In the second quarter of 2025, apartment prices rose by 7.3% compared to the previous year, following double-digit gains in 2024. This growth is fueled by strong investor demand, the recovery of tourism, and rising interest from foreign buyers seeking residency. For investors, Greece offers a combination of relatively affordable property compared to Western Europe, high rental demand driven by tourism, and the Golden Visa program, which allows non-EU citizens to obtain residency through property investment. Strategic location, improving infrastructure, and EU-backed development projects further enhance the country’s appeal.
Market Overview and Regional Trends
According to market data, in Athens, the average price is around €2,200 per m², but this includes older and basic properties. Golden Visa–eligible homes are usually renovated or new units with modern finishes, furniture, and better locations, so prices are higher. A fully equipped quality property can cost from €5,500–€7,000 per m² or more.
Several factors drive the Greek real estate market. The Golden Visa program attracts foreign investment by offering residency to individuals investing from €250,000. Infrastructure projects funded by the government and the EU boost property values, while the digitization of listings and virtual property tours has made market access easier for international buyers. Limited supply in prime urban and island locations also maintains upward pressure on prices.
Property Types and Investment Strategies
Investors can choose from various property types depending on their goals. Apartments and condominiums in cities or tourist hubs are ideal for resale or short-term rental platforms such as Airbnb. Villas and seaside homes cater to the premium segment, offering larger seasonal income but with the caveat of off-season vacancies. New builds come with tax incentives, modern amenities, and higher rental appeal, whereas secondary market properties are typically cheaper but may require renovation.
Investment strategies include flipping properties for capital gains, long- or short-term rental for passive income, and hybrid “live and rent” approaches, where the owner occupies part of the property while renting the rest during peak seasons. For example, a villa purchased in Crete for €450,000, including renovation costs, could generate €30,000 annually during the high season. With a moderate annual appreciation of around 5%, the total return over two years could reach approximately €102,500, or an 8–9% gross return. Actual returns depend on occupancy, costs, and location.
How to Buy Property in Greece
Foreign investors can freely purchase both residential and commercial property in Greece, except in certain border areas such as Rhodes and Kos, where special approval is required. The process begins with selecting a property and obtaining a Greek tax identification number (AFM). Investors then sign a preliminary contract and pay a deposit, followed by the final sales contract executed before a notary. Taxes and fees are settled, and the transaction is registered with the Land Registry. Required documents generally include a valid passport, AFM, energy performance certificate, and proof of funds.
Preparation is key. Buyers should assess their financial readiness, choose a certified agent or developer, and define their investment goals, whether for rental, resale, or personal use. Conducting property inspections, reviewing legal documents, and understanding the local market are critical steps to avoid future risks.
Financial Considerations and Taxes
Property purchase costs include transfer tax of around 3%, municipal and registration fees, and notary charges ranging from 1.5% to 2%. VAT on new builds has been suspended until the end of 2025. Annual property taxes, or ENFIA, range from 0.1% to 1.15% of assessed value, with additional expenses for utilities, insurance, and maintenance. From 2026, owners of primary residences in eligible villages will receive a 50% ENFIA reduction, with full exemption planned for 2027, benefiting communities outside major urban centers.
Rental income tax varies from 15% to 45% depending on income and residency status, with non-residents taxed only on Greek-sourced income. Notably, from 2026, rental income between €12,001 and €24,000 will be taxed at a reduced rate of 25%, down from the current 35%, creating a more investor-friendly framework. Mortgages are available to foreign buyers, typically covering 50–60% of property value, with interest rates projected around 3–5% in 2025.
Golden Visa Opportunities
Greece Golden Visa program continues to attract international investors, with tiered thresholds based on property location and type. Nationwide investments start at €250,000 for properties under renovation or listed buildings. Less populated regions require €400,000 for a single property of at least 120 m², while high-demand areas such as central Athens, Thessaloniki, and popular islands require €800,000 for similar properties. Investors can secure a five-year residence permit for themselves and their family without mandatory residency, with the potential to benefit from favorable tax regimes and eventually apply for Greek citizenship after meeting requirements.
In Q3 2025, interest from US investors surged by 40%, reflecting Greece’s affordability, lifestyle appeal, and flexibility in converting commercial properties into residential units. Demand has expanded beyond traditional East Coast cities to include West Coast applicants as well.
Risks and Tips for Investors
Despite attractive returns, Greek real estate carries certain risks. Island properties may have low off-season occupancy, bureaucratic delays can slow registration or permit approval, and currency fluctuations or macroeconomic shifts can impact profitability. Legal pitfalls include unclear titles, unregistered developments, or overstated rental projections. To mitigate these risks, investors should work with local lawyers, inspectors, and certified agents, diversify across regions and property types, and assess rental yields, occupancy, and liquidity carefully.
An effective approach includes verifying clear property titles, understanding realistic rental income, monitoring price trends, checking occupancy rates, evaluating nearby infrastructure plans, and reviewing eligibility for Golden Visa residency. Planning an exit strategy and monitoring regulatory changes also helps protect investment value.
Conclusion
Greece remains a compelling market for real estate investment, offering rising property values, strong rental demand, and Golden Visa opportunities. By focusing on prime locations, diversifying portfolios, and following proper legal and financial procedures, investors can achieve significant returns. Proper planning, local expertise, and careful due diligence are essential to turning market opportunities into secure, profitable investments.
Astons, Greece’s Best Real Estate Agency 2024, supports global investors in navigating property acquisitions and Golden Visa applications. From luxury seaside villas to high-yield urban apartments, Astons ensures every step – from property selection to title transfer – is smooth, transparent, and compliant, making Greek real estate accessible and rewarding for international investors.
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