80—85% of real estate purchases in Greece were made by foreign buyers. They invested €788 million in the local property market in the first half of 2022.
This is a 61% increase year-on-year, according to the Hellenic Central Bank. By the end of 2022, the expected amount of foreign property investments will reach €1,7 billion, surpassing the €1,45 billion of 2019.
Luxury properties, holiday accommodations, vacation houses and homes for retirement are in exceptionally high demand. The data is presented in the latest report by Handelsblatt, a leading financial newspaper in Germany.
Who buys Greek real estate and why
Most of the current property buyers in Greece are from German-speaking countries, with Germany, Austria and Switzerland at the forefront, says Handelsblatt.
According to the Bank of Greece, during the 2017—2021 period, Chinese buyers invested €1,2 billion in Greek real estate over the same period, with €973 million buyers coming from Hong Kong. European Union buyers invested €1,85 billion in Greek real estate, while the buyers outside the zone invested €3,27 billion — due to the Greece Golden Visa program.
Europeans invested €473 million in 2021 alone: a 47% increase compared to the pandemic-restricted 2022. Cyprus buyers led the way, investing €466 million in Greek real estate. German buyers invested €312 million, Switzerland buyers — €312 million, British — €176 million, and Israeli — €161 million.
The increased interest in Greece from foreign investors is unsurprising. Compared to the rest of the Mediterranean, Greek property prices are moderate. The average prices are €1,848 per 1 m2 . The overall price dynamic is slower than in the European Union, but the annual growth is a steady 1,2%.
An apartment in the prestigious Athen neighbourhood can be bought for €2 million and an apartment with a sea view — for €500,000.
Greek property prices in November 2022
|Region of Greece||Price per 1 m²|
|Mykonos, Cyclades||From €4,000|
|Heraklion, Crete||From €2,000|
|Corfu, Ionian Islands||From €1,166|
The real estate value for the money in Greece is impressive, considering the comfortable climate and the developed infrastructure. The properties are also liquid investments that can be rented out or resold for profit.
How to get Greek Golden Visa: a residence permit by real estate investment
Property investors can apply for the Greek Golden Visa Program and get a residence permit for 5 years. The minimum investment is still €250,000, but it will be increased in 2023 and become €500,000.
Investors who take part in the program can invest in residential or commercial properties. Real estate can be rented out. In 5 years investors can resell it and return the investment.
Along with the investor, the following family members can participate in the program:
- partner, if the partnership is registered in Greece;
- children under 21;
- parents of the investor and the spouse.
All family members will be granted a 5‑year residence permit in Greece. They can live, work and study in the country, do business and optimise taxes, They can also visit the Schengen countries visa-free. In seven years, they can apply for European Union citizenship.
Property in Greece to invest in
Immigrant Invest is a licensed agent for government programs in the EU and the Caribbean. If you want to become a resident of Greece and buy property in the country, please consult our investment program experts.