Greece Golden Visa Zone B €400,000: Suburban Athens and Major Cities

Greece Golden Visa Zone B is the mid-range investment segment of the residency-by-investment programme Greece following the reform under Law 5100/2024, applying a minimum threshold of €400,000 EURO for a single property of 120 square metres or more. Zone B’s geographical scope covers the whole of Greece outside Zone A, opening up opportunities in secondary cities, coastal rural areas and islands with a population under 3,100.

This is the segment that attracts investors seeking higher rental yield and a lower initial capital outlay than Zone A. This article sets out the detailed geographical scope, the potential markets by region, the legal characteristics of Zone B, and a comparative analysis against the other segments of Greece Golden Visa sau Circular 1/2026.

Legal basis of Zone B

Under Article 100 of Immigration Code 5038/2023 as amended by Article 64 of Law 5100/2024, Zone B is defined by exclusion: it comprises every area not specifically designated as Zone A. This approach differs from Zone A’s direct definition and requires investors to verify each transaction against ELSTAT’s official administrative boundaries.

Specifically, Zone B applies to mainland Greece outside the Attica Region, the remainder of Central Macedonia outside the Thessaloniki administrative unit, the Eastern Macedonia and Thrace region, the Western Macedonia region, Epirus, Thessaly, Central Greece, Western Greece, the Peloponnese, the North Aegean (except islands with a population over 3,100), the South Aegean (except Mykonos, Santorini and the larger islands), the Ionian region (except the larger islands), and the scattered smaller islands with a population below the threshold.

Zone B’s technical requirements mirror Zone A’s structure: a single property unit, a minimum floor area of 120 square metres as recorded at the Hellenic Cadastre, paid through the Greek banking system. The only difference lies in the price threshold and the geographical scope. This means an investor buying property in Patras or Volos must meet the same technical requirements as one buying in Athens.

Suburban Athens and Central Greece

Although the whole of the Attica Region falls under Zone A, some outlying suburbs far from Athens with a “border” character belong to the Central Greece region (Sterea Ellada) and in practice fall under Zone B. Towns such as Schimatari, Oropos and Markopoulo Mesogaias sit right on the Attica boundary but are administratively part of Boeotia or neighbouring regions, meeting the Zone B criteria at €400,000 EURO.

The Corinthian Riviera, stretching from Corinth through Loutraki and further towards Patras, is the standout destination within Greece Golden Visa Zone B. This is a stretch of coastline with attractive scenery and a motorway link to Athens of just 60-90 minutes, suiting investors who want a property near the capital without paying the €800,000 EURO threshold. Property prices here range from €1,800 EURO to €3,500 EURO per square metre.

The Boeotia region, with the old towns of Thebes and Livadeia, is considerably cheaper, at €1,200 EURO to €2,000 EURO per square metre. Here investors can buy a villa of 200-300 square metres with extensive grounds within a €400,000 EURO budget. However, liquidity is markedly lower than in coastal areas and depends more heavily on domestic demand.

Patras and Western Greece

Patras is Greece’s third-largest city, the capital of the Western Greece region, with a population of around 215,000. It is the largest Zone B market after suburban Athens, with an international port linking to Italy, Araxos international airport, and the University of Patras with more than 25,000 students. Property prices in central Patras range from €1,500 EURO to €2,500 EURO per square metre.

Long-term rental yield in Patras reaches 5-6% per year, considerably higher than the 3-4% seen in central Athens. Demand comes mainly from university students, academic staff, professionals working at the industrial plants around the city, and Greek repatriates returning from Germany. This is a far less cyclical market than the tourist islands.

Outside Patras, coastal towns such as Aigio and Pyrgos and the Olympia area offer options for investors who favour a rural lifestyle. The area near Olympia carries UNESCO heritage value and has seen government investment in cultural tourism, pointing to steady medium- and long-term price growth.

Thessaly and Volos

Volos is an important port city in the Thessaly region, with a population of around 130,000, and is the gateway to the well-known Pelion peninsula. It is one of the most attractive Zone B markets, combining affordable property prices (€1,400-€2,200 EURO per square metre in the centre) with beautiful mountain-and-sea scenery and a growing international community.

The Pelion peninsula, with the traditional villages of Makrinitsa, Tsagarada and Damouchari, offers a premium second-home option at a competitive price. Traditional stone properties restored here cost from €2,500 EURO to €4,000 EURO per square metre, still within reach of a €400,000 EURO budget for 120-150 square metres. Pelion attracts Northern European investors seeking a second home.

Larissa, the capital of Thessaly 60 km from Volos, is an agricultural-industrial city with lower property prices (€1,000-€1,700 EURO per square metre). Although it has little tourism appeal, domestic liquidity is stable thanks to its central position in the Athens-Thessaloniki economic corridor and a large resident population.

Central Macedonia outside Thessaloniki

The Thessaloniki administrative unit falls under Zone A, but the rest of the Central Macedonia region falls entirely under Greece Golden Visa Zone B. This is a large area that includes the well-known Halkidiki peninsula and the towns of Kilkis, Pella, Imathia, Pieria and Serres. Halkidiki, with its three “fingers” of Kassandra, Sithonia and Athos, is a premium resort destination just 1-2 hours’ drive from Thessaloniki.

Detailed article on the Thessaloniki property.

Property prices in Halkidiki vary widely by area: from €1,800 EURO per square metre in the inland villages of Kassandra to €4,500 EURO per square metre at the premium beaches of Sithonia. Long-term rental yield reaches 4-6% per year, with strong demand from the international community working in Thessaloniki and Northern European retirees. This is one of the most liquid Zone B markets.

Pieria, with Mount Olympus and a 70 km stretch of beach, is an emerging destination for investors with a limited budget. Prices in Katerini and Paralia range from €1,200 EURO to €2,000 EURO per square metre, allowing the purchase of a large coastal villa within a €400,000 EURO budget. Connectivity has improved considerably with the completion of the Egnatia motorway and Thessaloniki’s Macedonia airport 90 minutes away.

Eastern Macedonia, Thrace and the North Aegean

The Eastern Macedonia and Thrace region, comprising Kavala, Drama, Xanthi and Komotini, is the lowest-priced Zone B area in Greece. Kavala is a port city with a long history, where central property prices are just €1,000-€1,700 EURO per square metre. This is the choice of investors who prioritise a low capital outlay, accepting lower liquidity in exchange for a larger floor area and a relatively good rental yield.

The North Aegean region, excluding Lesbos, Chios and the larger islands (already part of Zone A), comprises smaller islands with a population under 3,100. This is a rare group of islands within Zone B, offering a classic Greek island lifestyle at an affordable price. Islands such as Psara, Oinousses, Agios Efstratios and Fournoi have restored traditional properties priced from €1,500 EURO to €3,000 EURO per square metre.

However, investing in the smaller Zone B islands requires careful consideration of liquidity and logistics. Ferry connections are often only a few sailings a week, healthcare and education services are limited, and resale can take 2-5 years. This suits investors who are set on a long-term asset with no need for a quick exit.

Peloponnese and the Ionian (smaller islands)

The Peloponnese is the large peninsula in southern Greece, falling entirely under Greece Golden Visa Zone B except for a few nearby islands with a population above the threshold. The area includes the cities of Nafplio, Kalamata, Tripoli and Sparta, and the traditional Mani coast. Nafplio, the former Greek capital, has property prices from €2,500 EURO to €4,500 EURO per square metre in the old centre.

The Mani and Messinian peninsula is a standout market for premium traditional stone second homes. Costa Navarino and the Pylos area have been developed into an international golf-resort destination, pushing property prices up to €3,500-€6,000 EURO per square metre for properties near the resort. However, the surrounding towns remain affordable, opening up opportunities for investors.

The Ionian region within Zone B comprises only the smaller islands beyond Corfu, Zakynthos, Kefalonia and Lefkada (already part of Zone A). Smaller islands such as Paxos, Antipaxos, Kalamos and Meganisi have a very limited property market but command high prices owing to scarcity and the premium profile of buyers. This is not a mass-market segment but caters to niche investors with a taste for heritage assets.

Overview of Zone B property prices by region

Region	Average price (€/m²)	Rental yield	The characteristics
Corinthian Riviera	1,800-3,500	4-5%	Near Athens, coastal
Patras	1,500-2,500	5-6%	University, international port
Volos & Pelion	1,400-4,000	4-6%	Port and mountain-and-sea lifestyle
Halkidiki	1,800-4,500	4-6%	Premium resort
Pieria	1,200-2,000	5-7%	Emerging, low price
Kavala & Eastern Macedonia	1,000-1,700	6-8%	Lowest prices in Greece
Peloponnese (Nafplio, Mani)	2,500-4,500	3-5%	Heritage, second home
North Aegean smaller islands	1,500-3,000	2-4%	Rare, low liquidity

According to Bank of Greece, the national property price index rose 7.7% in Q3 2025, with secondary cities such as Patras and Volos seeing above-average price growth as a result of investors shifting from Zone A after the reform. This is a sign that the Zone B market is being repriced as foreign capital changes direction.

Advantages and risks of Zone B

Zone B’s clearest advantage is a capital outlay more than 50% lower than Zone A while still receiving the full benefits of a Greek residence permit. Investors can keep the €400,000 EURO difference to invest in other assets, diversify their portfolio, or provide a buffer for costs arising during the application process. Long-term rental yield is 1-3 percentage points higher, depending on the area.

The biggest risk is resale liquidity. The Zone B market serves mainly domestic Greek buyers and European investors, without the large capital inflows from China or the Middle East seen in Zone A. Average resale time is 6-12 months in secondary cities such as Patras and Volos, stretching to 1-2 years on smaller islands and in rural towns. Investors need to determine their expected exit timing and a realistic expected price in advance.

Another risk is the quality of infrastructure and services in areas away from the centre. Greece’s public healthcare system is concentrated in Athens and Thessaloniki, while provincial hospitals vary in quality. International schools are found almost exclusively in Athens and parts of Thessaloniki, limiting options for families wanting to genuinely reside in Zone B. The article taxes in Greece sets out in detail the tax regime that applies to investors regardless of the investment region.

Comparison with Zone A and the €250,000 option

Compared to Greece Golden Visa Zone A, Zone B has the advantage in capital outlay and rental yield, but is weaker on liquidity and price growth potential. Zone A suits a long-term capital-preservation and legacy-asset strategy, while Zone B suits a cash-flow and diversification strategy.

Compared to the the €250,000 EURO commercial conversion option, Zone B has the advantage of legal simplicity: investors buy a property that already has residential use, without needing to carry out a change-of-use procedure at the Town Planning Office. However, the entry budget is 60% higher and the geographical scope is narrower.

Choosing between Zone A, Zone B and the €250,000 EURO option requires weighing three factors: available budget, the asset objective (capital preservation or cash flow), and personal usage plans (genuine residence or holding paperwork only). See also the article on Greek citizenship if you are planning a long-term 7-year route towards applying for citizenship after the Golden Visa.

Summary

Greece Golden Visa Zone B, with its €400,000 EURO threshold, opens up investment opportunities in markets with high rental yield and price growth potential driven by the shift in capital following the reform. Its geographical scope is broad, spanning suburban Athens, the Corinthian Riviera, Patras, Volos, Halkidiki, Kavala, the Peloponnese and the smaller Aegean islands, meeting a wide range of needs from premium second homes to cash-flow investment assets.

A Zone B investment decision should be based on a specific analysis of liquidity in each market, long-term usage plans, and the capacity to manage the asset remotely. The next step should be a comparative assessment of Zone A against Zone B based on actual budget, together with further reading on property in northern suburban Athens to understand how the areas bordering Attica and mainland Central Greece interact in terms of price and zoning criteria. There are also investment options choosing between property types for investment.