, as EU citizens, live in any EU member state. The Greek passport offers visa-free or eVisa access to 185 destinations.
If you are considering residency by investment in Greece, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the prospects of your application. We keep your personal data confidential and use the information you provide only to advise on your family’s case.
Was this article helpful?
