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What is happening in Greece’s real estate market? Are prices on the rise or decline? Is Athens still a magnet for international investors? How are Greece’s government policies and taxes shaping the real estate landscape in 2025?
These are the questions we hear every day from professionals, buyers, and sellers across Greece, from Thessaloniki to Crete and beyond. Maybe you’re curious about these trends too.
We know this because we stay closely connected with local experts and individuals like you, exploring the Greek real estate market daily. That’s why we crafted this article: to offer clear answers, insightful analysis, and a comprehensive view of market trends and dynamics.
Our aim is straightforward: to make sure you feel informed and confident about the market without needing to search elsewhere. If you think we missed something or could improve, we’d love to hear your feedback. Feel free to message us with your thoughts or comments, and we’ll strive to enhance this content for you.
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1) Greece’s property prices will stabilize after rapid growth, offering more strategic investment opportunities
The Greek property market is buzzing with activity, especially in 2023.
Foreign investors, particularly from Germany, the UK, and France, are pouring money into Greek real estate, boosting demand and liquidity. This influx is expected to stabilize the market, as these investors are eyeing long-term rental opportunities and strategic investments.
In 2023, property prices have started to slow down, thanks to a balance between supply and demand and government efforts to regulate the market. This trend is likely to continue into 2024, making the housing market more stable and attractive for those seeking long-term returns.
The Greek government is making it easier for investors by offering tax incentives, cutting red tape, and investing in infrastructure. These moves are designed to enhance property value and create a favorable environment for real estate investment.
According to the Bank of Greece, the housing market is on track to stabilize, driven by increased investment and improved infrastructure. This balanced supply and demand dynamic is expected to persist, offering a more predictable environment for investors.
Consumer surveys from 2023 reveal a shift in buyer sentiment towards long-term investment in Greek properties. Greece is increasingly seen as a stable and attractive destination for real estate, with more buyers focusing on long-term returns, which contributes to market stability.
Sources: Hellenic Statistical Authority (ELSTAT), Foreign Investment Reports, Economic Forecasts, Government Initiatives, Consumer Surveys
2) Greek islands will see rising property prices as foreign buyers increasingly seek vacation homes there
Foreign buyers are snapping up vacation homes on the Greek islands, pushing property prices higher.
One big draw is the Greek Golden Visa program, which has been a magnet for international investors. In 2023, this program alone pulled in a whopping €1.32 billion from foreign buyers. This shows just how much interest there is in Greek real estate from around the world.
Greece's tourism industry is another major factor. In 2023, the country welcomed over 33 million visitors, cementing its place as a top travel spot. This flood of tourists has caused property prices to soar, especially on islands like Mykonos and Santorini, where prices jumped by up to 20% last year.
Infrastructure upgrades are also making the Greek islands more attractive. With renovations at international airports and new transport links, these islands are now easier to reach. This accessibility, combined with the perks of island living and the rise of remote work, is driving more people to buy vacation homes here.
Owning a property in Greece isn't just about the investment; it's about the lifestyle. The islands offer a unique blend of natural beauty, culture, and relaxation, making them irresistible to buyers looking for a getaway.
Source: NTL Trust, Short Term Rentalz, Travel Courier, ETIAS
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) The Golden Visa program will keep drawing non-EU investors, especially from China and the Middle East
The Golden Visa program in Greece is a big draw for non-EU investors, especially from China and the Middle East.
In 2023, Greece experienced a surge in Golden Visa applications, with 7,752 applications, marking a 78% increase from previous years. A large portion of these applications came from non-EU countries, notably China and the Middle East. This trend highlights the program's appeal, offering residency and work permits in exchange for property investment.
Chinese investors are particularly keen on Greek real estate, with mainland Chinese having purchased €258 million worth of properties back in 2017. This interest has only grown, fueled by the benefits of the Golden Visa program. Middle Eastern investors, especially from Israel, are also increasingly active, with a 70% rise in Golden Visa permits in 2023 compared to the previous year.
The economic impact on Greece's real estate market is significant, with €5.54 billion flowing into the market over the past decade. This influx of investment has led to a noticeable increase in property prices in areas popular with Golden Visa investors. The minimum property purchase threshold has increased to €500,000 in certain areas, further driving the demand for permits among international investors.
For those considering buying property in Greece, the Golden Visa program offers a unique opportunity. The program's success is evident in the rising property values and the growing number of international investors. This trend is expected to continue, with non-EU investors, particularly from China and the Middle East, remaining key players in the market.
Sources: IMI Daily, Grekodom, ETIAS
4) Short-term rental demand will increase, especially in high tourist traffic areas
Greece is experiencing a tourism boom, with over 36 million international tourists visiting in 2023.
This surge in visitors has made Greece a hotspot for short-term rentals, with platforms like Airbnb and Booking.com seeing a 28.7% increase in bookings in late 2023. This growth is impressive, especially when compared to the rest of the EU.
By the middle of 2024, Greece had nearly 1 million beds available for short-term stays, a testament to the rising demand. Popular islands like Santorini, Mykonos, and Crete are at the forefront, as travelers increasingly opt for these rentals over traditional hotels.
In these tourist-heavy areas, the preference for short-term rentals is clear. Visitors enjoy the flexibility and unique experiences these accommodations offer, which is why the demand continues to rise.
For potential property buyers, this trend signals a lucrative opportunity. Investing in short-term rental properties in Greece could be a smart move, especially in areas with high tourist traffic.
With tourism numbers expected to remain strong, the short-term rental market in Greece is poised for continued growth, making it an attractive option for investors looking to capitalize on the country's booming tourism industry.
Sources: Enterprise Greece, To Vima, To Vima Travel
5) Athens rents will increase as more expatriates and international students are drawn to the city
Athens is drawing in more expatriates and international students, causing rental prices to climb.
The National and Kapodistrian University of Athens is seeing a wave of international students, which is boosting the demand for housing. This influx is not just about students; it's also about young professionals, including Greek nationals returning home.
Companies like McKinsey & Company are setting up shop in Athens, attracting skilled workers and adding to the city's vibrant mix. This corporate presence is a magnet for talent, further driving the need for more living spaces.
Remote work has turned Athens into a hotspot for digital nomads, increasing the demand for urban living. The city's appeal as a base for remote workers is undeniable, and it's reshaping the housing market.
Real estate reports suggest that property prices in Athens are on the rise, thanks to steady demand and limited new housing developments. The city's charm and opportunities are making it a sought-after destination.
With all these factors in play, rents in Athens are set to rise as more people flock to the city for its unique blend of culture and opportunity.
Sources: EduRank, Athens Social Atlas, McKinsey & Company
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6) Luxury villas will remain popular, but demand for traditional village homes will decrease
Luxury villas in Greece are becoming increasingly popular among high-end tourists.
Bookings for these upscale properties have jumped by 29% compared to last year, showing a clear preference among top-spending visitors. In hotspots like Mykonos and Santorini, luxury villas are priced between €3 million to €10 million and €2 million to €7 million, respectively, reflecting their high demand.
The Greek Golden Visa program is a game-changer, attracting international buyers by offering residency for property purchases over €250,000. This has led to a 30% increase in foreign investments in Greek villas, as buyers are lured by Greece's appealing locations and investment-friendly environment.
There's a noticeable shift towards properties with modern amenities and luxury features, which are typically found in these villas. Consumer surveys show a growing demand for contemporary, high-end homes, while media and social media trends highlight the allure of luxury living in Greece.
These villas not only offer an exclusive lifestyle but also promise high rental returns, making them a smart investment choice. The buzz around luxury living in Greece is hard to miss, with many drawn to the idea of owning a piece of paradise.
Sources: BNB News, European Real Estate, Von Poll Greece
7) Greece’s luxury property market will expand as high-net-worth individuals seek vacation homes
The luxury property market in Greece is booming, especially in hotspots like Mykonos and Santorini.
In Mykonos, villas are fetching between €3 million and €10 million, while in Santorini, prices range from €2 million to €7 million. This surge is largely due to high-net-worth individuals snapping up exclusive vacation homes. The Golden Visa program is a big draw, offering residency to non-EU citizens who invest in Greek real estate. This has already attracted over €2.5 billion in foreign investment, with buyers from the US, UK, China, Russia, and the Middle East seeing Greece as a gateway to Europe.
Tourism is another driving force, with Greece welcoming over 33 million visitors in 2023. This influx has boosted demand for luxury accommodations, especially in Athens and the islands. The real estate market is expected to keep growing, with its value projected to hit $9.39 billion by 2029, thanks to both tourism and foreign investment.
Greece's economy is holding strong, with a growth rate of 2% in 2023 and more expansion on the horizon. This stability, along with efforts to make property transactions easier, makes Greece a magnet for investors. The positive outlook, with property prices on the rise, supports the ongoing growth of the luxury market.
Insider tip: Mykonos and Santorini aren't just about the views; they're about lifestyle. High-net-worth individuals are drawn to the vibrant culture, exclusive events, and the promise of a luxurious escape. The islands offer more than just a home; they offer a lifestyle that blends relaxation with sophistication.
For those considering an investment, the Greek luxury property market offers not just a home, but a piece of paradise. With the market's upward trajectory, now might be the perfect time to dive in and secure a slice of this Mediterranean dream.
Sources: NTL Trust, European Real Estate, The Luxury Playbook
8) New property tax rules will make Greek real estate more appealing to foreign investors
Greece is becoming a hotspot for foreign property investors due to recent changes in property tax regulations.
One major change is the suspension of the capital gains tax on property sales by individuals until the end of 2024. This means you can sell a property without paying the usual 15% tax on profits, making it a great opportunity if you're looking to buy and sell quickly. Imagine buying a charming villa and flipping it for a profit without the tax bite.
The Golden Visa program is another attractive option. While the minimum investment amount has increased, it still offers one of the most affordable residency options in Europe. This program has seen a 60% jump in applications in late 2023, showing that many are eager to take advantage of the residency perks that come with property investment.
To further sweeten the deal, the Greek government has suspended VAT on new buildings until the end of 2024. This move is aimed at reducing property tax burdens for non-residents and boosting the real estate market. With these incentives, foreign buyers have been snapping up properties, pushing the total value of real estate purchases to an all-time high of €3 billion in 2023.
These changes are not just about numbers; they reflect a strategic push by Greece to attract more international investors. The combination of tax breaks and residency benefits makes it a compelling choice for those looking to invest in European real estate. Whether you're eyeing a coastal retreat or a city apartment, the current climate is ripe for investment.
Sources: Property Taxes in Greece in 2025, Greece Golden Visa New Rules 2024, Taxes On Selling Property in Greece Update
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) Greece will see rising demand for retirement-friendly housing due to an aging population
Greece is seeing a growing number of its population entering retirement age.
With people living longer, life expectancy has climbed to 82 years, meaning more time spent in retirement. This naturally leads to a need for homes that suit retirees' lifestyles.
As the old-age dependency ratio rises, the demand for retirement-friendly housing is increasing. This shift is putting pressure on the care system, highlighting the need for more suitable living options.
In Greece, 21.7% of the population is aged between 50-64 years, showing a clear trend towards an aging society. This demographic change is driving the need for housing that caters to older adults.
Retirement-friendly housing isn't just about accessibility; it's about creating communities where retirees can thrive. Developers are focusing on amenities that support active and social lifestyles.
With these changes, investing in properties that cater to retirees could be a smart move. The market is ripe for options that offer comfort and convenience for the aging population.
Sources: EUROSTAT, Earth Database, European Commission
10) Multi-generational living will rise, influencing property demand types
In Greece, multi-generational living is on the rise, and it's a trend that's here to stay.
One big reason for this shift is Greece's aging population. As of late 2023, 7.10% of Greeks are 80 or older, which means more families are opting to live together to care for their elderly loved ones. This isn't just about necessity; it's also deeply rooted in Greek culture. In Greece, like in many parts of Europe, family cohesion is highly valued, and it's common for older folks to live with at least one of their children.
Economics also plays a part. With property prices climbing, it's tough for single families to buy homes on their own. By sharing a home, families can split expenses and make things more affordable. The Greek government is helping out too, offering low-interest mortgages and renovation subsidies that are particularly beneficial for multi-generational households.
Architectural designs are catching up with this trend. New housing projects in Greece are now offering options like townhomes and senior living units, which cater to the needs of different generations. This flexibility in design is crucial as it supports the growing demand for homes that can accommodate multiple generations under one roof.
For those considering buying property in Greece, understanding these trends is key. The demand for homes that can house multiple generations is likely to keep growing, so properties that offer this kind of flexibility could be a smart investment.
Sources: Trading Economics, Keep Talking Greece, Hines
11) Patras will experience a rise in real estate activity as its university population grows
The city of Patras is buzzing with real estate activity, thanks to its booming university population.
With the University of Patras seeing a 6.5% jump in undergraduate enrollment during the 2020/2021 academic year, there's a noticeable uptick in demand for student housing. This surge is not just about numbers; it's about the vibrant student life that Patras offers, making it a hotspot for young people looking for a place to stay.
Real estate companies like Tzeli Real Estate are tapping into this trend, focusing on student apartments to meet the high demand. The influx of international students, drawn by the university's involvement in various EU and global projects, adds another layer to this demand, making the market even more dynamic.
On a broader scale, the Greek property market is in a transformative phase, with a €45 billion investment expected by 2030. This includes €40 billion for new homes and €5 billion for upgrades, directly benefiting areas like Patras. The aim is to tackle the housing shortage and improve living conditions, which is great news for students.
Rental prices around the university are climbing, driven by a significant demand-supply gap. This trend is a clear indicator of the bustling real estate scene in Patras, where finding a place to live is becoming a competitive sport.
For those considering investing in property, Patras offers a unique opportunity. The city's growing university population is a key driver, ensuring that the real estate market remains lively and promising.
Sources: NSC Research Center, Achievements Center, Tzeli Real Estate, eSales International
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12) Demand for high-rise urban apartments will grow, while interest in sprawling suburban homes will decline
In Greece, more people are choosing high-rise apartments in cities over suburban homes.
Urban living is on the rise, with 80.67% of the population now in urban areas. This shift is not just about numbers; it's about lifestyle. People are drawn to the vibrant city life, where everything is within reach. The convenience of having work, entertainment, and amenities close by is a big pull for many.
Investments in city infrastructure are making urban centers even more appealing. The EIB Group has poured €826 million into sustainable urban projects, improving public transport and infrastructure. This means shorter commutes and better access to everything you need, making city life more attractive for both living and working.
There's also a cultural shift happening. Younger generations are leaning towards minimalistic and convenient living. They love properties with historical charm and eco-friendly features, which are more common in urban areas. This trend is especially strong among single-person households, who often prefer the smaller, more manageable spaces found in high-rise apartments.
These changes are reshaping the real estate market. The demand for high-rise apartments is growing, while interest in sprawling suburban homes is waning. People are prioritizing convenience and lifestyle over space, and cities are evolving to meet these new demands.
As urban centers continue to develop, the appeal of city living is only set to increase. With more investments and a growing preference for urban lifestyles, the trend towards high-rise apartments is likely to continue. The future of living in Greece seems to be reaching new heights.
Sources: Trading Economics, EIB Group, The Luxury Playbook
13) Thessaloniki’s Ano Poli will draw more investors with its historical charm and recent urban renewal projects
Thessaloniki's Ano Poli district is catching the eye of investors due to its blend of historical charm and modern urban renewal.
In 2023, property prices in Thessaloniki, including Ano Poli, saw a 7.6% increase, as reported by KPMG. This upward trend continued into 2024, showing strong demand for properties in the area. The Bank of Greece highlighted a 35% rise in residential property prices in central Thessaloniki from 2018 to 2023, underscoring the district's growing appeal.
The Greek real estate market is bouncing back, with a surge in transactions, especially in historical areas like Ano Poli. Both local and foreign buyers are eager to invest here. The Hellenic Republic National Reform Programme 2023 pointed out ongoing urban renewal initiatives that enhance the quality of life, drawing more investors to Ano Poli.
Media coverage has been crucial in highlighting Ano Poli's historical allure and the benefits of urban renewal. Real estate websites like Spitogatos.gr have showcased the district's appeal, emphasizing the availability of properties for sale. These urban renewal projects have improved infrastructure and amenities, such as metro line extensions and renovated public spaces, making Ano Poli even more attractive to potential investors.
Sources: The Luxury Playbook, KPMG, European Commission, Spitogatos
14) Athens' metro expansion will boost investment appeal in previously less accessible areas
The expansion of Athens' metro system is making previously hard-to-reach areas more attractive for investment.
In 2023 and 2024, property values in areas with new metro stations have seen a noticeable boost. For instance, in Hellinikon-Argyroupoli, Dafni, Glyfada, and Ilioupoli, property values jumped by 26%, 21.8%, 20.4%, and 20.1%, respectively. This isn't just about homes; commercial real estate is also catching investors' eyes.
The southern suburbs, like Glyfada and Voula, are now hotspots. Here, apartment prices range from 6,000 to 7,000 euros per square meter. Areas near new stations, such as Galatsi and the “Courts” metro station, are expected to see a similar surge in demand, making them prime spots for future investments.
Public transport usage has increased, which is a good sign for investors. The Athens Metro's high ridership numbers show a strong reliance on public transport, suggesting that areas with new metro access will continue to grow in popularity. Real estate agencies are highlighting these zones as prime investment opportunities, predicting significant growth.
With the metro expansion, neighborhoods once considered remote are now within easy reach, transforming them into attractive options for both living and business. This shift is particularly noticeable in areas like Glyfada and Voula, where the new metro lines have made commuting much easier.
Investors are keen on these developments, as the metro expansion is not just about convenience but also about unlocking the potential of previously overlooked areas. The trend is clear: as accessibility improves, so does the appeal of these neighborhoods.
Sources: Greekdom, The Luxury Playbook
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) Virtual reality tours will become more common, simplifying remote property viewing for international buyers
Virtual reality tours are becoming a staple in real estate, especially for international buyers.
Imagine exploring a Greek villa from your living room. Thanks to VR technology, this is now possible. The virtual tourism market is booming, with real estate companies jumping on board to offer immersive property tours. This trend is reshaping how we buy homes, making it easier for buyers to get a feel for a place without stepping foot inside.
Greece is a hotspot for foreign investors, largely due to the Greek Golden Visa program. In 2023, it attracted €1.32 billion in investments, doubling previous application numbers. Many of these investors are tech-savvy and prefer virtual tours to explore properties conveniently from afar.
Advancements in VR have made it more accessible and affordable. AI-powered 3D virtual tours are now quicker and cheaper to produce, allowing more real estate agencies to offer them. Companies like ADS Marketing have made these tours a key part of their property listings, enhancing their marketing strategies.
The COVID-19 pandemic accelerated the need for remote property viewing. With travel restrictions in place, VR tours became essential for international buyers who couldn't visit properties in person. Real estate companies invested heavily in VR to meet this demand, making immersive viewing experiences a norm.
Sources: ADS Marketing, ETIAS, Immigrant Invest, GlobeNewswire, Vivestia
16) Smart home technology will become standard in new builds, attracting tech-savvy buyers
Smart home technology is now a must-have in new property developments, especially for tech-savvy buyers.
In recent years, the global smart home market has been booming, with expectations to exceed $170 billion by 2025. This surge is largely due to a 26% increase from 2022 to 2025, highlighting a strong shift towards smart home solutions. People are increasingly drawn to homes that offer convenience and efficiency through technology.
Take Greece, for example, where the demand for energy-efficient solutions is a big driver. Homeowners are keen on saving energy and boosting security, and smart home tech fits the bill perfectly. The market for smart home energy management devices in Greece is on track to reach $8.91 billion by 2029, thanks to government support and tech advancements.
Real estate developers are catching on to this trend, pouring resources into smart home technology to lure in tech-savvy buyers. It's not just about meeting demand; it's also about boosting property value and marketability. Homes with smart features are more attractive to buyers, making them a wise investment for developers.
Smart home technology is becoming a standard feature in new builds, appealing to those who want the latest in home innovation. This trend is reshaping the real estate market, with developers keen to integrate these technologies to stay competitive.
Sources: Exploding Topics, Statista, GlobeNewswire
17) Exarchia in Athens will attract more interest for its vibrant culture and recent infrastructure upgrades
Exarchia in Athens is catching eyes for its vibrant cultural scene and recent infrastructure upgrades.
In recent years, property prices in Exarchia have climbed by 4.31%, reflecting a surge in interest from both local and international buyers. This uptick is a clear sign that more people are seeing the potential in this lively neighborhood.
Exarchia's cultural vibe is electric, with events like the Athens and Epidaurus Festival drawing big crowds. This festival, a staple for over 60 years, offers a mix of performances in both historic and modern settings, underscoring the area's cultural magnetism. The neighborhood is also buzzing with new art galleries and cultural spaces, thanks to a boost in tourism and the Airbnb trend.
Infrastructure is another big draw. Projects like the revamp of Strefi Hill and the upcoming metro station at the Square are part of Athens Metro Line 4. Although the metro construction hit a pause in late 2023, these projects are set to make Exarchia even more livable and accessible.
Locals and visitors alike are excited about these changes, as they promise to enhance the quality of life in Exarchia. The neighborhood's transformation is not just about aesthetics; it's about creating a space where culture and convenience meet.
With its unique blend of culture and improved infrastructure, Exarchia is poised to become a hotspot for those looking to invest in Athens. The ongoing developments are a testament to the area's growing appeal and potential for future growth.
Sources: Indomio, Visit Europe, Athens Social Atlas, Unicorn Riot
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18) Blockchain will simplify property transactions, cutting costs and boosting transparency
Blockchain is revolutionizing the real estate market, making property transactions faster and more efficient.
In Sweden, a groundbreaking pilot project by Lantmäteriet showed that using blockchain can reduce transaction times from four months to just a few days. This isn't just about speed; it's about cutting costs too. By automating processes, blockchain eliminates the need for intermediaries, which can slash transaction costs significantly. Imagine saving up to 30% on fees, as highlighted by a Deloitte report.
Sweden's initiative aimed to save taxpayers over €100 million annually, a testament to the financial benefits of blockchain. The technology's ability to streamline processes means fewer middlemen and lower fees, making property transactions more affordable for everyone involved.
Transparency is another game-changer. With blockchain, every transaction is recorded and visible to all parties, which builds trust. This transparency means records can't be altered without detection, reducing the risk of fraud. In fact, studies suggest that blockchain could cut real estate fraud cases by up to 50%.
For buyers and sellers, this means a more secure and trustworthy process. The immutable nature of blockchain records ensures that all parties have access to the same information, fostering confidence in the transaction.
As blockchain continues to evolve, its impact on real estate will likely grow, offering even more benefits. The potential for increased transparency and reduced costs makes it an attractive option for anyone looking to buy property.
Sources: Computer Weekly, Savvycom Software, BSV Blockchain
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.