Unlock the doors to your next investment: a Greek apartment

If you invested in a Greek apartment in 2017, it could now be worth 69% more. In the Spring of 2024 alone, apartment prices in Greece increased by 9.2%, compared to the same period the year before. Despite the price rises in recent years there are still opportunities to buy an apartment in Greece for less than €150,000, as well as high value luxury apartments.

The typical image of a Greek property is a sun-kissed villa by the sea or in the countryside but an apartment can be equally appealing, and as it turns out, lucrative. We dig into the details.

 

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Greek apartment price history

Despite prices being around 69% higher than they were during their lowest level of 2017, prices now are still a little less than they were during their peak in 2008. We should also remember that apartment prices in Greece have consistently compared well with those in many other European countries.

In 2009 Apartment prices began falling. The price of an apartment over 5 years old dropped by 4.8% on the previous year. While newer apartments only fell by 2%. And they kept falling. By 2013 prices dropped by around 10.9% on new and old apartments.

However, since 2017 prices have been rising more and more each year. A little at first, but in the first quarter of 2023 they rose by 15.6% on the previous year, and in the first quarter of 2024 they rose by 10.6%. (Source: Bank of Greece Apartment price index.)

Old apartments aren’t always cheaper

The price rises on old and new apartments varies each year. Age doesn’t appear to be as important as location and style. In fact, the prime waterfront locations close to the picturesque historic centres, are more likely to have older apartments.

Prices of old apartments increased by 14.5% in 2023, against an increase of 11.6% in 2022. While prices of new apartments in 2023 increased on average by 12.8%, against an increase of 12.5% in 2022. (Source: Bank of Greece) 

However, according to data gathered so far for 2024, on average, newer apartments (less than 5 years old), saw price increases of 10.7% in the second quarter (April/May/June). This was compared to the same period the year before. Apartments over 5 years old averaged price increases of 8.3%, in the same period.

What has been pushing prices up in Greece?

One reason for price rises is the surge of people seeking to buy a property in Greece in order to get a golden visa. The high demand caused some property owners to raise their prices to position it above the minimum price bracket. There has also been an increasing number of digital nomads and Investors moving to the country, pushing up demand.

Among these property investors are millionaires from across the world, wanting to set up residence in Greece and enjoy a better work-life balance. According to a study by Henley Private Wealth Report, some 1100 foreign millionaires resettled in Greece in 2023 and another 1200 are thought to be arriving by the end of 2024.

Greece’s popularity as a tourist destination results in apartments in holiday hotspots, being used as short-term rentals. These holiday apartments have been yielding high returns for property owners, especially during peak tourist seasons.

Where are the wealthy buying apartments?

Apartments in Athens are popular among wealthy buyers, particularly those who do business from there. Several companies employ English speakers and American companies such as Microsoft, and Amazon web Services have a strong presence in Greece.

The most affluent area in Athens, is considered to be the northern suburbs, such as Kifisia, Ekali, and Psychiko. Popular with wealthy Greeks, as well as expatriates, these neighbourhoods have luxurious homes, and are close to green spaces.

Other hotspots for wealthy property buyers are the islands of Mykonos, Crete, Corfu and Rhodes. Each of these islands has an established expat community as well as sun, sea, beaches and great food.

3 bedroom apartment with sea view on Mykonos €570,000 

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Browse more properties for sale in Mykonos here. 

 

Four-bedroom Corfu apartment €950,000

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Browse more properties in Corfu. 

 

Apartment prices in Athens

In Athens, apartment prices are largely related to their location in the city. Districts such as Exarchia, Pangrati, and Koukaki have seen a surge in demand for modern apartments. Greater investment has helped the revitalization of these areas.

When comparing prices, remember a cheap property will be cheap for a reason. You should ask:

• How far the apartment is to tourist sites, transport links, shops, a hospital, and work?
• How attractive is the building and the neighbourhood? Is it noisy? Are there green spaces nearby? What free time activities are in the area?

You really need to go there and get a feel for which neighbourhoods would suit your needs the best. Athens is a city, and like other cities, it will have it’s scruffy parts, and smarter areas. Obviously, the upmarket neighbourhoods come at a premium price. But, if you look just outside those areas, you might find a bargain.

Athens north west suburbs

While the northern suburbs are considered up market areas, with property prices to match. Today in the Peristeri district you can buy a one-bedroom apartment for as little as €52,000.  Situated between a mountain and a river, approximately 4 km northwest of Athens’ centre, Peristeri is located between the bustling city and the quieter countryside.

A newly built three-bedroom apartment in Peristeri costs around €280.000. Journey time from Agios Antonios by Metro to the Acropoli stop, takes about 14 minutes. From the metro, it takes about another 12 minutes to walk up to the Acropolis.

Southern suburb of Athens

Located 2km south of the Acropolis, Dafni is another suburb with apartments priced lower than in Central Athens. Yet, on the metro you can reach the Acropoli metro stop in 6 minutes, and 5 minutes by taxi. One bedroom Apartment prices in Dafni start at €50,000.

In the city

An apartment nearer to central Athens, will cost at least three times that amount. For example, in the Pagrati district, you might pay €160,000 for a small one bedroom apartment. Pangrati is a middle class neighbourhood, popular with arty people. It is home to the Goulandris Museum of art, The Kalimarmaro Stadium and the National Gallery. The bus to the Acropolis takes about 21 minutes, a taxi 4 minutes.

High end Athens

Some of the highest property prices are at the foot of Lycabettus Hill, in the Kolonaki District. This is where the high flyers go to sip coffee and be seen. In this affluent neighbourhood, with its boutiques and café culture, a modern 2 bedroom apartment can cost around €410,000 and as much as €2,500,000 for 4 bedrooms. A trip to see the Acropolis takes about 11 minutes on the bus, 5 minutes on the metro, and 3 minutes by taxi.

Two-bedroom apartment in Athens, €410,000

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Browse properties for sale in Athens. 

You can find out more about Athens favourite districts in “Buying a property in Athens: 12 best neighbourhoods.” 

Renting out an Athens apartment

The property prices are reflected in the holiday rental prices. Looking at the first week of July for 2 people on Booking.com, an apartment in Kolonaki is asking €2,074, while apartments in Dafni or Peristeri are asking around €580. Even the Pangrati district has apartments to rent for less than €580.

Variations on price by location

As Greece’s second largest city, Thessaloniki is another great place to buy apartments. In 2023 as a whole, prices increased on average by 16.5% in Thessaloniki, 13.8% in Athens, 14.9% in other cities and 11.6% in other areas.

In the second quarter of 2024 apartment prices increased year-on-year by 9.1% in Athens, 12.1% in Thessaloniki, 7.3% in other cities and 10.4% in other areas of Greece.

Browse properties for sale in Thessaloniki. 

Other urban areas of Greece

In the second quarter of 2024 apartment prices in other urban areas are estimated to have increased on average by 9.0% year-on-year. While for 2023 they increased at an average annual rate of 14.2%.

Cheap holiday apartments on Greek islands

If you are looking for a cheap holiday apartment, not too far from the sea, then the Greek Islands are a great place to look. Some may not have direct flights, especially in winter, but this will be reflected in the price. If you simply want an apartment for summer getaways, winter accessibility may not be such a problem to you.

East Crete

A good place to start your search is Crete. The further you are willing to travel from the airport, the better the prices. If you head to the east of the island you can find some low priced apartments in pretty seaside towns.

Sitia

Sitia is located to the east of Crete. In this area it is possible to find one bedroom apartments for sale, just a few minutes walk from the sea, for less than €60,000. It is even possible to get two bedrooms with a sea view for around €150,000.

Although Sitia is two hours drive from Heraklion airport, it does have a small airport that has flights from Athens. Sitia port also has connections with Piraeus and the islands of Milos and Rhodes. The picturesque town of Sitia has a castle on the hill and a Venetian monastery in the old town. It is also the ideal base for exploring the province of Lassithi, with its traditional villages and beautiful beaches.

One bedroom apartment in Sitia €53,000

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Two bedroom apartment in Sitia €127,000

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Agios Nikolaos

In villages near the seaside town of Agios Nikolaos, apartment prices can start below €90,000. Villages such as Vrises, Kritsa, Neapoli, Latsida, and Pirgos have some great prices. This is a popular area for holidays and neighbouring Elounda attracts American film stars and Greek politicians.

Browse properties for sale in Crete. 

Cheap seaside apartments in the Peloponnese

In less touristy areas on the mainland, you are more likely to find a cheap apartment by the sea. For example, the coast between Corinth and Patras can be very affordable. Plus, the other benefit of this area is that you can drive to Athens airport.

Alternatively, you could look around the coast west of Kalamata. There are some lovely towns and villages here. As the Messinia region is on a peninsula, you are never far from the sea. Plus, there is an airport at Kalamata.

Discover more about home-hunting in the Peloponnese.

Corfu

The lower priced apartments on Corfu are generally found inland and in the north of the island. If you are lucky you might even get a panoramic view towards the sea. While there are a handful of small apartments under €150,000, many are priced well over €250,000 in the seaside areas.

Searching for that dream apartment

In general, the further you have to travel to reach an apartment in Greece, the cheaper it will be to buy. If you enjoy the journey part of your holidays: driving through incredible scenery, island hopping, taking two flights, then you will discover some real bargain properties for sale.

There are so many beautiful areas of Greece, with authentic Greek villages, stunning scenery, quiet beaches and welcoming locals. Yet, property buyers from abroad still flock to the few hotspots that are promoted by holiday companies. However, if they ventured just a little further, their dream Greek apartment could be just few kilometres down the road.