Real Estate Prices in Greece

The Specifics of the Greek Real Estate Market

In 2023, property prices in Greece are more budget-friendly than in Spain or Italy: this applies even to cottages and mansions. Just like the latter, Greece is also located on the Mediterranean coast and basks in the sunshine and terrific weather roughly 300 days per year. The crime rate is low, the locals are friendly, the nature is unspoiled, and local developers build more houses. The food is delicious, the quality of healthcare services is excellent, and the cultural heritage is rich and impressive, just like the sea view on Mykonos. Nevertheless, Greece has not turned into a residential real estate investment hotspot yet.

You might want to consider it your chance to buy a house or apartment in this blissful country at a fraction of its true cost. If you decide to retire in Greece, you'll benefit from the flat 7% tax rate (even if you're not an EU citizen). Relocating professionals should appreciate the 50% tax break. If you prefer to rent out your property, it should help you to generate a steady profit. Yet probably, you'll want to use it yourself.

How Did the Pandemic Affect the Real Estate Prices in Greece?

COVID-19 hasn't made a dramatic impact on the local house market. There was certain confusion in 2021 — but the economy quickly recovered. From January to September 2021, the prices of apartments increased by 6.1% on an annual basis. This is true for both old and new properties. In the first nine months of 2020, the growth rate equaled 4.9%.

Right now, Greece seems to be experiencing the beginning of a construction boom. From January to August 2021, foreign investors — including developers — brought €797 million euros to the local economy. Together with France and the Netherlands, Greece turned out to be one of the three European countries that accounted for roughly ¾ of the Eurozone's total increase in property prices and development projects.

Historical Real Estate Prices in Greece

According to the Bank of Greece Housing Index, property prices in the country reached their historical peak in the third quarter of 2008. Then, the recession followed. Property costs plummeted by over 40% and hit the bottom by Autumn 2017. In a year, the country got out of the EU/IMF financial assistance program. Companies and individuals began to invest in the national economy and property prices have been on the rise again since then. In 2020, the average cost of a house or apartment was 35% lower than the historical high.

Athens Real Estate Prices

The capital, with townhouses scattered along the shore line, has always remained the most sought-after destination for local and international investors. The city is quickly recovering from the crisis caused by the pandemic and partly by the Brexit. Property costs are only likely to increase here in the future.

Here are the current house prices in Athens, per square meter:

If you rent out your property, you can expect to receive the following monthly profit:

According to a forecast, Athens will retain its place in Top 30 European cities with the best real estate prospects.

Corfu Real Estate Prices

In Greece, there are roughly 230 habitable islands: from Rhodes to Kefalonia. It would be unreasonable to talk about the Greek island real estate prices in general — we should take into account the specifics of each location. However, most islands have a common trait: American and European tourists love to visit them for short-term holidays — an opportunity to generate money as a realty owner. If you prefer to live among Greeks rather than on a resort, you should consider a property on the mainland.

Here are the current house prices in Corfu, per square meter:

Here is the monthly profit that you can expect to receive when renting out your property:

The Corfu real estate prices reached their peak in 2011. In 2020, they were 16% below that peak. Financial context aside, it’s an ideal place for a meditative vacation.

Crete Real Estate Prices

The downward trend dominated the Crete real estate scene until 2019. Now, the prices have begun to grow slowly, as any local realtor agency can confirm. Yet if we compare the current costs of properties with the peak indicators in 2011, we'll see that the market is far from having recovered. Now, it seems to be a great moment for purchasing a house, especially a farmhouse, or apartment in Crete.

Here are the current house prices on the island, per square meter:

If you prefer to rent out your property rather than live there yourself, you can expect to receive the following monthly profit:

Thessaloniki Real Estate Prices

One of the most picturesque places in Europe, this city is witnessing an explosion of construction activity, as more buildings keep emerging. In the next couple of years, property and land costs are expected to skyrocket here. So far, you might be able to benefit from the following prices per square meter:

Those who would like to rent out their properties can expect to receive the following monthly profit:

Santorini Real Estate Prices

The high-end resort of Santorini — the great holiday place — is one of the most expensive locations in Greece thanks to its majestic beach landscape. Well-heeled tourists from all over the world adore this place, so the local property market is always thriving. Even the pandemic had hardly any impact on it. When buying a house, apartment or a villa with a terrace in Santorini, you should be ready to pay higher taxes.

Here are the current house prices in Santorini, per square meter:

If you're planning to rent out your property, you can expect to receive the following monthly profit:

How Much Are Houses in Greece?

Here are the average housing prices in the country, per square meter:

And here are the average monthly rental prices:

Why Invest in Greek Real Estate Market?

Compared to other European countries, the cost of buying property in Greece is very affordable. Plus real estate is often less volatile than stock market. Let's use the example of the Greek Golden Visa program to back up this viewpoint. The program was introduced in 2013 and has brought over €2 billion in real estate acquisitions. The essence of the program consists of the following: you purchase property, like a condo, worth €250,000 or more and get a Greek residence permit. There are no in-country living requirements and the process of obtaining the permit might take as little as three months. In other EU states, you would need to have to buy a more premium property to become a resident:

No one knows for how long the rules of the program will remain valid. Given the increasing demand for properties and a rapidly growing number of new owners, the Greek government might raise the program entry threshold one day. So you might want to hurry up to get your residence permit.

Even if you're not planning to get a premium house or apartment, you might be eager to use your chance to buy a property while the prices have not skyrocketed. No matter if you're planning to use it for yourself, resell or rent out, you should be able to benefit a lot from your purchase. So, seize the moment while Greek homes are still relatively cheap.