Real Estate in Greece

The country's territory is divided into mainland and insular. In the Peloponnese and the islands, especially the southern ones, the beach season starts earlier. Moreover, the islands have high humidity and often windy. In addition, island vegetation is often poorer than on the mainland. However, there are exceptions - for example, Corfu , which deservedly bears the name of the greenest island in Greece.

The southernmost point of Greece is Crete . Here the season starts in April and lasts until mid-November. In the north, on the Halkidiki peninsula , the temperature becomes comfortable for swimming from the end of May, and September is considered the velvet season. At the same time, the peninsula is known for its rich flora, pine forests and fir groves.

In addition, Greece can be roughly divided into northern and southern parts. In the south, temperatures are usually several degrees higher. Therefore, winters in the south of the country are milder, but in summer, the temperature is more comfortable in the northern part of Greece.

Despite the fact that Greece is a European country, you can buy real estate here at quite reasonable prices. This is largely due to the economic crisis in which the country found itself in 2009. In the period from 2009-2019, real estate prices sagged greatly, dropping 1.5-2 times. However, starting in 2019, prices began to slowly but surely creep up, demand increased, and new housing construction resumed.

Another important advantage of buying real estate in Greece is the possibility of obtaining a residence permit, and, in the long term, citizenship of a European state. The acquisition of real estate for a total amount of 250,000 euros is the main, and in fact, the only prerequisite for obtaining the so-called “golden visa” - a residence permit for property owners for a period of 5 years with the right of subsequent extension.

Given the diversity and specificity of the regions of Greece, it is rather difficult to come to a common denominator when determining the order of property prices. The range is enormous: from a small studio for 30,000 euros to luxurious villas on the coast worth 5,000,000 - 6,000,000.

Real estate prices in Greece in major cities such as Athens  and Thessaloniki start from 500 euros per 1 sq.m. for secondary housing and from 1,000 euros for primary. However, real estate in prestigious areas can cost 2.000 - 3.000 euros per 1 sq.m. and higher. As for the coastal areas, it all depends on the location. Buy real estate in Greece by the sea a little more expensive. In Halkidiki,  you can buy an apartment from 50,000 euros, a townhouse will cost 100,000 - 150,000 and more. On popular islands like Crete or Corfu, prices are the same or slightly higher. On islands like Mykonos or Santorini, prices will certainly be higher.

In general, it is no more difficult for foreigners to buy real estate in Greece than for citizens of the country. Perhaps the only exception is the border areas - the regions of Greece bordering on Turkey, as well as some islands, for example, Kos. To purchase real estate in such regions, foreign citizens need to obtain a special permit. Until recently, the list of border areas was much wider. In particular, it included the region of Halkidiki. However, back in 2011, the Greek authorities went to meet foreign investors, excluding a number of areas from the list to simplify the purchase procedure.

In addition, to buy real estate in Greece, you need to register an AFM - the Greek analogue of the INN, as well as open an account with a Greek bank. And of course, the package of documents will be slightly different  - for example, it must include confirmation of the registration address in the country of residence.

Is it profitable to rent property in Greece?

Greece is a very popular tourist destination, and therefore many people buy real estate here for subsequent rental. The rent level depends on several factors.

Greece is very diverse, and therefore the location of the property plays a decisive role in determining the rental price. In Greece, as elsewhere, there are prestigious regions and not so much, and the price can differ by 30-40%. The cost of resort real estate is higher than in cities, but it is rented only during the season, which again depends on the location. And of course, the distance from the sea plays an important role. The specificity of daily rent is that in a short season of 4-5 months you earn 50% -100% more than with a long-term rental, and at the same time you can use this property yourself in the off-season.

It is also worth deciding whether you want to rent out your property for a long-term lease or rent it daily. In the first case, it is enough to contact a real estate agency, which will find a tenant and prepare the necessary documents. Daily rent is suitable for those who permanently reside in Greece, or you can give the property to management.

The main types of real estate purchased for subsequent lease include apartments, maisonettes and villas. Prices can vary greatly depending on the size and location. If we talk about resort real estate, then the cost of a small studio by the sea is from 50 euros per day, for a townhouse the minimum rental amount starts from 100 euros per day, and a separate villa with its own land plot can be rented from 300 euros per day.

The cost of maintaining real estate in Greece again depends on the type. For an apartment, the main items of expenditure are the annual ENFIA tax, (the transition to the article "property tax") payment of bills for electricity, water, telephone, Internet, as well as monthly maintenance of the house - kinochrist. In the case of maisonettes, bills for maintenance of the complex are also added to them: this may include security, gardening, cleaning services and pool maintenance, if any. The costs are shared among all property owners in the complex. And finally, in the case of a villa, all of the above bills are paid by the owner alone.