They wanted to live in Greece on a permanent basis. But what can they find for300,000 dollars?
After a two-year delay due to the pandemic, it's time for Nick Hados and his husband Ken Cook to find a retirement apartment. The couple, who live in Little Havana in Miami, fell in love with Athens and spent their vacations here in a small pied-à-terre that they acquired in2016. But by the beginning of2022, they wanted to find something big enough to live there permanently. The right apartment would also be their ticket to Greek residency. As US citizens, they couldn't move to a European Union country, which limits tourist visas to90 days. However, if they spend250,000 euros, or around267,000 dollars, on Greek real estate in cash, they will be entitled to a five-year renewable visa known as the "golden visa" to live in the country year-round. (Starting in May, buyers will need to invest500,000 euros in some parts of the country, including Athens, to qualify for the visa.)
"We love to travel and want to be somewhere nearRome or London or elsewhere," said Mr. Cook, a58-year-old retiree and former quality director at the corporation. "We said, 'Alright, let's do it'."
The couple became attached to Athens, a picturesque city steeped in history and feeling like a family, welcoming everyone from the youngest to the oldest. Strolling down a narrow, winding street, you might encounter a Byzantine church as easily as you might pass a family dining at 10 p.m. or a couple dancing in a neighborhood park. The country is especially meaningful to Mr. Hados, a 59-year-old architect of Greek descent who speaks the language. "There's just a buzz of creativity here. There are a lot of young people here, a lot of energy," Mr. Hados said. "In Miami, old people don't come out, but here they do. People of all ages walk around at all hours of the day and night."
The couple also saw Greece as a place where they could afford to retire with a low cost of living. As Greek resident retirees, they would be able to spend less on taxes, food, medical care and other living expenses. The couple focused on Pangrati, a trendy neighborhood in downtown Athens popular with artists and full of restaurants, cafes, parks and civic treasures such as the National Gallery of Athens. The hilly neighborhood also offered streets with great views of the city, and Mr. Hados wanted an apartment with a view of the Acropolis and Parthenon. "It's like seeing the Eiffel Tower," he said.
But what's a view without a place to enjoy it? So they added outdoor space to their list of must-haves. Any apartment they chose had to be within walking distance of the city's historic landmarks. And it had to cost at least €250,000 to guarantee them a golden visa.
In Athens, unlike in the United States, real estate agents do not have exclusive listings, and many homes are sold by the owners. Therefore, the couple did not work with a real estate agent. Instead, they browsed various websites with real estate listings. In January 2022, they sold a commercial property in Miami, securing the funds to buy a condo. With money in hand and a choice narrowed down to a few finalists they found online, Mr. Hados traveled to Greece in February in search of the perfect home.
Among their options:
Number 1 Maria Mavropoulou
With just under 1,600 square feet, this four-bedroom apartment in Pangrati occupied an entire floor of the building and had two entrances, so part of the apartment could be used as a guest room for relatives. With wooden floors and an open, light-filled living room, the apartment had a good layout and seemed spacious. However, the balcony was narrow, with only a partial view of the Acropolis. The apartment, which they found on a real estate listing website, was selling for 270,000 euros, or about $290,000.
Number 2 Maria Mavropoulou
This three bedroom, one and a half bathroom apartment in Pangrati had almost 1300 square feet of space and beautiful green marble floors. It had a wide, inviting terrace of about 330 square feet, providing ample space for entertaining. Because the apartment was on the top floor, the terrace received plenty of sunlight, and the couple was never disturbed by the neighbors above. But the view of the Acropolis was absent. They found the apartment on a real estate listing website for 285,000 euros, or about $306,000.
Number 3 Maria Mavropoulou
The couple found this top-floor apartment in Pangrati on the website xe.gr, which Mr. Hados described as the Athens version of Craigslist. It was for sale by owner and, at 1,000 square feet, significantly smaller than the other two apartments and quite dark. The baseboards had scenes from Greek mythology painted on them by the previous owners. The apartment had two bedrooms, a one-and-a-half bathroom, and a cramped, awkward layout with a hallway that took up a lot of space. It was on the top floor of the building, with a 750 square foot terrace that stretched the full length of the apartment and spanned the side of the building. At one end of the terrace was an impressive, unbiased view of the Parthenon atop the Acropolis; the same could be seen from both bedrooms. The apartment was listed for sale at 290,000 euros, or about $300,300.
Find out what happened next by answering these two questions:
Which one would you choose?
- Bright and spacious living room
- Terrace for large events
Which one did they buy?
- Bright and spacious living room
- Terrace for large events
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