Real estate investment in Greece

The sale of real estate is not limited in Greece: foreigners can buy and sell housing and commercial real estate and rent it out.

Statistics confirm the liquidity of investments: residential real estate prices grow by an average of 1,2% every quarter. Five years ago, an apartment of 100 m² cost an average of €150,000, and today it is sold for €185,000.

€1,848

Average price per 1 m² of housing in Greece

€250,000

Minimum investment amount to get a residence permit

5—11%

Buyers’ related expenses, of the transaction amount

How the residential property price index is growing in Greece

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Cost of a 3-bedroom apartment in Greece

€2 million

Apartment in a prestigious area of Athens or its suburb

€500,000

Apartment with a sea ​​view, 2 km to the beach

€200,000

Apartment in the suburbs of Nicaea

Real estate in Greece for investment

Greece residence permit or citizenship by real estate investment

Investors can get residence permits by real estate investment if they participate in the state Greece Golden Visa Program. The program condition is to buy a property worth at least €250,000. The apartments described above are suitable for obtaining a residence permit under the program.

A residence permit is valid for 5 years. Living in Greece to maintain a residence permit is not necessary. However, after 5 years of permanent living in Greece, you can obtain permanent residence and apply for citizenship after another two years.

An applicant for Greece citizenship must spend at least 183 days a year in the country for seven years, confirm integration into society, have no criminal records or deportations, and pass language history and culture exams.

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Frequently asked questions

  • Can foreigners buy property in Greece?

    Yes. There are no restrictions on the sale, purchase or rent of real estate in Greece for foreigners. Buying property for at least €250,000 is a chance to get Greece residence permit by real estate investment.

  • Is Greece good for real estate?

    Yes. Greek real estate properties are liquid assets: they grow by an average of 1,2% every quarter.

    The real estate market in Greece has been on a steady recovery since the 2008 crisis. Property prices are still 20—25% lower than before the crisis, but they are growing rapidly. In the third quarter of 2022, they showed an 8,35% year-to-year increase, according to the Bank of Greece.

    The average price of housing in Greece is €1,848 per 1 m². Investment property in Greece can show an average annual yield of 3,5%.

  • Is real estate cheap in Greece?

    Compared to other Mediterranean or European states, Greece has one of the most affordable real estate prices. For instance, according to Numbeo, the average price for an apartment is €1,700 per 1 m² in Greece, compared with €1,970 per 1 m² in Spain, €2,190 per 1 m² in Italy, and €4,590 per 1 m² in France.

    Purchasing real estate in Greece for €250,000 is enough for participating in the residence permit by investment program. Investors can buy residential or commercial property, and use it to generate profit.

    Immigrant Invest has its own base of legitimate properties that are eligible for the Greece residence permit by real estate investment program.

  • Which is the cheapest Greek island to buy property?

    Corfu and Ionian Islands have real estate properties worth €1,000 per 1 m² on average. The Cyclades, with average prices of €4,000 per 1 m², have one of the most expensive real estate properties in Greece.

  • Where do most expats live in Greece?

    Foreigners who invest in Greek real estate choose properties near the sea — for
    example in Crete, the Ionian Islands, or the so-called “Greek Ibiza” — Mykonos.

    Investing in local property is a way to join Greece Golden Visa program. In seven years residents can apply for Greek citizenship.