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Everything you need to know before buying real estate is included in our Croatia Property Pack
Croatia and Greece both offer compelling property investment opportunities, but they differ significantly in pricing, yields, and market dynamics.
Croatia's coastal properties range from €2,000 to €3,800 per square meter, while Greece averages €2,600 to €4,000 in prime areas. Both countries offer similar rental yields of 4.5-5% in tourist zones, though some Greek islands can reach 6-8% during peak season. Foreign buyers face minimal restrictions in both markets, but closing costs are higher in Greece at 8-10% versus Croatia's 4-7%.
If you want to go deeper, you can check our pack of documents related to the real estate market in Croatia, based on reliable facts and data, not opinions or rumors.
Croatia offers more affordable entry prices and steadier appreciation, while Greece provides higher potential yields and stronger tourism demand.
Both markets have shown strong growth over the past decade, with Greece recovering dramatically from its crisis and Croatia maintaining consistent upward momentum.
| Factor | Croatia | Greece |
|---|---|---|
| Average Price per m² | €2,000-€3,800 | €2,600-€4,000 |
| Rental Yields | 4.5-5% | 4.5-5% (up to 8% on islands) |
| Foreign Buyer Restrictions | Ministry approval for non-EU | Limited strategic area restrictions |
| Annual Property Tax | €0.60-€8/m² | €200-€2,000/year |
| Closing Costs | 4-7% | 8-10% |
| 10-Year Price Growth | 96% since 2016 | Strong recovery since 2017 |
| Purchase Timeline | 30-90 days | 30-60 days |
How much does property typically cost per square meter in Croatia compared to Greece?
Croatian property prices range from €2,000 to €3,800 per square meter in most coastal and urban areas, while Greek properties average €2,600 to €4,000 per square meter in prime locations.
In Croatia, the most expensive areas include Dubrovnik, Split, and parts of Istria, where premium coastal properties can reach €4,000 per square meter. Zagreb, the capital, offers more affordable options at around €2,200-€2,800 per square meter for apartments.
Greece shows higher average prices, with Athens' southern coast and luxury islands like Mykonos and Santorini commanding €4,000-€4,500 per square meter. Thessaloniki and secondary islands typically range from €1,900 to €2,800 per square meter, making them more comparable to Croatian prices.
As of September 2025, Croatia remains the more affordable option for most property types, particularly for buyers seeking coastal properties without paying premium island prices. The price gap is most significant when comparing Croatia's mainland coast to Greece's most sought-after islands.
What are the average rental yields in the main tourist areas of both countries?
Both Croatia and Greece deliver gross rental yields of 4.5-5% in their main tourist areas, but Greece offers higher peak-season potential on certain islands.
Croatian coastal cities like Split, Dubrovnik, and Rijeka consistently generate 4.5-5% annual gross yields through a combination of short-term vacation rentals and longer-term lets. Zagreb provides stable yields around 4-4.5% with less seasonal variation due to its business and university demand.
Greek tourist areas match these figures with 4.5-5% average yields, but premium islands like Mykonos and Santorini can achieve 6-8% gross yields during peak summer months. Athens and its riviera offer more stable year-round yields of 4-5% due to urban rental demand.
The key difference lies in seasonality - Croatian yields are more evenly distributed throughout the year, while Greek island properties may earn 60-70% of their annual income during just four summer months. This makes Greek properties potentially more profitable but also riskier due to concentrated income periods.
How easy is it for foreigners to buy property in Croatia versus Greece, in terms of legal requirements and restrictions?
Both countries welcome foreign property buyers, but Croatia has slightly more restrictions for non-EU citizens.
EU and EEA nationals face virtually no restrictions in either country and can purchase any type of property, including land. The process is straightforward and typically requires only standard documentation like passport, proof of funds, and tax numbers.
Non-EU buyers in Croatia must obtain Ministry of Justice approval, which can take 30-60 days and is generally granted for residential properties in tourist areas. They cannot purchase agricultural land privately but can buy apartments, houses, and commercial properties.
Greece imposes restrictions only on specific strategic locations near borders and certain islands, but most tourist and residential areas remain accessible to all foreign buyers. Non-EU buyers need ministry permission for properties in designated border zones, but this affects relatively few desirable locations.
Overall, Greece offers slightly easier access for non-EU buyers, while Croatia's approval process, though bureaucratic, rarely results in rejections for standard residential purchases.
What are the annual property taxes and ownership costs in each country?
Croatia recently introduced property taxes ranging from €0.60 to €8 per square meter annually, while Greece's ENFIA tax typically costs €200-€2,000 per year depending on property value and location.
| Cost Type | Croatia | Greece |
|---|---|---|
| Annual Property Tax | €0.60-€8/m² (exemptions available) | €200-€2,000/year (ENFIA) |
| Primary Residence | Often exempt | Reduced rates available |
| Utility Connections | €500-€1,500 initial | €300-€1,000 initial |
| Building Maintenance | €20-€50/m²/year | €25-€60/m²/year |
| Insurance | €200-€800/year | €300-€1,200/year |
Croatian property owners benefit from exemptions for primary residences, long-term rentals, and family properties, significantly reducing the tax burden for many investors. Municipal rates vary widely, with tourist areas generally charging higher rates.
Greek property taxes are calculated based on objective values set by the tax office, property age, and location. Island properties and Athens premium areas face the highest ENFIA charges, while rural and provincial properties remain relatively affordable.
How stable are the property markets in Croatia and Greece over the past 10 years?
Both markets have shown remarkable stability and growth, with Croatia achieving 96% price increases since 2016 and Greece recovering strongly from its economic crisis.
Croatia's property market has demonstrated consistent upward momentum since 2015, with annual growth rates typically ranging from 4-10%. The market experienced only minor dips during Covid-19 but quickly rebounded, showing resilience even during global uncertainty.
Greece underwent a more dramatic transformation, with property prices hitting bottom around 2017 before beginning a steep recovery. Since then, the Greek market has posted annual growth rates of 7-12%, with Athens and popular islands leading the surge.
Croatia's growth pattern has been steadier and more predictable, making it attractive for conservative investors seeking stable appreciation. Greece's recovery has been more explosive, offering higher returns but with potentially greater volatility.
Both markets benefited from increased tourism, EU membership advantages, and growing international investor interest. The stability appears sustainable given strong fundamentals like tourism demand, limited supply in prime areas, and continued European integration.
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What are the most popular regions for buying property in Croatia and in Greece, and why?
Croatia's top regions include Istria for its European appeal, Dalmatia for premium tourism, and Zagreb for urban stability, while Greece attracts buyers to Athens, the Cyclades islands, and Crete for their diverse investment profiles.
Istria leads Croatian property demand due to its proximity to Western Europe, excellent infrastructure, and charming villages that appeal to both investors and lifestyle buyers. Properties here often command premium prices but offer strong rental potential.
Dalmatia, particularly around Split, Dubrovnik, and Hvar, represents Croatia's highest-value market with exceptional tourism appeal and UNESCO World Heritage sites driving consistent demand. These areas deliver the strongest rental yields but require significant initial investment.
In Greece, Athens and its riviera dominate urban investment, offering year-round rental demand from both tourists and residents. The combination of city amenities and coastal access makes this region particularly attractive to international buyers.
Greek islands like Mykonos, Santorini, Crete, Rhodes, and Corfu each offer distinct advantages - from ultra-luxury tourism potential to more affordable lifestyle properties. The diversity allows investors to match their budget and strategy with appropriate locations.
It's something we develop in our Croatia property pack.
How much would I realistically spend on closing costs, notary fees, and legal fees in each country?
Croatian property purchases typically cost 4-7% of the purchase price in closing costs, while Greek purchases require 8-10% of the property value in total fees and taxes.
Croatian closing costs include a 3% transfer tax, 2-3% plus VAT for real estate agent fees, approximately 1% plus VAT for legal representation, and notary fees usually under €200. Land registry fees and property searches add minimal additional costs.
Greek closing costs are notably higher, starting with a 3.09% transfer tax (or 24% VAT for new builds when applicable). Notary fees range from 0.8-1.5% of property value, lawyer fees typically cost 2% plus VAT, and land registry charges 0.5%. Real estate agent commissions of 2-4% plus VAT are often shared between buyer and seller.
The difference in closing costs can be substantial on expensive properties - a €300,000 purchase would cost approximately €15,000-€21,000 in Croatia versus €24,000-€30,000 in Greece. This makes Croatia more attractive for buyers working with tighter budgets or those planning multiple property acquisitions.
How strong is the demand for short-term rentals like Airbnb in Croatia compared to Greece?
Both countries show exceptionally strong short-term rental demand, but Greece offers higher peak-season yields while Croatia provides more consistent year-round performance.
Croatia's coastal cities and islands rank among Europe's top summer destinations for vacation rentals, with properties in Split, Dubrovnik, and island locations achieving 80-90% occupancy during peak season. The challenge lies in winter months when demand drops significantly in coastal areas.
Greek vacation rental markets, particularly in Athens and premium islands like Mykonos and Santorini, generate even higher peak-season demand with properties often booked months in advance. Some properties achieve gross yields of 6-8% during just the four-month summer season.
Athens provides an advantage with year-round short-term rental demand from business travelers, city tourists, and digital nomads, making it less seasonally dependent than Croatian coastal properties.
Both countries face increasing regulation of short-term rentals, with some cities implementing quotas or restrictions. Croatia has been more stable in its approach, while Greece, particularly Athens, has introduced new limitations that could affect future yields.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Croatia versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
What is the typical timeframe to complete a property purchase in each country?
Croatian property purchases take 30-90 days depending on buyer nationality, while Greek purchases typically complete within 30-60 days once preliminary requirements are met.
EU nationals can complete Croatian property purchases in 2-4 weeks once they secure financing and complete property inspections. The process is straightforward with standard documentation requirements and efficient notary services.
Non-EU buyers in Croatia face longer timelines due to the Ministry of Justice approval requirement, which can take 30-60 days. This extends the total purchase timeline to 2-3 months, but approvals are generally granted for residential properties.
Greek property purchases require buyers to obtain an AFM (Greek tax number) first, which can take 1-2 weeks. Once documentation is complete, the actual purchase process moves efficiently, typically completing within 30-45 days for cash purchases.
Mortgage-financed purchases extend timelines in both countries, potentially adding 4-6 weeks for loan approval and processing. Golden Visa applications in Greece may also extend timelines but provide residency benefits that offset the additional waiting period.
How easy is it to get local financing or a mortgage as a foreign buyer in Croatia versus Greece?
Both countries offer limited mortgage options for foreign buyers, with EU citizens having significantly better access than non-EU nationals in both markets.
Croatian banks typically require EU residency, local income, or substantial collateral for foreign borrowers. Non-EU buyers rarely qualify for Croatian mortgages unless they have permanent residency or significant local business interests. Loan-to-value ratios are usually limited to 60-70% for foreigners.
Greek banks are somewhat more flexible with EU citizens, offering mortgages with competitive rates for qualified borrowers. Non-EU buyers face stricter requirements including minimum residency periods, proof of stable income, and higher down payment requirements of 40-50%.
Interest rates in both countries range from 3-6% for qualified borrowers, with Croatian rates typically slightly lower. However, the application process can be lengthy and documentation requirements extensive for foreign buyers.
Many foreign investors choose cash purchases to simplify the process and avoid the complexities of local financing. Those requiring financing often secure it in their home country or through international banking relationships.
It's something we develop in our Croatia property pack.
What are the main risks of investing in property in Croatia and in Greece right now?
Croatian property investments face risks from market size limitations and seasonal rental volatility, while Greek properties may be vulnerable to regulatory changes and potential price overheating in premium markets.
Croatia's main investment risks include its relatively small domestic market, heavy dependence on seasonal tourism for rental income, and potential new regulations limiting short-term rentals in popular areas. Rising local property taxes also threaten profit margins for investors.
Greek property investments risk regulatory uncertainty, particularly new restrictions on short-term rentals in Athens and other major cities. Some island markets show signs of price overheating, potentially reducing future appreciation and making properties vulnerable to corrections.
Both markets face broader European economic uncertainty, potential changes in tourism patterns, and competition from emerging destinations. Currency fluctuations affect non-Eurozone buyers, though both countries use the Euro, providing stability for EU investors.
Political risks remain low in both countries due to EU membership and stable democratic institutions. However, tax policy changes and environmental regulations could affect property values and rental income in both markets.
How does the long-term appreciation potential compare between Croatian and Greek real estate?
Both markets show strong long-term appreciation potential, with Greece offering higher growth rates but more volatility, while Croatia provides steadier, more predictable returns.
Greek properties have demonstrated explosive growth since 2017, with annual appreciation rates of 7-12% in prime areas. This recovery from crisis lows suggests continued upward potential, particularly in Athens and established island markets that remain below historical peaks.
Croatian property appreciation has been more consistent, averaging 4-10% annually since 2015 with the 96% cumulative increase since 2016 representing steady, sustainable growth. This pattern suggests continued appreciation at moderate rates rather than dramatic spikes.
Greece's appreciation potential may be higher in absolute terms, particularly for properties in recovering markets or emerging destinations. However, this comes with higher volatility risk and potential for more significant market corrections.
Croatia's appreciation potential appears more stable and predictable, making it suitable for conservative investors seeking steady wealth building rather than dramatic returns. The smaller market size may limit explosive growth but also provides protection against major downturns.
Long-term fundamentals favor both markets due to limited coastal land supply, growing European tourism, and continued economic integration within the EU framework.
It's something we develop in our Croatia property pack.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Croatia offers more affordable entry prices and steadier appreciation patterns, making it ideal for conservative investors seeking consistent returns and lower volatility.
Greece provides higher yield potential and stronger tourism demand but requires larger initial investments and carries greater market volatility risks.
Sources
- Valor Real Estate - Croatia Living Costs 2025
- E1 Holding - Croatia Real Estate Market Analysis 2025
- Global Property Guide - Croatia Rental Yields
- Global Property Guide - Greece Price History
- Engel & Völkers - Greece Property Prices
- Mojkey - Buying Property in Croatia Guide 2025
- Expat in Croatia - Law Changes 2025
- Neos Kosmos - Greece Property Tax 2025
- InvestRopa - Buying Property Croatia Worth It
- InvestRopa - Buying Property Greece Worth It