Real Estate Prices in Greece

If you dream of buying an apartment or house in Greece, now seems to be the optimal time to do so. Property prices in this country remain affordable but are increasing every year. From this article, you'll get to know about the highest, lowest and median prices of buying a property in the most popular regions of Greece. Plus, you'll find out how much profit your house or apartment can generate per month if you rent it out.

The Specifics of the Greek Real Estate Market

In 2022, property prices in Greece are more budget-friendly than in Spain or Italy. Just like the latter, Greece is also located on the Mediterranean coast and basks in the sunshine roughly 300 days per year. The crime rate is low, the locals are friendly and the nature is unspoiled. The food is delicious, the quality of healthcare services is excellent and the cultural heritage is rich and impressive. Nevertheless, Greece has not turned into a real estate investment hotspot yet.

You might want to consider it your chance to buy a house or apartment in this blissful country at a fraction of its true cost. If you decide to retire in Greece, you'll benefit from the flat 7% tax rate (even if you're not an EU citizen). Relocating professionals should appreciate the 50% tax break. If you prefer to rent out your property, it should help you to generate a steady profit. Yet probably, you'll want to use it yourself.

How Did the Pandemic Affect the Real Estate Prices in Greece?

COVID-19 hasn't made a dramatic impact on the local house market. There was certain confusion in 2021 — but the economy quickly recovered. From January to September 2021, the prices of apartments increased by 6.1% on an annual basis. This is true for both old and new properties. In the first nine months of 2020, the growth rate equaled 4.9%.

Right now, Greece seems to be experiencing the beginning of a construction boom. From January to August 2021, foreign investors brought €797 million euros to the local economy. Together with France and the Netherlands, Greece turned out to be one of the three European countries that accounted for roughly ¾ of the Eurozone's total increase in property prices.

Historical Real Estate Prices in Greece

According to the Bank of Greece Housing Index, property prices in the country reached their historical peak in the third quarter of 2008. Then, the recession followed. Property costs plummeted by over 40% and hit the bottom by Autumn 2017. In a year, the country got out of the EU/IMF financial assistance program. Companies and individuals began to invest in the national economy and property prices have been on the rise again since then. In 2020, the average cost of a house or apartment was 35% lower than the historical high.

Athens Real Estate Prices

The capital has always remained the most sought-after destination for local and international investors. The city is quickly recovering from the crisis caused by the pandemic. Property costs are only likely to increase here in the future.

Here are the current house prices in Athens, per square meter:

Location

The lowest price, €

Median price, €

The highest price, €

City centre

1,500

1,922

3,000

Outside the centre

1,300

2,000

3,000

If you rent out your property, you can expect to receive the following monthly profit:

Number of bedrooms

Location

The lowest price, €

Median price, €

The highest price, €

1

City centre

350

456

650

1

Outside the centre

300

424

600

3

City centre

600

796

1,200

3

Outside the centre

580

753

1,100

Corfu Real Estate Prices

In Greece, there are roughly 230 habitable islands. It would be unreasonable to talk about the Greek island real estate prices in general — we should take into account the specifics of each location. However, most islands have a common trait: American and European tourists love to visit them for short-term holidays. If you prefer to live among Greeks rather than on a resort, you should consider a property on the mainland.

Here are the current house prices in Corfu, per square meter:

Location

The lowest price, €

Median price, €

The highest price, €

City centre

1,000

1,540

3,500

Outside the centre

800

1,240

2,000

Here is the monthly profit that you can expect to receive when renting out your property:

Number of bedrooms

Location

The lowest price, €

Median price, €

The highest price, €

1

City centre

300

357

400

1

Outside the centre

250

269

300

3

City centre

650

734

800

3

Outside the centre

450

478

600

The Corfu real estate prices reached their peak in 2011. In 2020, they were 16% below that peak.

Crete Real Estate Prices

The downward trend dominated the Crete real estate scene until 2019. Now, the prices have begun to grow slowly. Yet if we compare the current costs of properties with the peak indicators in 2011, we'll see that the market is far from having recovered. Now, it seems to be a great moment for purchasing a house or apartment in Crete.

Here are the current house prices on the island, per square meter:

Location

Median price, €

City centre

2,000

Outside the centre

1,524

If you prefer to rent out your property rather than live there yourself, you can expect to receive the following monthly profit:

Number of bedrooms

Location

The lowest price, €

Median price, €

The highest price, €

1

City centre

350

350

350

1

Outside the centre

300

300

300

3

City centre

550

575

600

3

Outside the centre

400

450

500

Thessaloniki Real Estate Prices

This city is witnessing an explosion of construction activity. In the next couple of years, property costs are expected to skyrocket here. So far, you might be able to benefit from the following prices per square meter:

Location

The lowest price, €

Median price, €

The highest price, €

City centre

1,500

1,872

2,500

Outside the centre

900

1,405

2,000

Those who would like to rent out their properties can expect to receive the following monthly profit:

Number of bedrooms

Location

The lowest price, €

Median price, €

The highest price, €

1

City centre

350

389

500

1

Outside the centre

250

303

400

3

City centre

6550

650

800

3

Outside the centre

400

492

650

Santorini Real Estate Prices

The high-end resort of Santorini is one of the most expensive locations in Greece. Well-heeled tourists from all over the world adore this place so the local property market is always thriving. Even the pandemic had hardly any impact on it. When buying a house or apartment in Santorini, you should be ready to pay higher taxes.

Here are the current house prices in Santorini, per square meter:

Location

The lowest price, €

Median price, €

The highest price, €

City centre

3,000

4,500

6,000

Outside the centre

2,000

3,000

4,000

If you're planning to rent out your property, you can expect to receive the following monthly profit:

Number of bedrooms

Location

The lowest price, €

Median price, €

The highest price, €

1

City centre

500

700

900

1

Outside the centre

350

525

700

3

City centre

1,000

1,400

2,000

3

Outside the centre

700

1,033

1,500

How Much Are Houses in Greece?

Here are the average housing prices in the country, per square meter:

Location

The lowest price, €

Median price, €

The highest price, €

City centre

1,000

1,626

2,800

Outside the centre

850

1,386

2,500

And here are the average monthly rental prices:

Number of bedrooms

Location

The lowest price, €

Median price, €

The highest price, €

1

City centre

250

348

500

1

Outside the centre

200

293

500

3

City centre

400

586

900

3

Outside the centre

320

493

850

Why Invest in Greek Real Estate Market?

Compared to other European countries, the cost of buying property in Greece is very affordable. Let's use the example of the Greek Golden Visa program to back up this viewpoint. The program was introduced in 2013 and has brought over €2 billion in real estate acquisitions. The essence of the program consists of the following: you purchase a property worth €250,000 or more and get a Greek residence permit. There are no in-country living requirements and the process of obtaining the permit might take as little as three months. In other EU states, you would need to have to buy a more premium property to become a resident:

Country

The minimum cost of a property that qualifies for the Golden Visa, €

Latvia

262,700

Portugal

280,000

Spain

500,000

No one knows for how long the rules of the program will remain valid. Given the increasing demand for properties, the Greek government might raise the program entry threshold one day. So you might want to hurry up to get your residence permit.

Even if you're not planning to get a premium house or apartment, you might be eager to use your chance to buy a property as long as the prices have not skyrocketed. No matter if you're planning to use it for yourself, resell or rent out, you should be able to benefit a lot from your purchase.

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