Authored by the expert who managed and guided the team behind the Greece Property Pack
Everything you need to know before buying real estate is included in our Greece Property Pack
Why is Greece emerging as a prime destination for property investment in 2025? Is it the attractive rental returns, the thriving tourism sector, or the competitive pricing compared to other European markets? What are the key benefits for investors?
We often encounter these questions because we are actively engaged with developers, real estate agents, and investors like you. With growing interest in this market, we've decided to compile our insights into a comprehensive article for everyone's benefit.
Our aim is to present a compelling case for investing in Greece's real estate market, supported by our firsthand experience and market expertise.
If you feel we've overlooked an important aspect or want more information, please reach out (we respond very quickly). Your feedback enhances our content.
Finally, please remember that this is not financial or investment advice. Real estate investment involves inherent risks, and market conditions can change unexpectedly. We strongly recommend conducting thorough research and consulting with a qualified financial advisor before making any investment decisions.
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1) The Greek property market is recovering, making it a good time for you to invest
The Greek real estate market is bouncing back, offering a promising opportunity for potential buyers.
In major cities like Athens and Thessaloniki, property prices have been climbing steadily. For instance, in 2023, Athens saw a 13.9% increase in property prices, while Thessaloniki experienced a 16.5% growth. This upward trend is expected to continue, making these cities attractive for investment.
Foreign investment is another key player in this recovery. Programs like the Golden Visa, which grants residency to non-EU nationals who invest in Greek real estate, have been a magnet for international buyers. This influx of foreign capital is a major driver, with residential transaction values projected to hit $7.94 billion by the end of 2024.
Government incentives are also boosting the market. Tax breaks for property purchases, especially for foreign investors, have made Greece a hot spot for real estate investment. The tourism boom is adding fuel to the fire, increasing demand for properties in popular tourist areas and pushing prices even higher.
For those considering a property purchase in Greece, the combination of rising prices, foreign investment, and government incentives paints a picture of a market on the rise. The potential for capital appreciation is evident, especially in urban centers and tourist hotspots.
Sources: The Luxury Playbook, To Vima, Global Property Guide
In this video, Greece's real estate recovery is highlighted, showing residential property price increases of over 11% yearly in Athens and Thessaloniki, confirming strong potential for capital appreciation.
2) With the hospitality sector growing, Greece offers great opportunities for residential real estate investments
The Greek hospitality sector is booming, and it's closely tied to residential real estate investments.
In 2023, Greece welcomed 32.7 million international visitors, a 4.4% increase from 2019. This influx of tourists has naturally led to a higher demand for places to stay, which in turn has fueled investments in both the hospitality and real estate sectors.
The value of hotel investments in Greece hit €3 billion in 2023, marking a 23% rise from the previous year. Big names like Six Senses, Radisson Blu, and Ikos are pouring money into the country, boosting the hospitality scene. This wave of investment is not just about more hotels; it's about creating opportunities for synergies with residential real estate.
Platforms like Airbnb are letting investors tap into the steady flow of international visitors by offering vacation rentals. This trend is backed by high occupancy rates in Greek hotels, especially from June to September. The blend of residential and hospitality elements is becoming a hot spot for real estate investors, thanks to the thriving tourism sector and the growing demand for vacation homes.
For those looking to invest, the integration of residential and hospitality spaces offers a promising avenue. The robust tourism sector and the increasing demand for vacation homes are clear indicators of this trend.
Sources: ETIAS, Investment Visa, Hospitality Net
We have made this infographic to give you a quick and clear snapshot of the property market in Greece. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
3) You’ll find a range of investment opportunities in the country’s diverse landscapes, from mountains to beaches
Greece's stunning landscapes, from majestic mountains to pristine beaches, offer a variety of real estate options for investors.
In recent years, especially in 2023 and 2024, islands like Mykonos and Santorini have seen property values soar. These islands have become prime spots for both local and international buyers, pushing demand and prices higher.
Foreign investment in Greek real estate hit a record high, with €3 billion spent in 2023. This boom was fueled by government incentives like the Golden Visa program, which attracted many international investors. Greece's charm as a top travel destination, often highlighted in the media, has drawn tourists to its diverse regions, from coastal areas to mountain retreats.
With Greece being the 10th most visited country in the world in 2023, investors have found opportunities to profit from rental yields in tourist hotspots. Infrastructure development in less developed areas has made the real estate market even more appealing. The growth of luxury real estate in places like the Peloponnese and Crete showcases the country's unique geographical allure.
For those looking to invest, the expansion of infrastructure in less developed areas is a game-changer, making these regions more accessible and attractive. The luxury real estate market is also booming, particularly in the Peloponnese and Crete, reflecting Greece's diverse appeal.
Sources: Global Property Guide, The Luxury Playbook, Wikipedia
4) The Greek government’s urban regeneration projects are boosting property values in key areas
The Greek government is actively investing in urban regeneration to boost property values in key areas.
One standout project is the Ellinikon redevelopment, with a staggering budget of 8 billion euros. This isn't just about building; it's part of a larger plan to modernize infrastructure, including transportation networks, which has significantly improved connectivity across Greece.
Past successes, like the completion of the first part of Ellinikon Park in 2021, have set a high bar. This park, with its cutting-edge design and amenities, serves as a blueprint for future projects. In cities like Athens and Thessaloniki, the government is rolling out new initiatives, such as expanding the metro system, which is making previously overlooked neighborhoods more appealing.
These efforts are paying off, as property prices in regenerated areas are on the rise, fueled by Greece's economic recovery. The real estate market in cities like Athens and Thessaloniki is experiencing an upward trend, with expectations for continued growth. Foreign investment is also booming, thanks in part to the Golden Visa program, which has attracted over €2.5 billion in foreign direct investment by 2023.
For potential buyers, this means that investing in Greek property could be a smart move. The combination of urban regeneration, improved infrastructure, and economic growth is creating a exciting real estate market. With the government's commitment to these projects, property values in key areas are likely to continue rising.
Sources: Hellenic News, Domus Web, NTL Trust
Our team found this video where urban regeneration projects like the Piraeus Tower's transformation are showcased, demonstrating how these developments are boosting property values in key areas.
5) Greece’s mix of city and countryside gives you investment options in both areas
Greece's real estate market is booming, offering great opportunities in both cities and the countryside.
In recent years, property prices in Athens have jumped by 10.76% in early 2024 compared to the previous year. This surge shows a strong demand and a promising investment potential in urban areas. The buzz around city properties is largely due to foreign investors, who are drawn to Greece's vibrant urban life.
Foreign investment is a big deal here, with the market expected to hit US$1.28 trillion in 2024. Programs like the Golden Visa are a major attraction, offering residency in exchange for property investments. This has been particularly popular in bustling areas like Attica and Thessaloniki, where the urban real estate scene is thriving.
But it's not just about the cities. The countryside is catching eyes too, especially for those dreaming of a vacation home or a slice of the Mediterranean lifestyle. Islands such as Crete and Santorini are hot spots, offering unique opportunities for both living and business ventures. The tourism sector, which makes up about 20% of Greece's GDP, is a big driver here, boosting the demand for short-term rentals.
Rural investments are becoming more appealing as the tourism industry grows, with many looking to capitalize on the influx of visitors. This trend is particularly noticeable on the islands, where the charm of rural life meets the bustling tourism scene. The combination of beautiful landscapes and a thriving tourism industry makes these areas a smart choice for investment.
Whether you're eyeing a city apartment or a countryside retreat, Greece's diverse real estate market has something to offer. The mix of urban excitement and rural tranquility provides a range of options for potential buyers.
Sources: Esales International, Global Citizen Solutions, Short Term Rentalz, Global Property Guide, Immigrant Invest
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6) Greece’s location links Europe, Asia, and Africa, making it ideal for international investment
Greece is perfectly positioned at the crossroads of Europe, Asia, and Africa, making it a hotspot for international trade and investment.
In 2023, Greece saw a surge in Foreign Direct Investment (FDI) projects, hitting its highest numbers since 2000. This boom happened even though European investments were on the decline. The country's strategic location acts like a magnet for investors looking to tap into multiple markets.
Greece's ports, especially the Piraeus Container Terminal, are vital for maritime trade. This infrastructure boosts Greece's logistical prowess, making it a key player in global shipping. Being part of the European Union also opens doors to a vast market, simplifying trade with EU countries and beyond.
Greece is not just about shipping; it's also a crucial hub for energy transit routes between continents. This makes it an attractive spot for energy transportation projects. The expansion of international flight routes has further improved Greece's connectivity, drawing in tourists and business travelers alike.
These elements together make Greece increasingly appealing for international investment. The country's involvement in major shipping routes, like the Maritime Silk Road, highlights its significance in global trade networks.
With its strategic location and robust infrastructure, Greece is becoming a go-to destination for investors looking to bridge continents. The country's growing attractiveness is evident in its record-breaking FDI projects and enhanced connectivity with major global cities.
Sources: China-CEE Institute, EY, SBE 2023
This YouTube video backs up our statement by detailing Greece's strategic location as a logistics hub connecting Europe, Asia, and Africa, and its appeal for international investors due to infrastructure advancements.
7) Greece is becoming a popular retirement spot, so more people are looking for homes
Greece is becoming a hot spot for retirees, and this is shaking up the real estate market.
With its warm climate and affordable living, Greece is drawing in retirees from all over the world. This influx is naturally pushing up the demand for homes, as these newcomers look for cozy and budget-friendly places to settle down. The real estate market is buzzing, especially in areas that are retiree favorites.
Property sales are on the rise, and experts predict that transaction values could hit $7.94 billion by 2024. This surge is not just about numbers; it's making real estate a smart investment. Projects like the Eternal Olive are popping up, designed specifically for retirees, adding to Greece's charm as a retirement paradise.
The Greek government is sweetening the deal with tax breaks for foreign retirees, making it even more appealing to move there. These financial perks are a big draw, boosting the demand for homes. Plus, the Golden Visa program, which involves investing in Greek real estate, is leading to more long-term visas for retirees, further fueling the housing market.
In places like Crete and the Peloponnese, retirees are finding not just homes but communities. These areas offer a mix of beautiful landscapes and vibrant local culture, making them ideal spots for settling down. The combination of natural beauty and cultural richness is hard to resist.
As more retirees choose Greece, the real estate market is adapting to meet their needs. From modern apartments to traditional homes, there's something for everyone. This trend is reshaping the housing landscape, making Greece a top choice for those looking to retire in style.
Sources: Greek Reporter, Global Citizen Solutions, The Luxury Playbook
8) With remote work on the rise, Greek properties are becoming popular for remote work-friendly locations
Remote work trends are making Greek properties hot spots for digital nomads.
Imagine working with a view of the Aegean Sea; that's the dream for many remote workers. Greece, with its stunning landscapes and rich culture, is becoming a top choice for those seeking a balance between work and leisure. The demand for Greek real estate is booming, especially in tourist-friendly areas.
One big reason for this surge is Greece's improved internet infrastructure. The country has invested in fiber-optic cables, ensuring fast and reliable internet across many regions. This makes islands like Santorini and Mykonos not just beautiful, but also practical for remote work.
To sweeten the deal, the Greek government has rolled out the Digital Nomad Visa program. This initiative allows foreigners to live and work in Greece legally, as long as they meet certain criteria. The rise in visa applications shows Greece's growing appeal as a remote work haven.
For those considering a move, it's not just about the scenery. Greece offers a unique lifestyle, blending modern amenities with ancient history. Living in Greece means enjoying both work flexibility and cultural richness.
Whether you're drawn by the beaches or the history, Greece is positioning itself as a prime destination for remote workers. The combination of lifestyle and infrastructure is hard to beat.
Sources: Mighty Travels, The Luxury Playbook, Schengen News
We made this infographic to show you how property prices in Greece compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
9) With its rich cultural heritage and historical sites, you can easily rent out your property to tourists short-term
Greece's rich cultural heritage and historical sites have always been a magnet for tourists, drawing over 30 million visitors in 2023.
This influx of tourists has led to a boom in short-term rental opportunities, especially through platforms like Airbnb. Travel receipts jumped by 16.5% to €20.6 billion, showing how lucrative the market has become. If you're considering buying property here, this trend is worth noting.
By July 2023, Greece had nearly 1 million beds available for rental, with 81,000 more Airbnb beds added compared to the previous year. This growth is fueled by tourists eager to explore Greece's cultural and historical attractions, making it a hot spot for short-term rentals.
In popular tourist areas like Santorini and Mykonos, the demand is even higher. Airbnb occupancy rates hit 40% in June and peaked at 52% by July. These numbers highlight the strong demand and potential for high returns on investment in these regions.
Properties in these areas are not just popular; they're profitable. Rental yields have exceeded 10%, among the highest in Europe. This makes investing in short-term rentals in Greece a potentially lucrative venture.
With Greece's cultural allure and historical charm, the short-term rental market is thriving. If you're looking to invest, these insights could guide your decision-making process.
Sources: GTP Headlines, To Vima, The Luxury Playbook
10) The Greek Golden Visa program boosts real estate demand by offering residency to property buyers
The Greek Golden Visa program is a major magnet for real estate buyers.
In 2023, the program saw a record-breaking 8,351 applications, doubling from the previous year. This surge shows how appealing Greece is to foreign investors looking for residency. The program has funneled a massive €1.32 billion into Greek real estate just this year, and over the last decade, it has brought in about €5.54 billion. This influx of money has been a big boost for property sales and prices.
Investors are particularly interested in hotspots like Athens, Thessaloniki, Mykonos, and Santorini. These areas have seen property prices rise, thanks to the steady stream of foreign capital. In 2023, the minimum investment needed in these popular regions was bumped up to €500,000. This change has only fueled the demand as investors rush to meet the new requirements.
For those eyeing a piece of Greece, the Golden Visa program is a golden opportunity. It not only offers residency but also opens doors to the vibrant Greek lifestyle. The program's success is evident in the bustling real estate market, where properties are snapped up quickly, especially in high-demand areas.
With the program's popularity, Greece has become a top choice for those looking to invest in European real estate. The combination of residency benefits and the allure of Greek culture makes it a win-win for investors. As the program continues to thrive, the real estate market in Greece is expected to remain robust.
Sources: ETIAS, The Luxury Playbook, Get Golden Visa
We believe this video explains quite well the details of Greece's Golden Visa program, showcasing its residency benefits and how it has driven demand for real estate investments in the country.
11) The Greek islands are a tourist hotspot, making vacation homes and rentals highly sought after
The Greek islands are a hot spot for tourists, driving up demand for vacation homes and rentals.
In 2023, Greece welcomed over 30 million visitors, which led to a 16.5% boost in travel receipts, totaling €20.6 billion. This upward trend didn't stop there; in the first quarter of 2024, visitor numbers jumped by 31.2%, and spending increased by 34.2%. The islands' charm is undeniable, making them a magnet for those looking to invest in vacation properties.
Take Santorini, for example. Its short-term rental listings are booked for an impressive 285 nights a year, with a median occupancy rate of 78% and an average daily rate of €221. This isn't just a Santorini phenomenon; other regions like Crete and Peloponnese are also seeing occupancy rates that surpass last year's figures, showing just how popular these destinations have become.
Property values are climbing too. Mykonos saw a nearly 20% increase in property prices in 2023, largely due to the interest from short-term rental investors. The real estate market in Greece is expected to keep growing, offering promising returns for those investing in tourist-heavy areas.
For those considering buying property, the Greek islands offer a unique blend of beauty and investment potential. The high demand for vacation rentals and the steady increase in property values make it an attractive option. Whether you're looking for a personal getaway or a rental investment, the islands have something to offer.
With the tourism industry booming, the Greek islands are not just a vacation destination but a lucrative investment opportunity. The combination of high occupancy rates and rising property values makes it a compelling choice for potential buyers.
Sources: GTP Headlines, Short Term Rentalz, The Luxury Playbook, Airbtics
Buying real estate in Greececan be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
12) In Greece, you can find value investments with lower property prices than in other European countries
Greece's property market is catching eyes because of its low prices compared to other European countries.
Back in November 2024, the average property value in Greece was $292.70 thousand, which is still a bargain when you look at other European nations. This makes Greece a sweet spot for those wanting to invest in real estate without breaking the bank.
The Greek real estate market has been on a roll, with transaction values climbing steadily. From 2017 to the end of 2024, these values jumped from $4.94 billion to $7.94 billion. This growth shows a healthy market, which is great news for anyone looking to make a value investment.
Foreign investors are flocking to Greece, drawn by its affordable property prices and promising investment opportunities. This influx has given the Greek real estate sector a nice boost, making it even more appealing for potential buyers.
With international buyers showing interest, both domestic and foreign investments are on the rise. This surge in demand is a positive sign for those considering investing in Greek properties, as it suggests a thriving market.
Greece's property market offers a unique chance for value investments, thanks to its comparatively low prices and growing transaction values. It's a market that's hard to ignore for savvy investors.
Sources: Destinations by LeadingRE, The Luxury Playbook
13) With healthcare improving, Greece is a great option if you’re retired or planning to settle down
Greece's healthcare system is becoming more attractive for retirees and long-term residents due to significant improvements.
In recent years, the Greek government has been busy modernizing 80 hospitals across the country, part of a larger plan to boost healthcare facilities and services. This means better care and more modern amenities for everyone.
Private investments are also making a splash. The Stavros Niarchos Foundation is pouring $500 million into the private healthcare system, including building three new hospitals in Komotini, Thessaloniki, and Sparta. These hospitals will have the latest medical technology, ensuring top-notch care.
Greece's National Health System (ESY) is a big plus, offering free and equitable access to healthcare services for all, no matter your financial situation. This, along with reforms focusing on accessibility and early disease detection, makes healthcare more affordable and reachable.
Another feather in Greece's cap is having the highest number of doctors per capita among EU countries. While there's a call for more general practitioners, the abundance of healthcare professionals is a definite advantage.
Sources: National Reform Programme 2023, Greece Healthcare Private Health Initiatives Expand, Guide to Healthcare in Greece
14) Greece offers tax breaks for foreign investors, making it a financially smart choice
Greece is rolling out the red carpet for foreign real estate investors with attractive tax incentives.
One standout offer is the Golden Visa program, launched in 2014. This program is a game-changer, granting residency permits to non-EU investors who buy property worth over €250,000. It's been a hit, bringing in billions of euros in foreign investment and issuing thousands of visas to investors and their families. Imagine living in Greece with its stunning landscapes and rich history, all while enjoying the perks of residency.
Another perk is the reduction in property transfer taxes. The Greek government has slashed these taxes, making it cheaper to buy property. The transfer tax rate is now 3.09% of the property's taxable value, and there's even an option to pay tax on the Objective Value if it's higher than the purchase price. This means more money in your pocket to enjoy the Greek lifestyle.
Greece also has favorable double taxation treaties with many countries, easing the tax load for foreign investors. The government has made the property purchase process smoother for foreigners, so investing in Greek real estate is now a breeze. These efforts have led to a surge in foreign property investments, boosting property values and sparking the development of new, high-quality real estate projects that meet international standards.
Picture yourself owning a piece of paradise in Greece, where the government is actively making it easier and more profitable for you to invest. With streamlined processes and tax benefits, it's no wonder the Greek real estate market is thriving.
Sources: Global Citizen Solutions, NTL Trust, Get Golden Visa
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Greece. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
15) Greece’s focus on renewable energy makes new developments more sustainable and attractive
Greece is making waves in the real estate market with its impressive renewable energy initiatives.
In 2023, 57% of Greece's energy mix came from renewable sources, a huge leap forward in clean energy. This shift is not just about numbers; it's about creating a sustainable future that makes new developments more appealing. Imagine living in a place where your energy is not only clean but also reliable and cost-effective.
The National Climate Law, adopted in 2022, is a game-changer. It aims to cut greenhouse gas emissions by 55% by 2030 and reach net zero by 2050. This law is pushing developers to think green, making properties more attractive to those who care about the environment. If you're considering buying a property, knowing it aligns with these goals can be a big plus.
Wind and solar energy projects are booming. In 2023, wind energy alone made up 22% of Greece's electricity. The country plans to ramp up both wind and solar capacities by 2030, which means more savings on energy bills for homeowners. This is not just about reducing carbon footprints; it's about making homes more affordable in the long run.
For potential buyers, this means investing in a property that not only supports a sustainable lifestyle but also promises future savings. The government's focus on renewable energy is transforming the real estate landscape, making it a smart choice for those looking to invest in Greece.
With these initiatives, Greece is not just reducing emissions; it's creating a more attractive and sustainable environment for new developments. This is a win-win for both the planet and property buyers.
Sources: 2023 Record Year for Clean Energy in Greece, Greece Must Build on Its Successes in Reducing Fossil Fuel Dependence, Greece Aims for Renewables to Account for 82% of Electricity Generation by 2030
16) Greece’s mild climate makes it perfect for living or vacationing all year round
Greece's mild Mediterranean climate is a big reason why people love living and vacationing there.
With plenty of sunny days and mild winters, Greece is perfect for outdoor fun and relaxation. The summers are hot and dry, making it ideal for beach lovers and those who enjoy the sun.
Over the past 30 years, the average annual temperature in Greece has increased by 1.5°C, with northern areas seeing a 2°C rise. This warming trend means the tourist season now stretches beyond the usual summer months, offering more time to enjoy the beautiful weather.
Greece's climate often gets a lot of attention in the media, attracting both tourists and people looking to move there. The mild winters and pleasant summers are frequently praised by expatriates who love the lifestyle and weather.
Surveys consistently rank Greece as a top spot for expatriates, thanks to its desirable climate. This positive reputation is backed by testimonials from those who have made Greece their home.
Whether you're looking to visit or settle down, Greece's year-round appeal is hard to resist, with its inviting weather and relaxed way of life.
Sources: To Vima, Short Term Rentalz, TourRadar
17) The country’s natural beauty and biodiversity make it a top choice for eco-conscious buyers and investors
Greece's stunning landscapes and rich biodiversity are drawing eco-conscious buyers and investors.
With plans to protect 30% of its land and sea by 2030, Greece is serious about conservation, making it a hotspot for those keen on sustainable living. The country's commitment is evident in its rise in eco-tourism initiatives and sustainable tourism certifications, which not only highlight its natural beauty but also attract tourists and investors who care about the environment.
There's a noticeable trend of people wanting properties near national parks and nature reserves, especially in coastal areas with breathtaking sea views. This demand is driven by both local and international buyers looking for serene spots that offer natural beauty.
The Greek real estate market is also seeing a boom in eco-friendly developments, thanks to government incentives for sustainable building practices. This shift towards energy-efficient homes aligns with the growing interest in eco-friendly living among property buyers.
For those considering a move, Greece offers a unique blend of natural beauty and a commitment to sustainability, making it an attractive option for eco-conscious individuals. The country's efforts in conservation and sustainable development are not just about preserving the environment but also about creating a lifestyle that resonates with those who value nature.
Investing in Greece means being part of a community that values and protects its natural resources, offering a lifestyle that is both fulfilling and responsible. The country's dedication to eco-friendly practices is a testament to its commitment to a sustainable future.
Sources: Key Biodiversity Areas, The Luxury Playbook, CBD
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.