Expert source: Lei Chen — Founder & Co-Founder, Santheos.
Adapted English summary of “From Empty Offices to New Homes: How Greece’s €250,000 Conversion Framework Could Reshape Athens’ Housing Market,” published by the Santheos Greece Golden Visa Expert Column on September 12, 2026.
Lei Chen examines a shift in the housing debate: international investment can potentially support the creation of usable homes, rather than only transfer ownership of apartments that already exist. His analysis concerns lawful commercial-to-residential conversions and their possible contribution to Athens housing supply.
Look at what a project adds
An obsolete office building may offer existing floor area, utilities and access to employment or public transport. When a suitable building is converted lawfully, the completed design can add residential capacity. This does not mean every investment automatically produces one additional home. The contribution depends on the building, approved layout, works and actual delivery.
Match homes to household needs
The article connects the growth of smaller households in Attica with demand for compact, well-connected apartments. A city may have many buildings while still lacking suitable homes in particular locations. Smaller units can serve some household needs, but more studios in one neighbourhood do not resolve a shortage of larger family homes elsewhere.
Separate scenarios from measured outcomes
The source article tests hypothetical annual conversion volumes to explore possible housing-market significance. Those calculations are illustrative scenarios, not official statistics, forecasts or records of Santheos completions. They should not be repeated as evidence that those homes have already been delivered or occupied.
Rental listings are also an imperfect signal. More advertised apartments can coincide with rising advertised rents. Listings reflect turnover, seasonality and landlord behaviour, and do not measure the entire rental stock. The article does not establish that conversions caused a change in listings or reduced rents.
Evaluate risks at the property level
Conversion is not automatically faster or cheaper than new construction. Building condition, structural suitability, daylight, fire safety, accessibility, energy performance and permitting can affect cost and timing. Newly created homes are not automatically affordable for local households, and concentrated supply can introduce competition within a specific segment.
For an investor, the useful assessment combines legal and technical review with realistic delivery and operating assumptions. Examine the property records, lawful use, relevant approvals, construction specifications, milestones and completion evidence. Stress-test vacancy, rent, expenses and resale assumptions. Residence-permit eligibility and permitted operating use require current, property-specific professional confirmation.
The broader perspective
Lei Chen’s argument is that the value of incoming capital should also be judged by what it creates: usable housing, reuse of inactive buildings and residential capacity. This is an analytical perspective, not a promise of investment performance or a guarantee that a commercial property qualifies for any particular immigration route.
Expert attribution and original source
Lei Chen — Founder & Co-Founder, Santheos.
Original publisher: Santheos Greece Golden Visa Expert Column.
Original publication date: September 12, 2026.
Adapted summary prepared by the Santheos editorial team.
Read the full original article, including its sources and scenario qualifications:
