Why buy property in Greece
Life in Greece delivers on every front, including for your standard of living, health and lifestyle. With more than 6,000 sun-kissed Mediterranean islands (and a beautiful mainland too), and people acknowledged to be among the friendliest in the world, no wonder over 30 million tourists flock to Greece each year.
With a property in Greece, you can double the hours of sunshine of northern Europe and retirees can enjoy a low cost of living.
Holiday homeowners benefit from a lengthy summer season. The beaches of Crete are enjoyed well into October and for those from chilly northern climes can probably enjoy swimming all year.
Investors in property can make the most of all of the above, with both capital growth and potential rental income too.
The lifestyle benefits of a home in Greece
Greek weather
To put it simply, the weather in Greece is glorious. While the weather can vary from place to plan, no matter where you choose to settle you’ll have hot summers and relatively warm winters. In fact, Athens is Europe’s second warmest city, with average high temperatures of 30°C. But you can always find a sea breeze and calm, clear waters to swim in.
A relaxed approach to life
Time isn’t of the essence in Greece. Work doesn’t run everyone’s engine to combustion, and plans can be made at the last minute. Family time is prioritised and core to the way of life.
Beautiful, well-kept coastline
Being a collection of islands, Greece has an incredible and diverse choice of beaches – it has the longest coastline on the Mediterranean and the 11th longest in the world. Over 600 beaches, 18 marinas and 9 boats have been awarded a Blue Flag, recognising them for their cleanliness and accessibility. Greece is second only to Spain for the number of sites awarded a Blue Flag.
Affordable cost of living
The cost of living varies depending on where you choose to settle in Greece, with tourist areas more expensive. Even the country’s major cities are quite affordable, especially when compared to other European cities. Athens is considerably cheaper than Rome or Paris, particularly when it comes to property.
While the overall cost of living in Greece is much lower than other parts of Europe, note that average local salaries are also lower. Having said that, it’s easy to have a high quality of life in Greece.
The Greek property market has gone from strength to strength in recent years, but overseas buyers will still find it a great place to hunt for budget-friendly property.
Cultural and recreational opportunities
Greece’s cultural heritage is deeply rooted in history, evident from the ancient ruins of the Parthenon in Athens and the Palace of Knossos in Crete. It was the cradle of Western civilization and democracy over 2,500 years ago and has a wealth of history, traditions, and customs in 19 UNESCO World Heritage sites. Its UNESCO “intangible” heritage includes the Rebetiko music and the Mediterranean diet. You need never be bored in Greece.
A feast for the senses
Greece is a country where people celebrate life, with local festivals (panigiria) throughout the year. The Mediterranean diet is well-known to be one of the healthiest in the world and Greece offers a rich culinary tradition with dishes like moussaka, souvlaki, and tzatziki. For a pre-dinner drink, Greece is famous for its ouzo and retsina wines.
Greek cities
Each of Greece’s cities has a life of its own, from the ancient and modern mix of Athens to the romantic alleys of Thessaloniki and the Venetian charm of Corfu. Each is buzzing with life and filled with world-class museums such as the Acropolis Museum in Athens, Archaeological Museum of Thessaloniki and the Palace of the Grand Master in Rhodes.
Art abounds
While Greece gave us the wonders of El Greco, Giorgio de Chirico, and Nikos Engonopoulos, not all of Greek art is in a gallery. From the traditional shadow theatre of Karagiozis to the Cycladic architecture of the Aegean islands, you can live and breathe art in Greece.
Investment potential in the Greek property market
A property investment offers two ways of making money. First, from the rising value of the property – capital gain. Secondly, from rental income.
In recent years, Greek property has offered excellent returns on both accounts.
Low Greek property prices
Following the financial crash, the Greek property market has made a steady recovery. Data shows that prices in urban areas soared by 10.76% from the first quarter of 2023 to a year on. Despite this property prices in Greece remain low compared to other European countries, making it an attractive choice for overseas buyers.
Indices for prime residential locations show that while areas like Mykonos and Santorini command high prices, they are still not as expensive as equivalent hotspots like Marbella or the French Riviera.
At the bottom end of the market, if you are willing to renovate, you can find a property for under €50,000, and liveable village homes for only a little more.
Good returns on Greek rentals
The latest data on the Greek rental market shows that the average rate of return in the past five years has been between 2.5 – 4.5% on residential property.
Greece, like many countries, is attempting to control the short-term rentals from dominating the rent and real estate market. However, as long as you follow regulations and get an EOT licence, a rental property can still prove lucrative.
One thing to be wary of when you buy is that many of Greece’s islands are harder to reach in the off season. A journey may require a flight to the mainland followed by a domestic flight or ferry. However, this is changing, with airlines expanding their seasons.
Crete is particularly popular, with a long sunny season and an established expat community. The Athens Riviera and the Peloponnese might be a suitable alternative to an island home, as they offer a life by the seaside and the capital’s busy international airport.
Are there any reasons not to buy in Greece?
There are not many “cons” to buying in Greece. Those concerned about the economy should be feel reassured by that GDP is high at 2% and its long-term growth is above the euro area average.
In recent years, Greece has endured heatwaves with temperatures reaching 43°C and even wildfires in Rhodes. Property buyers may want to search in the milder areas of the country.