When considering where to buy property in Greece, the most popular tourist towns tend to have the best transport links and places of interest. If you plan to offer holiday rental, well known resorts are likely to be the best investment. However, asking prices are higher in top holiday destinations, where beaches, restaurants and shops are all within walking distance.
However, if you prefer a quiet life away from people, buying property inland can have its benefits too. You could get more house for your money, find peace and privacy, and enjoy panoramic views. By viewing property in person at various locations, it’s so much easier to understand how the location and the condition of the property and others around it can affect the asking price.
Those who are still working mainly head to the cities of Athens and Thessaloniki. While retirees and holiday home buyers love the charm of the islands. If you hope to spend time in Greece out of the summer season, it’s so much easier to be located within driving distance of Athens airport, or a short flight or ferry ride away.
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Buying property in Athens
Could your new home be in Athens?
Average property asking prices are highest in the south of Athens (3,611 €/sqm Q3 2023), followed by the north (2,915 €/sqm). All areas of Athens have seen an increase in prices, in the centre +14.40% to 2,000(€/sqm), in the west +19.20% to 1,800 (€/sqm), and East Athens +11.20% to 1,951(€/sqm).
Asking prices for apartments in the Athens area start at about €80,000. However, when buying property in Athens you should research in which are the best neighbourhoods. Some parts of the city are noisy and scruffy, therefore are not ideal as a holiday home location. An apartment in the elegant Kolonaki neighbourhood can cost over €410,000. For those seeking a location not far from the sea, airport and Athens city, there are properties coming on the market to the east and south of Athens. Markopoulo, Artemis and Rafina are very handy for both Athens airport and the sea.
The city of Thessaloniki
Thessaloniki.
Many foreigners choose to set up permanent residence in Greece’s second largest city, Thessaloniki . It is a modern city with a popular waterfront promenade, where you can see the famous White Tower. Roman sites include the Arch of Galerius and the Rotonda monument. Then, just above the old town is a castle from the Byzantine and Ottoman era.
The city has an international airport with daily flights from Athens and some of the European capitals. From the port you can catch ferries to the Sporades islands. It is a good base from which to visit places like Halkidiki, Kavala, and Meteora.
House prices here are generally lower than in Athens, although they can be higher in the centre. The average asking price of a property in Thessaloniki in the 3rd quarter of 2023 was 2,164 (€/sqm), which is an amazing 21.20% higher than the same period in 2022.
You can find two-bedroom apartments for around €150,000. Buying property in the suburbs averages 1,560 (€/sqm), an increase of 18.90% compared to Q3 2022. However, the eastern side is considered more prestigious than the west, which is reflected in the prices. The further you go out of the city the lower the prices become, averaging 810 (€/sqm).
Buying property in Crete
Mosque in the old Venetian harbor of Chania town on Crete island, Greece.
The island of Crete is a favourite among foreign property buyers. The great climate allows holiday home owners to stay for several weeks each year, and it is well served by airlines. There are many properties for sale with sea views at very reasonable prices. Confidence in the islands future is well demonstrated by the fact that 522 million euros has been invested in a new airport, which is being built in the Kasteli area.
This will become the new international airport of Heraklion and replacing the existing “Nikos Kazantzakis” airport. Heraklion Airport is currently the country’s second largest, handling over six million passengers a year. When searching for a property conveniently located for an airport, it’s worth considering locations which will be handy for the new airport.
Given the significant tourist development on the island, Creta Live reported that India’s GMR Group are looking at new investments in the island’s winter tourism. In fact, they are already involved in the construction and management of the new airport.
Rethymno, Stavromenos and Elounda are among the most popular local resorts visited by thousands of tourists. Apartment prices in Crete start from €80,000 euros, and you can find lovely villas near the coast for €350,000.
There are many properties for sale in the areas around Agios Nikolaos and Chania. You can find properties needing renovation, in Agios Nikolaos municipality, from €50,000, and holiday apartments costing from €100,000. In Chania, Renovation projects and apartments start at about €130,000. New houses in the countryside cost from €150,000.
The Peloponnese
Five-bedroom home in Exochico, Peloponnese for €265,000.
The Peloponnese offers a low cost of living, natural beauty, and great investment potential. The region is made up of five prefectures. Kalamata airport is located in Messenia to the west. While the prefectures of Corinth and Argolis are within driving distance of Athens in the east. Big communities are found in the towns of Kalamata (pop. 55,000), Corinth (pop. 30,000) and Argos (pop. 22,000). Nafplio is another popular small town.
Average asking prices in Messinia are 1,557 (€/sqm), an increase of 14.30% compared to Q3 2022. Argolis is a bit more expensive (1,667 €/sqm), and Corinth (1,500 €/sqm). Both have seen prices rise. There is so much to discover in the Peloponnese, including a good selection of sea view and countryside homes.
Buying property in the Ionian Islands
Two-bedroom, Meganisi, Ionian Islands, €395,000.
Many British buyers choose to purchase holiday homes in the Ionian Islands, especially Corfu and Kefalonia. Corfu is the northernmost island and the second largest in the archipelago. The most sort after properties in Corfu are located in the central and north-eastern areas. Prime locations are Kontokali, Gouvia and Dassia in the north, and Agios Stefanos and Kassiopi in the south.
A small apartment on Corfu can cost from €110,000 to €240,000, the average price for a private house with land, ranges from €75,000 to several million euros. In quarter three of 2023, the average asking price of property on Corfu rose by a staggering 21.50%, to 2,083 (€/sqm).
On Kefalonia average asking prices have risen by 11.10% and in Lefkada by 14.60%. A villa will cost you around €350,000. However, for less than €400,000 you can still find houses with sea views. On Zakynthos you can buy detached villas for around €300,000.
Buying property in the Cyclades
Mykonos.
The Cyclades are a group of thirty-three beautiful islands located in the Aegean Sea. The most popular are Naxos, Paros, Santorini, Milos, Mykonos, Kyhtnos, and Tinos. Here you will find some of the highest average house prices. The average asking price in quarter three of 2023 was 3,333 (€/sqm), an increase of 12.50% on the same period the year before.
Although expensive to buy, villas on Mykonos can be a good investment as you can achieve good returns on holiday lets. A three bedroom villa with sea view can cost from €550,000 up to the millions. A three-bedroom house on Mykonos is currently asking €3,360 for a one week holiday let in July.
Gorgeous sandy beaches, blue and white houses, a traditional lifestyle, folk music and friendly people, inspire visitors to return year after year. You can buy property with breath taking panoramic sea views from €550,000.
Buying in the Sporade Islands
Skiathos.
The Sporades, in eastern Greece, are known for their beaches and pine forests. Loved by visitors that want to be surrounded by nature, it is a popular area with foreign buyers. Skiathos, Skopelos and Skyros are popular holiday destinations. Asking prices have risen by 10.30%, averaging 2,000 (€/sqm) Q3 2023.
Skiathos is the most visited of the Sporade islands, thanks to its international airport, famous sandy beaches and hiking trails. Skopelos is larger, but less developed as a tourist location. It’s rugged scenery and charming houses look straight out of a movie. In fact, Skopelos was a film location for the film Mamma Mia! Attracting fans of the film to visit the places shown. It is possible to find countryside villas on Skopelos for around €200,000.
Live where the Greeks live
If many holiday homes are left empty for part of the year, this also affects businesses such as shops and cafes. Sadly, if allowed to go too far, the local characters, crafts people and culture will disappear (the very things that drew tourists to the village in the first place). When you visit in the winter months, the place could be totally deserted.
Therefore, it may be a better investment to look for a property near an up-and-coming town, with year-round residents. Schools, medical centres and shops are a good sign. Having Greek neighbours looking out for you, can also make your holiday home more secure in the months you aren’t there. Making friends among the locals can lead to memorable experiences and valuable help and advice too.
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