Property

July 15, 2022

Reading Time: 2 min

Property sales to foreigners in Greece up 74,8% in early 2022

Greece earned €374 million in the first quarter of 2022. This amount was invested by foreigners in Greek real estate. This is 74,8% more than in the same period last year. The data was published by the Bank of Greece.

We tell you who most often from foreigners invested in real estate in Greece and how much it costs.

Elena Ruda
Elena Ruda

Chief Development Officer in Immigrant Invest, lawyer

Residence permit in Greece for investment in real estate

Property sales to foreigners in Greece up 74.8% in early 2022

Most of the Greek real estate was bought by investors from Germany, according to a report by Elxis. Over the past six months, Germans have purchased three times as many houses as compared to the same period in 2021. The average cost of objects was €350,000. This is 20% more than last year.

Greek real estate is also popular with investors from the Netherlands, Belgium and the UK.

The report says that foreigners prefer to invest in resale properties near the sea, for example in Crete and the Ionian Islands.

How much is Greek property worth in July 2022

Real estate prices in Greece remain 20‑25% lower than before the 2008 economic crisis. At the same time, several large construction and renovation projects are being implemented in the country with the involvement of foreign capital. Real estate experts believe that now favorable conditions for investing in Greek real estate.

The cost of Greek properties depends on the type of property and its location. The most expensive real estate is located in the Cyclades archipelago, which is known for its resorts. The highest prices for residential properties are on the island of Mykonos. It is often referred to as the "Greek Ibiza".

Property prices in Athens also remain high, with property prices averaging €150,000 in outlying areas of the city. The cost of real estate near the Athenian Riviera is two to three times more expensive.

The cost per square meter of residential property

gr-flag Region of Greece

Price per m²

Mykonos, Cyclades archipelago

From €4000

Athens

From €2334

Rhodes

From €2233

Piraeus

From €2166

Heraklion, Crete

From €2000

Thessaloniki

From €1596

Corfu, Ionian Islands

From €1000

The data is current as of July 15, 2022. Source: Numbeo.com

How to get a residence permit in Greece for investment in real estate

Investors can obtain a residence permit in Greece for the purchase of real estate. To do this, you need to take part in the state program. The minimum investment is €250,000.

Program participants can invest in residential or commercial properties. Real estate can be rented out, and after five years to sell and return the money.

Together with the investor, members of his family are allowed to participate in the residence permit program:

  • spouse or spouse;

  • partner, if a cohabitation agreement has been signed and registered in Greece with him;

  • children under 21;

  • parents of the investor and his wife.

Investors with a Greek residence permit can live, work and study in the country. Residents of Greece freely travel around the Schengen countries, open accounts in European banks, do business and optimize taxation.

If an investor lives in Greece for seven years, he will be able to apply for citizenship. After five years of residence, you can obtain permanent residence, and after another two years, you can apply for citizenship.

To obtain Greek citizenship, you need to pass a written exam in knowledge of the language, culture, history, geography and government system. Also, applicants should not have a criminal record or facts of deportation from Greece.

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 investment program experts.