Property buying guide for Greece
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Property for sale in Greece — real estate prices

There are more than 6,000 islands in Greece, but only 227 of them are inhabited. Rhodes, Lesbos, Corfu, Santorini and Mykonos are the most popular island locations among affluent property buyers.

Prices per square metre in Greece are lower than most European countries. In many locations, they do not exceed €1,000 (Table 1). Another advantage of buying property in Greece is the opportunity to obtain a European residence permit, which one qualifies for through the purchase of property above €250,000.

According to the Bank of Greece, Athens property was 44% cheaper in Q1 2017 than its 2008 peak. The potential for price growth is high as the Greek economy is gradually recovering.

Greece offers both inexpensive apartments (from €50,000) and luxurious seaside villas (from €1 million). Housing prices depend on the distance to the coast, infrastructure and transport accessibility.

Athens, Corfu, Crete and Thessaloniki are especially popular among buyers.

Table 1: Apartment prices in Greek city centres (€/m²)

Athens

900–2,500

Corfu

800–1,800

Crete

900

Thessaloniki

01,000–2,000

Source: Numbeo

In Athens, the economic, cultural and administrative centre of Greece, the price per square metre averages €1,400. Apartments in the city typically sell for €200,000–400,000, but cheaper listings for €70,000–80,000 can also be found. Prices for detached houses reach several million euros.

Thessaloniki, the second-largest city in Greece, has over 700,000 residents. It is home to Aristotle University, Macedonia International Airport and the second-most economically important seaport after Piraeus. Here, the price per square metre averages €1,400, and flats cost upwards of €70,000, while prices for detached houses start at €100,000.

Small towns such as Nea Moudania, Pefkochori, Neos Marmaras, Nea Skioni and Hanioti are popular on the Chalkidiki peninsula. Prices for flats there start from €70,000, while detached houses cost €150,000 on average.

Foreign nationals often buy property on the island of Crete. The most popular local resorts are Rethymno, Stavromenos and Elounda, visited by tens of thousands of tourists annually. On Crete, property buyers usually purchase holiday homes where they spend several months a year. Prices for flats start at €70,000 there, while detached houses cost €3 million on average.

Many buyers are interested in purchasing property on the Ionian islands, especially on Corfu and Kefalonia. Corfu is the northernmost and the second-largest island in the archipelago. Property in central and north-eastern Corfu, from Kontokali, Gouvia and Dassia in the north to the exclusive Agios Stefanos and Kassiopi further south, are the most popular. Two-bedroom and three-bedroom apartments cost €100,000–200,000 on average, and detached houses with land range from €300,000 to several million euros.

In Lefkas and Zakynthos, another part of the onian islands, property is often bought for rental purposes. The much less touristy island of Ithaca is perfect for those who want a relaxing lifestyle. Villas and detached houses on Ithaca cost €400,000–600,000.

Property buying guide for Greece
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Tranio’s managers offer advice on buying real estate in Greece
Tamara Dosugova
Real Estate Expert Tranio in Greece
+44 20 3608 1267
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