The Peloponnese
The Peloponnese, or Moreas, is a peninsular in southern Greece, connected to mainland Greece by the Isthmus of Corinth (which translates to “neck”). Athough since they built the Corinth canal it’s now technically an island.
It’s a little bigger than Wales, but with half the population. Its mountains reach 2,400 metres which is roughly twice the height of Snowdon. While it’s a lot dryer than Wales overall, it does have its moments and you can ski in the Peloponnese.
The Peloponnese boasts five UNESCO World Heritage sites and beaches to rival those of the islands.
Property buyers will enjoy the Greek island feel of the Peloponnese, pared with straightforward travel to Greece by road in between 90 minutes and four hours.
Why buy property in the Peloponnese
A home in the Peloponnese would suit international buyers seeking stunning scenery, bountiful history and characterful villages to explore, all while being a reasonable drive from Athens.
From Apollo Epicurious, a 5th century temple, to Olympia, the “valley of the gods” and the birthplace of the Olympics, history buffs and those keen to offer tourist accommodation and services to history buffs will be pleased.
The mountains in the Peloponnese make for magnificent hiking locations, dotted with rivers, lakes and lush green forests. There are even ski resorts at Ostrakis and Mainalon, ideal for those after a location with a dual season appeal.
The coast in the Peloponnese has an old-fashioned feel. The waterfront is home to white-washed houses with blue shutters. You will see fishermen bringing in their catch and families sitting in waterfront cafes. While parts of the Peloponnese have nightlife to rival that of Mykonos or Zakynthos, generally if what you’re after is an evening meal for two, looking out to the sea, it is perfect.
The weather in the Peloponnese
The weather varies across the Peloponnese, with the more mountainous region experiencing cooler temperatures. The western side is wetter, and as a result, is home to the lushest vegetation. For higher temperatures, look to Patra, Kalamata and Argolida.
July and August are the hottest months, experiencing highs of 33°C and up to 12 hours of sunshine a day. Autumn and spring are mild, with temperatures in the 20s common. While winter sees average daily highs of 13°C.
What can I get for my budget in the Peloponnese
A village house in the Peloponnese can be bought for as little as €50,000, though it may need some updating. If your tastes lean more modern, you can find a two-bedroom apartment for €80,000.
With a budget of €250,000, you could buy a three-bedroom maisonette with sea views from a private balcony or a spacious country house with plenty of privacy. For those interested, there are some new-build properties, but in a smaller quantity than hotspots like Crete and Mykonos.
Is a property in the Peloponnese a good investment?
Property for sale in the Peloponnese tends to be more affordable than the more sought-after islands. As there is less demand on the islands, there is less opportunity for capital appreciation.
Still, property prices are on the rise, with data from indomio showing that for August 2024, the average asking price was €1,575 per square metre, an increase of 9.30% from the previous August.
How to get to the Peloponnese
A huge plus of a home in the Peloponnese is easy access to Athens airport, the best connected in the country. With an island home, you will be limited to seasonal flights, but Athens flies internationally all year round.
There are also two further airports, in Kalamata and Patra, with flights in summer.
Where to buy in the Peloponnese
- Mani and Lakonia: This region is renowned for its rugged terrain and historic stone towers, some of which date back to Byzantine times. The area is celebrated for its charming stone houses, often available at very reasonable prices.
- Gytheio: A lively coastal town with a vibrant atmosphere, Gytheio is famous for its seafood tavernas and beautiful beaches, making it an ideal spot for those who love the sea and local cuisine.
- Kalamata: Known for its olives, Kalamata is a bustling city that offers a mix of modern amenities and historical sites. It’s an excellent choice for those seeking a blend of city life and traditional Greek culture.
- Sparti: Famous for its rich history and archaeological sites, Sparti provides a unique living experience surrounded by ancient ruins and stunning landscapes.
- Monemvasia: This breathtaking medieval fortress town is situated on a small island connected to the mainland by a causeway. Monemvasia is perfect for those looking for a picturesque and historic setting.
11 steps to buying a property in the Peloponnese
Buying a property in the Peloponnese is not difficult, if you have a plan and some help from professionals. Follow our step-by-step guide to make your dream a reality.
- Research and planning: Download guides, read articles, sign up for events and exhibitions to gather all the information you may need about buying a property in the Peloponnese. Do you know anyone who has already bought in Greece, or lives there? Maybe give them a call. Try to narrow down the location you want to buy a property in.
- Define what you’re looking for: Determine what you want in terms of property type, size, location, accessibility and budget. Separate your must-have features from your nice-to-haves. Allow for buying costs of up to 10% on top of the sales price.
- Speak to a currency expert: Firstly, you need to know your budget. Secondly, moving exchange rates are a risk in international property purchases, so discuss managing that risk with a forward contract that fixes your exchange rate.
- Get your AFM number The ‘Arithmos Forologikou Mitroou’ number is a tax identification number necessary for financial transactions, including purchasing property. Head to the local tax office with your passport and birth certificate to obtain it.
- Make essential connections: Connect with a local estate agent. The easiest way to do that is to make an enquiry on a property in the Peloponnese. Also contact an independent property lawyer and maybe a tax specialist too. Your Overseas Home can help you, so give them a call.
- Viewing trip: Speak to your estate agent about your requirements, then book a viewing trip to visit potential properties. The agent will advise on the best time for that.
- Make an offer: When you find a property you like, you can make an offer via your estate agent. Your lawyer will begin the legal and due diligence processes.
- Sign the reservation and sales contract: You may have to pay a reservation fee to take the property off the market. Once approved, and due diligence completed, you’ll sign the contract and pay a deposit (usually around 10%).
- Plan for utility connections: The wait begins, this can often take several weeks. Look into getting your utilities connecting during this time
- Sign the final contract: When ready, you’ll be asked to sign the final contract in front of the notary and pay the outstanding amount on the property, along with the relevant taxes, stamp duty, notary fees, and legal fees. Then, you’ll get the keys to your very own home.
- Register the property: Finally, once you’ve signed the final contract, your lawyer will register the property with the Land Registry to ensure the property is in your name.