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
of housing in Greece
€250,000
Minimum investment amount
to get a residence permit
to get a residence permit
5—11%
Buyers’ related expenses,
of the transaction amount
of the transaction amount
How the residential property price index is growing in Greece
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
What do investors buy?
Apartments. The most expensive apartments are in the capital and its prestigious suburb Glyfada.
- apartments
- maisonettes
Houses. The most expensive ones are on the coast: in the Athenian Riviera, Chalkidiki, Crete, and Corfu.
- villas and cottages
- townhouses
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.
by real estate investment
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Taxes and associated costs
Taxes
Property owners pay an annual ENFIA single tax. The tax consists of a base part and an additional part. The base part is calculated at a rate of €2 to €16 per 1 m². The tax rate depends on the cadastral value, year of construction, and floor. If the cadastral property value exceeds €200,000, the owner pays an additional tax of 0.1—1.15% of the cadastral value.
Property rentals are subject to income tax on a progressive scale of 15% to 45%.
€2—16 Annual tax per 1 m²
of housing in Greece
of housing in Greece
Communal payments
Utilities. Water, electricity and gas are paid by meters. Only large cities like Athens and Thessaloniki have a central gas supply. As a rule, there is no central heating in houses. They heat housing with diesel, gas and electric heaters or air conditioners.
The building maintenance fees for an elevator, cleaning, repairs, and security depend on the management company and the building equipment.
Internet, TV and telephone connection cost €25 to €50, depending on the tariff and locality.
Electricity, gas, water, and garbage collection |
€95—280per month |
Building maintenanceElevator, cleaning, repairs, and security |
€10—300per month |
Property sellers pay a capital gains tax of 15% on the difference between the sale and purchase prices. Income from the sale of real estate is not taxed.
If the owner sells the property through an agency, then the commission is usually included in the price and paid by the buyer.
15% Capital gains tax on
the sale of real estate
the sale of real estate
Expenses on the sale
Capital gains taxPaid on the difference between |
15% |
Agency feeUsually included in the property price |
2.5—5%Of the transaction amount, |
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.
