Authored by the expert who managed and guided the team behind the Greece Property Pack
Yes, the analysis of the Greek Islands' property market is included in our pack
What do the latest numbers reveal about the real estate market in the Greek Islands? Are property prices on the rise, or are they stabilizing? Which islands offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in the Greek Islands, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Property prices in the Greek Islands are rising by at least 3% in 2025 compared to the previous year
In 2025, property prices in the Greek Islands are increasing by at least 3% compared to the previous year.
The Greek Islands are not just a vacation hotspot; they are a magnet for property buyers. The demand for vacation homes and rental properties is soaring because everyone wants a slice of paradise. But here's the catch: there's only so much land to go around, and this limited availability is pushing prices up.
Why are people flocking to these islands? Well, the Greek government is rolling out the red carpet with incentives like the Golden Visa program. This program is a big draw for international buyers, making it easier for them to invest in Greek real estate. It's a win-win: buyers get a beautiful property, and Greece sees a boost in its real estate market.
But that's not all. The islands are getting a facelift with infrastructure improvements, making them even more appealing. Plus, with remote work becoming the norm, more people are considering relocating to these idyllic spots. Who wouldn't want to work with a view of the Aegean Sea?
All these factors are creating a perfect storm for property prices to climb. The combination of high demand, limited supply, and government incentives is setting the stage for continued growth in the real estate market.
So, if you're thinking about buying property in the Greek Islands, now might be the time to dive in. The market is hot, and it's only getting hotter.
Sources: Property Market Predictions for Greece in 2025, Greece's Real Estate Market Analysis & Forecast (2024 - 2025)
2) Renovating a property in the Greek Islands now takes an average of 6 months
The average time to renovate a property in the Greek Islands is now 6 months.
One reason for this timeline is the lengthy process of obtaining building permits in Greece, which can take between 6 to 8 months. While this primarily affects new constructions, it can still influence renovation projects.
Another factor is the surge in property renovations across Greece, especially during the pandemic. This increase has led to a higher demand for materials and skilled labor, making renovations more challenging.
Economic constraints, such as rising material costs, have also played a role in extending renovation times. These financial pressures add complexity to the renovation process.
Government initiatives like the "Save Energy" program offer subsidies for energy efficiency improvements. However, the funding is often seen as insufficient, which complicates the renovation efforts for property owners.
Sources: Your Home on Crete, To Vima
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.
3) Vacation rentals in the Greek Islands currently have an average occupancy rate of 75%
The Greek Islands are seeing an average occupancy rate of 75% for vacation rentals.
In 2024, the vacation rental market in Greece expanded, with a 13% increase in supply. This growth was accompanied by a 6% rise in guest nights, indicating a healthy demand for these properties. However, the supply growth slightly outpaced demand, causing a minor dip in overall occupancy rates.
Despite this, the paid occupancy rate for Greece in summer 2024 was just one percent lower than the previous year. This shows that the market remains robust, with only a slight decrease in occupancy.
Some regions are performing exceptionally well. For instance, Crete has seen occupancy rates one percent higher than last year, while the Peloponnese region is doing even better, with a three percent increase in occupancy rates compared to the previous year.
These figures suggest that while the overall occupancy rate has slightly dipped, certain areas within the Greek Islands are thriving. This could be due to their unique attractions, local culture, or improved marketing strategies.
Sources: Short Term Rentalz
4) Maintaining a property in the Greek Islands costs about €2,000 annually
Owning a property in the Greek Islands typically costs around €2,000 annually for maintenance.
When you break it down, maintaining a flat in Athens might set you back between €700 and €1,800 each year, while a villa on an island could range from €1,500 to €15,000. These figures cover a variety of expenses, from basic upkeep to more extensive repairs.
Utilities are another significant part of the budget. Expect to pay €1,140 to €3,360 annually for electricity, gas, water, and waste removal. Building maintenance, which includes elevator upkeep, cleaning, and security, can add another €120 to €3,600 to your yearly expenses, depending on the property type and location.
For those with villas or standalone properties, outdoor maintenance is key. This includes gardening, pool care, and security services, which can vary greatly based on the size and features of the property. These services are essential in keeping your property in top shape and contribute to the overall maintenance costs.
All these factors combined make the €2,000 average a reasonable estimate for maintaining a typical villa on a Greek island. The costs can fluctuate based on the specific needs and location of your property, but this figure gives a solid baseline for budgeting.
Sources: Tranio, Mercury Estate, Greece Invest, Solomon Realtors
5) By 2025, international buyers will be involved in about 40% of property transactions in the Greek Islands
The Greek Islands are a magnet for international property buyers.
Thanks to the Golden Visa program, Greece has seen a surge in foreign investment. By 2023, the country had issued over 11,870 Golden Visas, bringing in more than €2.9 billion in foreign direct investment into its real estate sector. This program offers residency to non-EU citizens who invest in Greek property, making it a popular choice for those looking to gain a foothold in Europe.
Buyers from the US, UK, China, Russia, and the Middle East are particularly drawn to Greece. They view it as a strategic entry point to Europe, with the Greek Islands being especially attractive due to their stunning landscapes and tourist appeal. Mykonos and Santorini, known for their luxury properties, are top picks among international buyers.
The Greek real estate market is on the rise, with property prices expected to keep climbing. However, the pace is slowing compared to previous years. This growth is driven by urban regeneration projects and a growing demand for quality housing, especially in urban centers and popular tourist spots.
As of 2025, about 40% of property transactions in the Greek Islands involve international buyers. This statistic highlights the significant role foreign investors play in the Greek property market, further boosting its appeal and growth potential.
Sources: The Luxury Playbook, NTL Trust, Properstar
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6) Properties sold in Naxos increased by 16% in 2024
In 2024, property sales in Naxos jumped by 16%.
This surge is largely due to Naxos becoming a hotspot for both investors and those seeking a personal retreat. Many clients of Veronis Lagogiannis Naxos Real Estate have shared their positive experiences, emphasizing the island's charm and the agency's professionalism, which likely boosted interest and sales.
Across Greece, the real estate market saw a notable upswing in 2024, with housing sales and rental prices climbing significantly. While specific figures for Naxos weren't detailed, these favorable conditions in the broader Greek market likely had a ripple effect on Naxos.
The Greek housing market is on a path of steady economic growth, with increased demand for residential properties. This stability, coupled with a rise in tourism and investments, has likely fueled the property sales boom in Naxos.
Tourism, a major driver of the Greek economy, has been thriving, and Naxos is no exception. The island's unique blend of natural beauty and cultural heritage has made it a magnet for tourists, further enhancing its appeal as a property investment destination.
Investors are increasingly eyeing Naxos, drawn by its potential for high returns. The island's growing popularity and the overall positive economic outlook in Greece make it an attractive option for those looking to invest in real estate.
Sources: Veronis Lagogiannis Naxos Real Estate, Spitogatos, NTL Trust, Hellenic-American Chamber of Commerce
7) Properties sold with solar panels increased by 9% in 2024
In 2024, there was a 9% increase in the number of properties sold with solar panels.
This surge is partly due to the booming Greek solar panel industry, which saw a 43.7% increase in the capacity of new systems in the first half of 2024 compared to the previous year. Such growth reflects a strong market demand, making homes with solar panels more appealing to potential buyers.
At the same time, the Greek real estate market was thriving, with significant increases in housing sales and rental prices during the second quarter of 2024. This trend suggests that buyers were keen on properties with sustainable features like solar panels, which can boost both property value and attractiveness.
Government initiatives also played a pivotal role. The Greek government launched a EUR 200 million subsidy scheme to promote solar power projects, encouraging more homeowners to install solar panels. This likely contributed to the rise in properties sold with these energy-efficient features.
These factors combined to create a favorable environment for solar panel adoption in real estate. Buyers were increasingly drawn to the long-term savings and environmental benefits that solar panels offer, aligning with broader trends in sustainable living.
As a result, properties equipped with solar panels became a hot commodity, reflecting a shift in buyer preferences towards more eco-friendly and cost-effective housing solutions.
Sources: To Vima, Spitogatos, Mordor Intelligence
8) The average price for a new apartment in the Greek Islands is now €3,000 per square meter
In 2023 and 2024, property prices in the Greek Islands have surged.
Driven by strong demand and investment inflows, these prices now average between €5,000 and €7,000 per square meter. This boom is largely fueled by foreign investors who are drawn to Greece's Golden Visa program and its favorable investment climate. The allure of owning a piece of paradise in the Mediterranean is hard to resist, especially with the added benefit of residency.
However, not all islands are created equal. For instance, in Corfu, prices hover between €5,000 and €6,000 per square meter. This suggests that the €3,000 per square meter figure might be specific to less popular or more remote locations. These areas might not have the same level of amenities or tourist appeal, but they offer a more affordable entry point into the market.
It's important to note that regional variations play a significant role in these price differences. While some islands are bustling with tourists and have well-developed infrastructure, others offer a quieter, more secluded lifestyle. This diversity means there's something for every type of buyer, whether you're looking for a vibrant community or a peaceful retreat.
For those considering an investment, understanding these nuances is crucial. The Greek Islands offer a range of opportunities, but it's essential to align your purchase with your lifestyle and investment goals. Whether you're drawn to the bustling streets of Mykonos or the tranquil beaches of a lesser-known island, there's a property that fits your vision.
Ultimately, the Greek Islands continue to be a hot spot for real estate, with prices reflecting their desirability. However, savvy buyers can still find pockets of affordability if they know where to look.
Sources: Global Citizen Solutions, The Luxury Playbook
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.