Articles 2023

How to buy commercial real estate in Greece and convert it into residential status?

Greece is one of the most attractive places in the world for investing in commercial real estate. The country is located on a beautiful coastline, has a rich history and culture, and is a member of the European Union. In this article, we will explore how to acquire commercial real estate in Greece and how it can be converted into residential properties.
Purchasing commercial real estate in Greece can be an exciting investment opportunity.
The process of purchasing commercial real estate in Greece is not significantly different from buying residential properties. Here are the key steps involved:

  1. Search for suitable properties: You can utilize the services of local real estate agents, review online platforms, or leverage personal connections to find appropriate properties. However, if you are not residing in Greece, it is important to have a trusted representative on-site who can assist you throughout the transaction process.
  2. Property inspection: Once you have identified a potential property, the next step is to conduct a thorough inspection. Pay attention to the condition of the building, its technical specifications, and amenities.
  3. Legal due diligence: If you are interested in the property, it is crucial to conduct a legal due diligence process to ensure that the seller has the full right to sell the property and that all taxes and fees have been paid. Following this, a purchase agreement needs to be drafted and the payment process completed.
Converting commercial real estate into residential property
Converting commercial real estate into residential in Greece is a process that may involve certain changes to the building, such as installing additional amenities or modifying the layout of the premises. However, if approached correctly, this process can significantly increase the value and income potential of your property.

Applying for conversion

The process of converting commercial real estate into residential begins with submitting an application for conversion to the relevant authorities. The application should include a detailed description of the proposed changes and a plan of the building after the modifications. It is important to specify the purpose of the conversion, i.e., that the building will be used for residential purposes.

Application review

After submitting the application, it will be reviewed by the appropriate authorities. They will assess whether the conversion project complies with all the rules and regulations set forth by Greek legislation. If the application is approved, you will obtain permission for the conversion.

Building alterations

After receiving permission for conversion, you can proceed with making the necessary changes to the building. This typically involves conducting the required engineering work, such as installing new utilities, electrical systems, plumbing, etc. Subsequently, the interior spaces should be reconfigured according to the conversion plan.

Obtaining permits

Once the alterations are completed, you need to obtain the relevant permits from the local authorities to confirm that the changes have been executed in compliance with all regulations. After obtaining these permits, you can start using the building as residential units.

Benefits of converting commercial real estate to residential

Converting commercial real estate to residential in Greece can be a beneficial decision for investors looking to enhance the return on their investment. There are several advantages that can be gained from such a conversion.

Stable income

Converting commercial real estate to residential can provide a more stable income compared to commercial properties. This is due to residential properties often being leased for longer periods of time, with residential tenants typically exhibiting more discipline in paying rent on time and staying for longer durations.

Significant demand growth

Greece is experiencing a significant increase in demand for residential properties. This is attributed to the country's popularity among tourists and foreign citizens seeking to acquire property in Greece. While market conditions may fluctuate, overall, the demand for housing in Greece remains stable.

Increased property value

Converting commercial real estate to residential can potentially increase the value of the property. Residential properties generally have higher market values compared to commercial properties, as they are intended for residential use. This can result in an appreciation of the property value and enhanced returns for the investor.

In conclusion, converting commercial real estate to residential in Greece can be a lucrative opportunity for investors seeking to maximize their capital.

Our team provides services for identifying undervalued commercial properties, legal assistance throughout the transaction, preparation and submission of documents for the conversion of the property from commercial to residential use, and implementation of all necessary changes and renovations in the apartments.