Real Estate in Greece

The country is divided into mainland and island areas. The beach season usually starts earlier on the Peloponnese and the islands, particularly those in the south. Herewith, the islands are characterized by a high humidity level and windy weather. Furthermore, the islands often feature poorer vegetation when compared to the mainland territories. Nonetheless, there are some exceptions – for example, Corfu, which deservedly bears the name of the greenest island in Greece.

The island of Crete is the southernmost point in Greece. The tourist season here starts in April and lasts until mid-November. In the north, in the Halkidiki peninsula, the temperature reaches a comfortable level for swimming at the end of May. September is considered to be the velvet season here. Herewith, the peninsula is also known for its rich flora, pine forests, and fir groves.

Greece can also be divided into northern and southern parts. Temperatures are usually a few degrees higher in the south. Therefore, the winters are milder in the south areas, but when it comes to the summertime, the temperatures are more comfortable in the northern part of Greece.

Even though Greece is a European country, one can buy a property here at very reasonable prices. It is due in large part to the economic crisis the country experienced in 2009. During 2009-2019, real estate prices fell dramatically, dropping by 1.5-2 times. Nonetheless, since 2019, the prices have slowly but steadily started to rise, while the demand has increased, resuming new housing construction.

Another essential advantage of buying real estate in Greece is the possibility of obtaining a residence permit, and, in the future – citizenship of the European state. The purchase of a real estate for a total amount of €250.000 is the main, and, indeed, the only prerequisite for obtaining the “golden visa” – a residence permit for property owners for 5 years with the right of extension.

Given the diversity and specificity of Greece’s regions, it is rather difficult to come to a common denominator when it comes to property prices. The range is enormous: from a small studio for €30.000 to luxurious villas on the coast for €5.000.000 – 6.000.000.

Property prices in the developed Greek cities like Athens and Thessaloniki start from €500 per 1 square meter for secondary housing and €1.000 for primary housing. Nonetheless, buying a real estate object in prestigious areas can cost €2.000 – €3.000 per 1 square meter and higher. When it comes to the coastal regions, property prices depend on location. Greek real estate objects by the sea are a bit more expensive to buy. In Halkidiki, you can buy an apartment from €50.000, while a townhouse will cost you €100.000 – 150.000 and higher. The cost of properties on such famous islands like Crete or Corfu is the same or slightly higher. On such islands like Mykonos or Santorini, the prices will undoubtedly be higher.

It is no more difficult for foreigners to buy property in Greece than it is for Greek citizens. The only exceptions are perhaps the border areas – the areas bordering Turkey – and some islands, for example, Kos. To purchase real estate objects in such regions, the foreigners must obtain a special permit. Until recently, the list of border territories was broader. In particular, it included the region of Halkidiki. Nonetheless, back in 2011, the Greek authorities have made advances to foreign investors by removing from the list some areas to facilitate the purchase procedure.

In addition, to buy real estate in Greece, you will need to apply for an AFM – the Greek analogue of the INN and open an account in a Greek bank. And of course, the folder of documents will be slightly different – for example, it should include proof of the registration address in the country of residence.

Greece is a top-rated tourist destination, and therefore many people buy properties here for subsequent rental. The rent level depends on several factors.

Greece is very diverse, and therefore the location of the property plays a crucial role in determining the rental price. In Greece, as elsewhere, there are prestigious regions and not so prestigious. Thus, the price can vary by 30-40%. The cost of resort real estate is higher than the one in cities, but it is rented only during the season, which again depends on the location. And of course, the distance to the sea plays an important role. The specificity of daily rentals is that for a short season of 4-5 months, you earn 50% – 100% more than for a long-term rental, and, at the same time, you can use this property by yourself during the off-season period.

Furthermore, it will help if you also decide whether you want to rent out your property for a long-term or rent it out daily. In the first case, it is enough to contact a real estate agency, which will find a tenant and prepare the necessary documents. Renting by the day is suitable for those who permanently reside in Greece, or you can put the property under management.

The main types of real estate objects purchased for subsequent rent include apartments, maisonettes, and villas. Their cost can vary greatly depending on the size and location. If we talk about resort real estate, then the price of a small studio by the sea starts from €50 per day; for a townhouse, the minimum rent starts from €100 per day, and a separate villa with its own land plot can be rented from €300 per day.

The cost of maintaining a property in Greece depends on the type. For an apartment, the main items of expenditure are the annual ENFIA tax, payment of utility bills for electricity, water, telephone, Internet, and the monthly maintenance of the house – kinochrist. In maisonettes, the maintenance of the compound is also added to the bill: this could include security, gardening, cleaning services, and pool maintenance if there is one. The costs are shared among all property owners in the complex. In the case of a villa, all bills mentioned above are paid by the owner alone.