What is Real Estate Investment Route? Definition & Guide
A Golden Visa qualifying option where the applicant purchases property meeting a minimum value threshold in the host country.
The real estate investment route allows Golden Visa applicants to qualify by purchasing property in the host country at or above a minimum value set by the program. The property must be maintained for the duration of the residency permit, typically five years.
Greece has the most prominent real estate route, with a minimum of €250,000 in most regions and €500,000 in Athens, Thessaloniki, Mykonos and Santorini. Turkey requires $400,000 in real estate for its citizenship by investment program. Hungary allows €500,000 in residential property as one of its qualifying options.
Portugal removed standard residential real estate from its Golden Visa program in 2023. Commercial properties and rehabilitation projects in designated low-density areas remain eligible. Spain suspended its Golden Visa program entirely in 2024.
The real estate route has advantages: the investor owns a physical asset, can use the property for personal stays or rental income, and has direct control over the investment. Disadvantages include property management responsibilities, exposure to local real estate market fluctuations, transaction costs (property transfer tax, notary fees, registration fees) and illiquidity compared to fund investments.
Property transfer taxes vary by country: Greece charges 3.09%, Turkey charges 4%, and Italy charges 2% to 9% depending on the property type and buyer status.
Why It Matters for Golden Visa Applicants
The real estate route appeals to Golden Visa applicants who want a tangible asset they can use for personal stays, rental income or long-term appreciation. Greece's program, with a €250,000 minimum in most regions, is one of the lowest entry points in Europe. However, applicants should account for total costs beyond the purchase price: property transfer tax (3.09% in Greece), legal fees (1% to 2%), notary fees, annual property taxes (ENFIA in Greece), maintenance, insurance and management costs if renting. These recurring costs reduce the net return compared to fund-based investment routes and should be modeled over the full five-year holding period.
Example
"They purchased a €260,000 apartment in Thessaloniki through the real estate investment route, qualifying for the Greece Golden Visa while generating €800 per month in rental income."