Is it worth it buying property in the Greek Islands in 2025?

Authored by the expert who managed and guided the team behind the Greek Islands Property Pack

Yes, the analysis of the Greek Islands' property market is included in our pack

Who is the author of this content?

INVESTROPA

A team specialized in real estate investing in European countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in the Greek Islands. If you'd like to learn more about us, you can check our presentation page.

What types of properties are available to buy in the Greek Islands in 2025?

The Greek Islands property market offers six main property categories as of June 2025.

Apartments and condos range from basic studios to luxury penthouses, typically located in island towns or beachfront developments. These properties offer the easiest entry point for first-time buyers with prices starting around €80,000 for a basic studio.

Traditional village houses represent authentic Greek island living, often built with local stone and featuring traditional architecture. Many require renovation but offer genuine character and integration into local communities. These properties typically cost €100,000-€300,000 depending on size and condition.

Modern villas constitute the premium segment, featuring contemporary amenities like infinity pools, smart home systems, and panoramic sea views. These properties range from modest 2-bedroom villas at €400,000 to ultra-luxury estates exceeding €2 million.

Townhouses and bungalows provide middle-ground options, especially popular in larger island towns or resort complexes, offering more space than apartments while requiring less maintenance than standalone villas.

It's something we develop in our Greek Islands property pack.

Where are the best areas to buy—what's affordable, what's up-and-coming, and what's considered upscale?

Is it better to buy or rent in the Greek Islands in 2025?

Buying becomes more cost-effective than renting after approximately 5-7 years of ownership in the Greek Islands property market.

Buy if you plan to stay long-term (5+ years), want to secure a Golden Visa investment, or seek rental income and capital appreciation. Property ownership provides stability, potential for 3-7% annual value growth, and the ability to customize or rent out the property. The Golden Visa program requires a minimum €250,000 investment in many areas, making property purchase attractive for residency seekers.

Rent if you value flexibility, are new to the islands, want to try different locations, or have short-term plans lasting less than 5 years. Renting avoids upfront costs including 3.09% transfer tax, legal fees, and ongoing ENFIA property taxes, making it ideal for digital nomads, seasonal residents, or those still exploring different islands.

The break-even calculation factors in purchase costs (typically 8-12% of property value), annual property taxes (0.1-0.7% of property value), and maintenance costs against rental payments and potential rental income if you rent out your property part-time.

How much did property prices use to be in the Greek Islands, where do they stand now, and what's the forecast?

Greek Islands property prices experienced dramatic changes over the past 15 years, with a significant crash during the financial crisis followed by strong recovery.

Pre-2010 prices were substantially lower, with many properties available at 40-60% below current levels before the 2008 financial crisis hit Greece particularly hard. The crisis period from 2008-2017 saw property values drop by 30-50% in many areas, creating opportunities for bargain hunters but devastating local property owners.

The recovery began in 2017, with annual price increases of 7-16% in popular areas between 2017-2023. As of June 2025, average prices across the Greek Islands range from €1,200 per square meter in affordable areas like Thassos to €6,200 per square meter in luxury destinations like Santorini and Mykonos.

Price forecasts for 2025-2027 predict continued but moderating growth of 3-7% annually. Limited new construction due to building restrictions, strong foreign demand driven by the Golden Visa program, and recovering tourism numbers support this growth trajectory. However, the pace is expected to slow from the double-digit increases seen in recent years as the market matures.

What are the main real estate market trends for the Greek Islands going into 2025?

Five major trends are shaping the Greek Islands real estate market as we reach mid-2025.

Rising demand for coastal and luxury properties continues to drive market growth, with particular interest in eco-friendly homes and properties with renewable energy systems. Buyers increasingly prioritize sustainability features and energy efficiency, responding to both environmental concerns and rising energy costs.

Short-term rental regulations are tightening in some mainland areas, but most Greek Islands remain attractive for tourism rentals. New licensing requirements and taxation changes affect Airbnb-style rentals, but islands generally maintain favorable conditions for vacation rental investments due to their tourism-dependent economies.

The Golden Visa program continues driving foreign investment, with updated minimum thresholds creating different opportunities across regions. Some areas now require €500,000 minimum investments while others maintain €250,000 thresholds, affecting buyer location choices.

Limited new construction due to environmental protections and building restrictions supports price appreciation by constraining supply. Many islands have strict development controls to preserve their character and environment, creating scarcity value for existing properties.

How exactly does the buying process work for foreigners looking to buy property in the Greek Islands?

The Greek Islands property purchase process for foreigners involves nine essential steps taking typically 15-30 days if documentation is complete.

First, obtain a Greek Tax Number (AFM) from any Greek tax office or consulate, which is mandatory for all property transactions. Second, open a Greek bank account to facilitate fund transfers and tax payments - most major Greek banks offer services for non-residents.

Third, appoint a qualified Greek lawyer specializing in property law for legal representation and due diligence. Fourth, find your property through reputable agents or websites, ensuring you verify all agent credentials to avoid scams.

Fifth, make an offer and sign a preliminary agreement, typically requiring a 10% deposit held in the lawyer's escrow account. Sixth, your lawyer conducts comprehensive legal due diligence including title searches, permit verification, debt checks, and land registry confirmation.

Seventh, sign the final contract at a Greek notary office, paying the remaining purchase price plus 3.09% transfer tax and legal fees. Eighth, register ownership at the local land registry or cadastre office. Finally, declare the property for tax purposes to establish your obligations for annual ENFIA property tax and any rental income reporting.

Don't lose money on your property in the Greek Islands

100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.

Download Now

Where can you actually find properties—reliable real estate agencies, websites, or local contacts?

Several reliable platforms and agencies serve the Greek Islands property market, with both international and local options available.

Major Greek property websites include Spitogatos.gr, XE.gr, and Tospitimou.gr, which offer comprehensive listings with detailed photos, specifications, and contact information. International platforms like Rightmove, Holprop, and Homestra provide English-language interfaces and often feature premium properties.

Specialized agencies include local experts like Totsi in Crete and Open House Chania, alongside international networks such as RE/MAX, Engel & Völkers, and Savills. These agencies offer professional services including legal coordination, financing assistance, and after-sale support.

Dedicated expat services like Find My Greece and Real Estate Greece specifically cater to foreign buyers, providing language support, cultural guidance, and comprehensive relocation services. For luxury properties, JamesEdition features high-end villas and estates typically above €1 million.

Always verify agent credentials through the Greek Real Estate Agents Registry and check online reviews before engaging any service provider to avoid common scams targeting foreign buyers.

What kind of property can you get for different budgets?

Property options in the Greek Islands span from affordable renovation projects to ultra-luxury estates, with clear distinctions across price ranges.

Under €100,000 typically provides small apartments, village houses requiring renovation, or land plots in less touristy islands like Thassos, Evia, or rural areas of Crete and Corfu. These properties often need significant work but offer authentic Greek island living at accessible prices.

At €250,000, buyers can access renovated 2-3 bedroom homes in desirable locations including Crete, the Peloponnese, or Ionian islands. This budget level qualifies for Golden Visa investment in select areas, making it popular among residency seekers.

€500,000 opens access to modern villas with pools, sea views, and premium locations in islands like Naxos, Paros, or prime areas of Crete and Corfu. These properties typically feature contemporary amenities and strong rental potential.

€1 million and above provides luxury villas in prestigious locations like Mykonos, Santorini, or Elounda in Crete. These properties often include private beach access, infinity pools, landscaped gardens, and premium finishes, representing the pinnacle of Greek island living.

What are some common mistakes to avoid when buying property in the Greek Islands?

Seven critical mistakes can derail Greek Islands property purchases, with verification and legal compliance being paramount concerns.

Never skip agent credential verification, as fake agents persistently target foreign buyers with attractive but fraudulent listings. Always check licensing through official Greek registries and verify agent credentials independently.

Avoid underreporting purchase prices to reduce transfer taxes, as this practice is illegal and exposes buyers to substantial fines and legal complications. Greek tax authorities actively investigate property transactions and maintain sophisticated valuation systems.

Don't skip comprehensive legal and technical checks, as unregistered properties, unclear land titles, or hidden debts are common issues. Professional surveys can reveal structural problems, boundary disputes, or permit violations that could cost tens of thousands to resolve.

Ensure utility permits are properly in place, as some rural or island properties lack legal connections to water, electricity, or sewage systems. Connecting utilities post-purchase can be expensive and time-consuming.

It's something we develop in our Greek Islands property pack.

How expensive is it to live in the Greek Islands year-round—what's the real cost of living?

Year-round living costs in the Greek Islands vary significantly by location, with larger, less touristy islands offering the most affordable lifestyle options.

Housing costs for renters range from €860-€1,200 monthly for a 2-bedroom apartment in popular areas, while purchasing similar properties costs €160,000-€295,000 depending on island and specific location. Utility costs remain lower than most Western European destinations.

Groceries and dining are generally affordable with abundant fresh local produce, traditional tavernas offering meals for €15-25 per person, and local markets providing seasonal fruits and vegetables at reasonable prices. Healthcare costs are low with accessible public healthcare and affordable private options.

Transportation expenses include regular ferry connections between islands and the mainland, with annual costs varying based on travel frequency. Car ownership costs are moderate, though many residents rely on scooters or bicycles for daily transportation.

Living year-round is most affordable on larger islands like Crete, Evia, or Rhodes where services operate continuously, compared to smaller tourist-focused islands where costs spike during peak season and services may be limited in winter months.

What's life like as an expat living in the Greek Islands—cultural, social, and practical expectations?

Expat life in the Greek Islands combines relaxed Mediterranean culture with practical considerations that vary significantly by island size and tourist density.

Culturally, expect a slower pace emphasizing social connections, extended family relationships, and communal dining experiences. Greek hospitality is genuine, with locals often welcoming foreign residents who show respect for traditions and make efforts to integrate into community life.

Language considerations include widespread English in tourist areas, but learning basic Greek significantly improves daily interactions and community acceptance. Many expats successfully navigate daily life with limited Greek, though official bureaucracy often requires translation assistance.

Strong expat communities exist particularly in Crete, Corfu, Rhodes, and Paros, offering international schools, English-speaking services, social groups, and cultural activities. These networks provide essential support for newcomers navigating Greek bureaucracy and cultural adaptation.

Practical life involves outdoor-focused living with access to beaches, hiking trails, and vibrant local festivals throughout the year. However, bureaucracy can be slow requiring patience for paperwork, permits, and renovations. Internet connectivity and international shipping may be limited on smaller islands.

What's the long-term rental market like and how does short-term rental compare?

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Greece 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.

Both long-term and short-term rental markets offer distinct opportunities in the Greek Islands, with different risk-return profiles and regulatory environments.

Long-term rental demand remains strong, driven by expats, digital nomads, and seasonal workers seeking annual contracts. Tenant profiles include international remote workers, local professionals, and students attending island universities or language schools. Gross rental yields typically range from 4-7% annually, with higher returns in up-and-coming areas like Paros and Naxos compared to established markets.

Short-term rentals capitalize on tourism demand concentrated in May-October peak season. Tourism trends show continued growth in Greek island destinations, with particular strength in Santorini, Mykonos, Paros, and Crete. Gross rental yields can reach 15% in prime locations, but income is highly seasonal and subject to weather, economic conditions, and travel restrictions.

Regulatory differences favor long-term rentals with fewer restrictions and stable income streams, while short-term rentals face increasing regulation including licensing requirements, taxation changes, and local restrictions in some areas. Always verify current regulations before investing, as rules continue evolving.

It's something we develop in our Greek Islands 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.

Sources

1. Chase Real Estate Corfu - Affordable Greek Islands 2025
2. Properstar Greece Real Estate Guide
3. James Edition Greek Islands Properties
4. InvestRopa Greek Islands Price Forecasts
5. DMC Capital Greek Islands Investment Guide
6. The Luxury Playbook Greek Island Property Guide
7. Global Property Guide Greece Price History
8. Vista Estate Foreign Buyer Guide
9. Golden Visas Greek Property Websites
10. International Living Greece Cost Guide