Investing in a property in Greece can be rewarding in so many ways. Houses are still very affordable, while growing in value each year. Summer tourism is going strong and rental potential for your property is good. Plus, there is a confidence among big investors in the future of Greece.
Dreaming of investing in a Greek home?
Financial benefits aside, a home in Greece offers the priceless gift of sparkling seas, sunny beaches, great food, and friendly people. Greece isn’t a place to buy and sell to make a quick profit. Once you spend time there, you will want to linger much longer. Take time to relax, enjoy the scenery and appreciate how lucky you are to own a little piece of paradise.
Find homes in Greece via our property portal.
Are property prices increasing?
In the second quarter of 2023, the house price index for Greece increased to 90.60. Which is 2.30 points higher than in the first quarter of the year. The Bank of Greece estimates that there is room for further growth despite the significant increase in recent years. Prices have been steadily rising since the low of 58.9 in 2017, yet housing prices in Greece are still far from the historic high recorded before the financial crisis of 2008, when they reached 102.2.
The prices of new apartments, less than 5 years old, have increased at an average annual rate of 13.8%, while the prices of old apartments increased by 14.1%. In large cities the increase is slightly more (14.6%) and in parts of Thessaloniki it’s has risen as much as 16.4%.
Which countries are investing in Greek property?
Greece continues to attract investors from many countries. Around half of buyers are said to be buying property in Greece with investment in mind. Many of these investors are from Israel, China and Germany. Among them are Greeks who went to Germany for work and are now investing in their ancestral homeland. Investors from United Kingdon, Bulgaria, Turkey, Italy, France, and the Netherlands are also getting in on the action.
Golden visa effect
Curious about the Greece golden visa?
The effect of the golden visa on property sales has been immense, and shows no sign of stopping. Since the start of 2023, real estate purchases by golden visa investors have risen by around 170%, reaching a total value of €975 million. Just make sure the €250,000 home you are looking at is worth that amount, and that the price wasn’t put up just to meet the criteria.
There is a lot of optimism for the future in the property sector, with prices on the rise and several large development projects in progress. Government stats show a marked increase in building permits being issued, which should in turn increase the number of properties coming onto the market.
Developing areas
It’s worth keeping an eye out for areas where the government and businesses are investing. Improvements to transport links including new roads and bridges can greatly affect property prices. Airport expansions and an increase in flights also bring more tourists and money into an area. Investors from India are already putting millions into the new airport on Crete, and are said to be also looking at Kalamata airport as an investment opportunity too.
The Port of Piraeus has experienced rapid growth over the past thirteen years and has been transformed into a bustling key transport hub at the crossroads of Asia, Europe and Africa. New passenger ferries have also been introduced over the past year, including three Aero highspeed ferries. Saronic Ferries, also aim to operate a purely emissions-free fleet by 2040. It is hoped that the first fully-electric Ro-Pax Ferry will join the fleet in 2026, sailing between Piraeus and the islands of Aegina and Agistri.
There are 11 new road projects due for completion by 2030. These include routes from Patras to Pyrgos, the extension of Kymi Avenue and the extension of the Attiki Motorway to Rafina. On Crete, a new road will run along the north coast, connecting Kissamos with Sitia. With a total length of approximately 300 km, it will be the largest road project in the coming years. Financed by the European Union, the budget allocated for this project exceeds €2 billion.
New project near Athens
Big investors are getting excited about a huge urban transformation currently taking place on the south east coast of Athens. Over the next ten years, the city’s decommissioned Hellinikon airport will be turned into the 650-acre Ellinikon Metropolitan Park.
It will encompass approximately 10,000 luxury beachfront homes and apartments, a massive shopping centre, a marina catering for large yachts, a Mandarin Oriental hotel, an advanced sports complex, a private school, cultural and entertainment buildings, a long beach overlooking the Saronic Gulf.
The green heart of the project will be an amazing two million square metres of coastal park. The Ellinikon Experience Centre is located in The Experience Park, which includes a forest playground, Zen garden, water maze and outdoor gym. It is free to visit, however you do need to book online for the visitor centre. Here you’ll discover what life will look like at the Ellinikon Metropolitan Park when it is finished.
Where are in the overseas investors from?
A large percentage of foreign buyers choose to purchase residential properties in Greece either as a holiday home, or for a permanent residence after their retirement. Buyers from Germany, Bulgaria, and Turkey tend to look in Northern Greece. Whereas, the British, Germans and Dutch are more interested in the Ionian Islands. The island of Crete is a big favourite with the British, Germans and French. While big investors are also looking at the cities, especially around Athens.
Confidence in the Greek economy
Greek voters confirmed their support for Kyriákos Mitsotákis when he won a second term as Prime Mnister in June 2023. The Conservative New Democracy Party now has an absolute majority in the Greek Parliament.
Since taking office in 2019, Prime Minister Mitsotákis has concentrated on economic growth leading to high expectations in this area. He lowered the corporate tax rate, streamlined government operations, and promoted privatization. The result has been an increase in investment and a reduction in public debt. Real GDP growth (Annual percent change) in 2023 currently stands at 2.5%.
In fact, in 2022 Greece was named the Top Economic Performer by The Economist. This was largely due to Greece repaying ahead of schedule €2.7 billion of loans owed to Eurozone countries under the first bailout it received during its decade-long debt crisis. Credit ratings agencies have been upgrading their appraisal of Greece’s debt, and opening the door for large foreign investors. This positive sign has made property buyers feel more confident about investing in Greek property.
Rising property prices
We take a look at where prices are rising.
The Spitogatos (SPI) asking price index monitors the average asking prices (€/sqm) of houses across Greece. It isn’t the actual selling price, but is a good indicator of how asking prices have risen over time. Currently it is showing the third quarter of 2023 compared to the previous year.
During July-August-September 2023, the asking price for houses for sale was highest in the south suburbs of Athens with €3,611 per square metre and the lowest in Kastoria with €588 per square metre. The largest increase in the third quarter of 2023 in comparison with last year, was recorded in the suburbs of Piraeus at +23.20%. Thessaloniki also witnessed a significant rise, of 21.20%.
Asking prices by prefecture
The major administrative subdivisions of modern Greece are: region [Perifereia – Περιφέρεια], prefecture or county [Nomos – Νομός], the district or province [Eparchia – Επαρχία], and the municipality [Dimos – Δήμος].
All the Prefectures that have popular holiday spots have experienced a rise in asking prices. The following data shows average asking prices (€/sqm) for the third quarter (July-August-September) of 2023. The percentage, is the amount the average asking prices have risen compared to the same period in 2022.
Corfu 2,083(€/sqm) 21.50%,
Chania 1,157(€/sqm) 17.10%,
Dodecanese 1,800(€/sqm) 15.40%,
Zante 1,944(€/sqm) 15.20%,
Cyclades 3,333(€/sqm) 12.50%,
Halkidiki 2,143(€/sqm) 12.50%,
Cephalonia 2,222(€/sqm) 11.10%,
Argolis 1,667(€/sqm) 10.80%,
Sporades 2,000(€/sqm) 10.30%,
Heraklion 1,500(€/sqm) 10%,
Corinth 1,500(€/sqm) 9.10%.
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