No, you can only purchase a property of 250,000 euros.
The law allows for such an investment. In theory, you can lease a furnished hotel for 10 years, submit a business plan, and apply for a resident permit. In real life, the procedure takes infinite time and approval is not guaranteed. Unfortunately, there is no list of approved hotels. We do not recommend this solution if your goal is only to get the resident permit.
Third-country citizens who have signed a 10-year timeshare agreement (lease), based on the provisions of Law 1652/1986, are granted a permanent resident permit for property owners. A timeshare lease, according to the provisions of Article 1 of Law 1652/1986, is the commitment of the lessor to grant, each year, to the lessee, for the duration of the timeshare, the use of the tourist accommodation and to provide to them the relevant services for the determined period of time according to the contract. The lessee must pay the agreed rent. In the case of third-country citizens who have signed a lease of at least 10 years for hotel accommodations or furnished tourist residences in integrated tourist resorts, provided the minimum value of the lease is 250,000 euros, the contract must require a single payment of the lease for the equivalent of the 10-year leasing of the property. There is no list of indicative hotels; the only condition is that tourist accommodations to operate legally under the relevant provisions. As long as the above services could not be provided by the hotelier for any reason, he is obliged to indemnify the client for the whole time upon the price of the customer's stay.