The Global Property Guide states that the property market accounts for a 25—35% share of foreign direct investments in Greece. About 85% of all real estate purchases in Greece are made by third‑country buyers. The total value of properties acquired by foreign investors was €1.28 billion in the first three quarters of 2022 — a 60.2% increase year‑on‑-year.
Key factors that make Greece’s property market attractive
ENFIA, or the single property tax cut. The first 10—25% reduction was set in 2019, followed by the 10% reduction, on average, in 2020, and the 13% reduction in 2022.
VAT exemption for all new construction buildings. This temporary suspension will last until the end of 2024.
Steady price increase. House prices grew by 11.32% year‑on‑year in the third quarter of 2022, showing the best results since 2006, and starting the post‑pandemic recovery.
Another significant factor is the Greece Golden Visa program, which has the lowest investment threshold in the EU. Foreign investors can apply for a golden visa, purchase real estate for €250,000, and receive a residence permit.
Investment property can be rented out at any time. In five years, investors can resell it.
More than 28,700 investors and their family members have applied for the Greece Golden Visa program and received residence permits since 2014. The program’s steady growth, stunted by the pandemic, is now bouncing back.
A record 50% year‑on‑year boost in Golden Visa applications took place in January-November 2022. This was a result of the government’s decision to double the minimum investment threshold in four areas of Greece — Athens, Attica, Macedonia, and Aegean. Starting from 2023, investors need to put at least €500,000 into these areas’ property.
83 m² — 94 m²
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