Find cheap property in Greece
Greece is a country where you can still buy a perfectly pleasant, habitable home for €30,000. In a tourist hotspot you might be paying ten times that, but it can still be cheaper than its equivalent in Spain, Italy or Cyprus.
International buyers will find plenty of opportunity for finding affordable property in Greece. Whether you’re after an investment property, holiday home or somewhere to retire, property prices still tend to lag behind other Mediterranean hotspots.
Here, we delve into where to look for affordable properties in Greece and tips for keeping costs down.
Head off the beaten track
A simple strategy for finding cheap property in Greece is to base your search in areas where others are not interested in. If you’re after an island home, this will mean avoiding the likes of Mykonos or those closest to Athens.
The Cyclades have some of the highest prices, with a Mykonos home averaging €8,000 per square metre, as of 2024, compared with €3,500 the average overall in these islands. There are 200 inhabited islands and some hardly get a look in from holidaymakers, let alone international buyers. Your new home could be in Chios, Skiros or Kythira.
The downside to buying on a smaller, remoter island is that you may have a complicated route for international travel, especially in winter. A good grasp of Greek will be needed to live there comfortably too. Of course, some will see that as an advantage.
On the mainland, central Greece is one of the most affordable areas to buy property. It has a vast plains and mountain ranges, but plenty of seaside too. Having said that, even in the heart of Athens, it’s still easy to find basic, small apartments for around €100,000.
Another tip is to just look at little inland. Properties that are a 30-minute walk away from the coastline will almost always be cheaper than ones that are a five-minute walk, and those an hour’s drive will be much, much cheaper. If you don’t mind that, your budget will stretch to accommodate a bigger, newer home.
Finding a fixer-upper in Greece
A fixer-upper is a property that requires significant renovation to become liveable. There are many such homes scattered across Greece. The age-old strategy to “buy the worst house in the best street” holds good. Buying a Greek property that needs renovation, but is in a beautiful spot, could be an excellent investment.
Moreover, while Greece is famous for its lovely stone-built properties – white-washed, with blue accents – local people may see less attraction in that style and will happily swap that for something new in the city.
Many holidaymakers and property buyers are interested in owning a traditional Greek property, but with the conveniences of speedy Wi-Fi. So, both in the short-term rental market and when you go on to the sell the property, a renovated older home can prove lucrative.
If you have some building or decorating experience or a willingness to learn, then you can keep the costs of renovation down by doing the work yourself. However, it is still crucial to factor in the costs of renovating into your overall budget, as these can really climb. It is always wise to hire a surveyor to assess the potential costs. Plus, a property lawyer will be able to tell you if there are any legal obstacles to the actualising of your plans.
Off-plan developments
When you purchase a property off plan, you are choosing it from a blueprint and the home has yet to be built. This will not appeal to those wanting a property to move straight into, and the development process could take around two years to complete.
However, buying a property before it is built often allows for a lower purchase price. Developers are keen to secure sales early on and there is, after all, an inherent risk.
These include construction delays and the potential for the finished home to not live up to expectations. Research the developer’s track record and ensure that your payments are protected by a bank guarantee.
The Greek government is encouraging new developments by making eligible for VAT exemption until at least the end of 2024.
Timing your purchase in Greece
Like any market, the Greek property market fluctuates throughout the year and over the market cycle.
A better time to buy is typically either during the height of summer, when viewings are difficult and most people are on holiday, or during the off-season in the winter months. After the tourists leave in November, holiday homeowners may not want to cover upkeep costs without rental income through the winter. Additionally, some owners, facing the prospect of marketing their property for the next season in January or February, might prefer to sell quickly. This can be a good opportunity to make an offer and act swiftly.
Understanding whether you are in a buyer’s or seller’s market will also influence your negotiating position. You can check recent sales volumes and prices, as well as the average time properties stay on the market. Much of this information is publicly available and can help you make an informed decision.
By timing your purchase strategically, you can potentially secure a better deal on your Greek property.
Negotiating effectively
While it may not be your strong suit, effective negotiation can save thousands of euros. With thorough research, and conversations with surveyors and property lawyers, you can make an offer that is likely to be accepted. As estate agents are looking for a sell, their expertise may not be the most impartial.
Searching for prices of similar properties – even recently sold prices – is easy with property portals. Armed with this knowledge, a buyer can more easily determine if a price is fair or if a vendor is overpricing.
Understanding additional costs of buying
Whatever property you buy, you must budget for the associated costs of buying, which add up to about 10%. These include transfer tax (3.09%), notary fees (approx. 2%), land registry fees (0.5%) and expert fees, estate agent (2 – 4%) and lawyer (2%).
While you might be tempted to keep costs low by not hiring a lawyer, this can prove costly down the line, if there is something amiss with the legality of the purchase.