Real estate investment in Greece: property prices, key locations, and Golden Visa benefits

Real estate prices are rising after a sharp decline 

As of 2025 the real estate market in Greece is growing due to foreign investment, tourism, and local demand. After a steep 44% price decline following the 2008 global financial crisis, Greece’s property market is now in a phase of strong recovery.

In the first quarter of 2025, the housing price index has surpassed pre-crisis levels, reaching 105.1 compared to 101.7 in 2008. The average price per square metre across Greece rose to €2,580, which is more than €600 higher than in 2018.

Despite recent growth, the market is expected to gradually stabilise. Prices are forecast to rise by 4.4% in 2025, then slow through 2027. While demand remains strong, the market now faces challenges such as housing affordability and a widening gap between supply and demand.

Foreign investment is driving market growth 

Greece attracts foreign capital through large-scale construction projects and investment incentives such as VAT exemptions. Real estate accounts for up to 35% of the country’s annual foreign direct investment, with most investors coming from China, the UAE, the USA, Turkey, and Russia.

One of the reasons why foreigners choose property investment in Greece is the opportunity to get a residence permit under the Golden Visa Program. 

Tourism is shaping property market dynamics 

Tourism is one of Greece’s key industries, involving 10% of the population and generating 20% of the country’s GDP. The tourist season typically lasts from April to October, with cities like Athens welcoming visitors year-round.

Much of Greece’s real estate is rented to tourists, with over 90,000 listings on Airbnb. This creates a shortage of medium and long-term rentals, often taken by students and foreign professionals under contracts lasting 3 to 4 years.

Strong local demand supports housing purchases 

The Greeks prefer to own houses rather than rent. Many families typically hold more than one property. According to Trading Economics, the share of residential property owners in Greece was 69.7% in 2024.

1. Accessible entry into the EU property market 

Real estate prices in Greece are about 35% lower than in Spain. In city centres, apartments in Greece cost about €2,714 per m², while in Spain it’s around €3,710 per m². In France, prices are nearly double, reaching over €5,400 per m².

Even compared to more affordable markets like Portugal, Greek property remains cheaper — by about 27% in city centres.

2. High rental yield

Greek property can provide rental income of 2 to 10% per annum. In addition, buying real estate in Greece for renting out through a managing company can provide passive income, without the need to find tenants or maintain the property yourself.

The highest yield is for properties in Athens. The average cost of renting apartments in the capital region is:

• €450 to 700 per month for renting a one-bedroom apartment;

• €800 to 1,000 per month for renting a two-bedroom apartment;

• €900 to 1,600 per month for renting a three-bedroom apartment.

Elena Kozyreva,

Managing Director for Real Estate projects

Following the 2024 changes to the Golden Visa rules, investors may now only rent out their properties for extended stays of 12 months or more.

For stable returns, I recommend focusing on long-term rentals in Athens or Crete. Popular islands like Paros and Santorini remain attractive for buyers not applying under the Golden Visa or planning personal or seasonal use.

3. Opportunity to return investments with a profit 

Prices for investment real estate in Greece have been steadily growing since 2018, alongside the country’s economy. Thus, if the investor decides to sell the investment property in several years, they might gain capital on the value difference.

4. Tax incentives. Greece offers favourable conditions for investors, including a VAT exemption on property purchases until the end of 2025 and a 13% reduction in annual property taxes. New tax residents can also benefit from a special regime, paying a flat €100,000 on global income.

5. Prospects of EU citizenship

If the investor relocates to Greece and lives in the country permanently, they might become a permanent resident in 5 years. After 2 more years, a citizenship application is possible.

The Greek passport provides all the rights of an EU citizen. For example, a Greek passport holder is free to live, work, do business or study in any country in the region. Besides, Greek citizens travel to 171 countries visa-free, including other Schengen states, the UK, the UAE, Australia, the USA, Canada, and Japan.

The ideal location for buying real estate in Greece depends on what the investor aims to achieve, whether it’s tapping into strong tourist demand, benefiting from rising property values, securing a home for personal use, or ensuring consistent year-round occupancy.

First of all, we recommend paying attention to Athens and the coastal areas of the capital, such as the Athenian Riviera. Also, the areas around the Ellinikon and popular resorts like the islands of Paros, Santorini, and Crete are interesting for real estate investment in Greece.

Athens

Athens is Greece’s capital and business centre, where one-third of the country’s population lives. The city is surrounded by mountains and descends to the Mediterranean Sea. Due to the location peculiarities, the air temperature in Athens is, on average, five degrees higher than in other regions.

The city was severely damaged as a result of wars and revolutions. Thus, the majority of buildings date back to 1950—1970. There are no buildings higher than seven stories in Athens so as not to block the view of the Acropolis.

There are many narrow streets in the capital, and historical monuments are mainly concentrated in the city centre.

Athens is divided into 81 districts, and neighbouring districts can differ dramatically in terms of amenities. One of the reasons for this contrast is that residents pay taxes and utility bills to the budget of their particular district.

Wealthy Greeks and expats choose to live in quiet green areas in the northern suburbs of Athens. The southern suburbs, the so-called Athenian Riviera, are also considered favourable for life: the more south the area, the more prestigious it is.

In the central district of Athens, prestigious areas include Koukaki and Psychiko. Wealthy expats mainly populate Kifissia. Kolonaki and Plaka are tourist areas with many private offices, cafés, restaurants, and shops. 

There are unfavourable areas in the city, even in the centre, but they are gradually changing and modernising.

Athens is attractive for property investment because the city is not subject to seasonality: tourists visit the capital all year round. People also go to Athens to study or work. Therefore, residential and commercial investment properties are characterised by high profitability.

Investment property in Athens

Greece, Athens

€376,000 — €447,000

Hotel apartments in the historical center of Athens

47 m² — 97 m²

1

1

Greece, Athens

€741,000 — €1,423,000

Apartments in a closed residential complex near the sea, Alimos, Athens

86 m² — 153 m²

1—3

2—3

Greece, Athens

€600,000 — €629,000

Apartments after renovation with yield, Athens, Greece

162 m²

2

2

Athenian Riviera

The Athenian Riviera includes coastal areas south of the city: from Palaio Faliro to Vouliagmeni. Here, residents of the capital and tourists go for a beach holiday. The journey from the centre of Athens to the Riviera region takes about 15 minutes by car.

The peculiarity of the Athenian Riviera is that buildings not everywhere start from the first coastline. A road runs along the coast from the centre of Athens, separating residential areas from the beach. Near Voula and Vouliagmeni, it turns east: you can already find houses on the seashore.

Demand for residential property investment in Alimos, Glyfada, Voula, and Palaio Faliro is growing steadily. It has only intensified due to the pandemic: people began to move to the suburbs with more pleasant and comfortable living conditions.

Piraeus

Piraeus is a western suburb of Athens. Here is the largest passenger port in Europe, berths for yachts, shipping and logistics companies offices, and the University of Piraeus.

The area is lively; many bars and restaurants are on the waterfront.

Piraeus is being actively reconstructed: modern buildings for offices and residential complexes appear on the site of old buildings. Investors from China and the Middle East have already invested more than a billion euros in the renovation of Piraeus.

Ellinikon

The Ellinikon is a new area that will appear south of Athens by late 2026. The territory of the old airport near Glyfada has been allocated for construction. About €8 billion have been invested in the renovation, with full completion expected around 2037.

About 800 houses and villas, hotel complexes and office centres, a 200-meter high skyscraper, casinos, and restaurants will be built on the territory of the Ellinikon.

After the construction, the Ellinikon will become a centre of attraction for tourists and businesses. Therefore, real estate across the region will drastically rise in price.

Paros

Paros is one of the Cyclades Islands in the Aegean Sea. Tourists come to Paros for natural attractions. For example, Kolymbithres beach is surrounded by white boulders honed by the sea, which creates the effect of alien landscapes. 

In the summer, many young people visit the island: Greek students have a tradition of vacationing in Paros after finishing their first year.

Most of the restaurants, shops and nightlife are located in the main port city of Parikia. The resorts of Logaras, Naoussa, and Parasporos are also popular among vacationers.

Santorini 

Santorini is famous for its snow-white buildings descending to the shores of the blue Mediterranean Sea. The island’s beaches are marked with a "blue flag" and surprise with various colours: on the coast, you can find white, red and black sand.

In 2025, Travel + Leisure named Páros, Crete, Milos, Santorini, and Mykonos among the 15 best islands in the world.

Renting tourist accommodation on the island costs from €40 to 4,000 daily. Luxury offers are also common: they include private pools and sea views.

Crete

Crete is one of the most famous Greek resorts. The island has a hot climate; the sun shines 320 days a year. You can come to rest on the island at any time. The swimming season lasts from April to October. 

The cost of rent in Crete is comparable to Athens and sometimes exceeds the capital. A residential property investment might be profitable if you plan to rent the housing out to tourists.

The purchase price depends on the property type and location. Housing in new buildings, as a rule, is valued as more expensive than resale properties. For example, the price per square metre of an apartment in a new house from a reliable developer starts at €4,000 in Athens. 

You can find very cheap properties on the capital’s secondary housing market, but these properties are likely to be in poor condition or a disadvantaged area. The average cost of a square metre of housing for noteworthy proposals is now around €2,250.

Regional property prices per m² in Greece in 2025 are as follows:

• Mykonos — €7,000;

• Santorini — €5,000;

• Athens Riviera — €4,200;

• Athens — €2,500;

• Secondary Cyclades and Sporades — €2,400;

• Rhodes — €2,370;

• Thessaloniki — €2,220;

• Corfu — €2,220;

• Crete — €1,900;

• Thassos — €1,870;

• Peloponnese — €1,680;

• Western Macedonia — €650.

In Athens, prices vary depending on the area, and the further south the property is from the centre, the more expensive it is. In some cases, rent to own in Greece may be an option, allowing buyers to rent a property with the opportunity to purchase it later.

Additional costs

The buyer of real estate pays a transfer tax of 3%. The tax is levied either on the property value under a sale and purchase agreement or the cadastral price at an “objective value” per square metre.

VAT for real estate transactions has been abolished until December 31st, 2025.

Registration with the Land Registry and services of a notary and lawyer accompanying the transaction are paid separately.

The Greece Golden Visa is a residence-by-investment program launched in 2014. It enables non-EU nationals to obtain a renewable residence permit in 4+ months by investing at least €250,000 in the country’s economy.

The real estate route is driving record visa applications

Between 2023 and 2024, investors acquired 17,900 properties under the Greece Golden Visa — more than during the entire previous decade of the program’s operation. The total investment volume exceeded €4.47 billion.

On average, the Greek government approved 618 applications from investors per month in 2025. This represents a sharp increase compared to 2024, when the monthly average was around 398 approvals.

In terms of demand, 2024 marked a record-breaking year for the Greece Golden Visa: the country received 9,407 applications from investors — the highest annual figure in its history and a 10% increase compared to 2023. From January to April 2025, 3,506 investors applied for residency in Greece.

Residency tied to property ownership 

The Greek Golden Visa is valid for 5 years and can be extended indefinitely, provided the investment is maintained.

How much do you need to invest in property? 

To qualify for the Greece Golden Visa, investors purchase real estate that meets one of the following thresholds:

• €250,000 — for properties to be renovated or converted into residential use.

• €400,000 — for buying property in most regions;

• €800,000 — for property in high-demand areas like Athens, Thessaloniki, Santorini, Mykonos, and islands with over 3,100 residents.

Who qualifies for the Golden Visa

The main applicant must be over 18, have no criminal record, and prove the legal origin of investment funds. The visa can also be granted to the investor’s close relatives:

• a spouse or registered partner;

• unmarried children under 21;

• parents, regardless of their age.

All applicants must be covered by medical insurance valid in Greece.

Costs beyond the property purchase 

Applicants also pay a one-time state fee of:

• €2,000 for the main applicant;

• €150 per adult family member.

Legal, notary, and translation services are charged separately and vary depending on the specifics of the application.

One of the fastest and most flexible property-based Golden Visas in the EU

Greece is one of the few EU countries still offering a residence permit by real estate purchase, unlike Portugal and Spain, which have removed this option.

The Greek Golden Visa is among the fastest in Europe, with approvals typically granted within at least 4 months. In contrast, the process takes around 12 months in Portugal and 9 months in Cyprus.

There are no stay requirements to maintain residency in Greece. By comparison, Portugal residents must spend at least 7 days in the country each year, while Cyprus requires a visit once every 2 years to keep residency valid.

1. Heating

The Greek climate is warm, and the air temperature seldom drops below +10°C in winter. However, it’s only warm during the day. The winter night might be cold with an air temperature of around 0°C.

In old houses, there might not be heating at all. But most often, a house heating system is installed, which runs on gas or diesel fuel. The system is turned on for several hours at night, for example, from 10 pm to 6 am.

Residents of such houses buy fuel for heating in clubbing. If someone refuses to pay for heating, the rest have to share the price among themselves: for non-payment, the heating will be turned off throughout the house.

In new buildings, apartments have individual heating systems. In this case, the homeowner pays the bills based on an actual reading, only for the heating for their apartment and does not depend on the neighbours.

2. Parking space

Parking space in Greece is not always guaranteed when buying a property and may not be included in the housing cost. It is a characteristic feature of cities with dense old buildings, where parking spaces are always in short supply. The cost of a separate parking space is about €20,000. 

3. Furniture

Properties for rent are always rented out without free-standing furniture. For example, an apartment may have built-in wardrobes and a kitchen set, but there will be no sofa, bed, or table.

The explanation is simple: when renting an apartment, the Greeks prefer to decorate it themselves. The furniture and decor items move with the owners from apartment to apartment. 

So if you want to purchase a property for renting it out, you can save on furniture. Fully furnished apartments or villas are not in demand, especially when a management company rents them out.

4. Stairs and elevators 

To save space and provide earthquake resistance, stairs are often made spiral. In Athenian houses, elevators are often installed with a door you need to open and close yourself. This feature is common in old buildings but also occurs in new buildings.

Maintenance costs consist of two main items: utility bills and taxes.

Cost of utilities

The cost of utilities in Greece for an apartment of 85 m² starts at €190 per month. The amount includes the cost of electricity, water, heating, and garbage disposal.

Taxes

The annual property tax ENFIA is charged at €2 to 16.20 per square metre. The calculation considers the property age, location, and the region’s objective value per square metre.

A cadastral value of €250,000 is subject to an additional tax. The rate is progressive: from 0.1 to 1.5%. Properties worth €2,000,000 or more are taxed at 1.5%.

Depending on the property location, the owner pays the annual municipal property tax at 0.025 to 0.035%.

Having your own pool is also subject to an additional tax, equivalent to a wealth tax in Greece. The amount is calculated depending on the pool area:

• €160 per square metre of a pool up to 60 m²;

• €320 per square metre of a pool over 60 m².

Rental income is taxed on a progressive scale. The property owner pays the tax.

Tax rates on rental income in Greece are set as follows:

1. Annual rental income up to €12,000 is taxed at 15%.

2. Income €12,001 to 35,000 — 35%.

3. Income above €35,001 — 45%.

If the annual rental income exceeds €12,000, the landlord will also pay a solidarity contribution of 2.2 to 10%.

The process of buying real estate takes 2 months. When a property for purchase is selected, there are four stages.

1. Registration of a taxpayer number in Greece

A taxpayer number is required for large transactions, such as a purchase of the real estate. To get it, you need to contact the Greek tax office. The applicant receives a unique nine-digit number used when making payments and paying taxes.

Property payments are typically made from the buyer’s account in their home country. This means opening a bank account in Greece is not required.

2. Verification of the clean title to the real estate

Verifying the clean title to the real estate is carried out in the Land Registry or the Greek Cadastre at the place of property registration.

3. Conclusion of a presale or sale agreement

The property can be reserved while the buyer prepares the necessary documents and arranges payment. After that, you need a purchase and sale agreement, which is signed in the presence of a notary.

The signed sale and purchase agreement is registered in a bar association and the Land Registry.

4. Registration of a new owner in the Land Registry

The Land Registry issues a certificate of ownership in the new owner’s name.

Suppose the buyer of real estate participates in the Greece Golden Visa Program. In that case, they submit a certificate of ownership to the migration service with an application for a resident permit.

Buying an investment property in Greece is considered to be cheap and easy. Indeed, you can find many offers at very low prices on the Internet, usually on the secondary housing market. Employees of Greek realty agencies promise buyers the moon. However, the reality is more complex.

Hidden pitfalls 

Purchasing property on the secondary market carries a high risk of encumbrances, such as an inheritance or mortgage debts. In some cases, not all co-owners agree to the sale. There has been an instance where 28 owners were found, and half of them opposed the sale of the apartment. The deal fell through, and the buyer lost time and money.

If the previous owner did not agree on the redevelopment or glazing of the balcony, the new owner would have to deal with the situation. They will learn about it, most likely, after the completion of the transaction.

Collusion between owners and real estate agents

In the secondary housing market, it’s not unusual for homeowners and estate agents to act in concert. It may turn out that the property cost was overestimated, or the area does not correspond to the declared one.

How to reduce risks and avoid delays

We recommend purchasing property directly from a trusted developer. It is worth checking whether the developer has permission from the archaeological service. The state will indefinitely freeze the construction site if historical artefacts are discovered during construction.

When choosing a property, it is necessary to consider the purchase purpose and the property location. If you want to rent an apartment out, it might be better to do it through a management company. Otherwise, there is a high risk of encountering unreliable tenants. A landlord can evict a non-payer only by a court decision.

When registering a tax number and processing a real estate transaction, you will also have to face the fact that many government agencies in Greece work until 2 pm. Getting an appointment in the morning is a rare success.

1. Greek real estate remains more affordable than in many other EU countries, with an average price of €2,580 per square metre nationwide. This is around 35% cheaper than in Spain and nearly half the price of property in France.

2. Property in Greece offers attractive rental yields, with returns of 2—10% annually.

3. Investment hotspots include Athens, the Riviera, Piraeus, and islands like Crete or Santorini — each suited for rental income, personal use, or capital growth.

4. Greece offers one of the EU’s fastest paths to a Golden Visa. Investors can obtain residence in just 4 months with real estate purchases starting at €250,000.

5. Buyers should be cautious with secondary market properties due to risks like hidden debts, multiple owners, and unauthorised alterations. Working with trusted developers and legal advisors helps avoid costly mistakes.