+ Property prices in Greece

The warm waters of the Aegean Sea harbour the cradle of Western civilisation.

Greece owns more than 6,000 islands, but only 230 of them are inhabited. The most prestigious properties can be found on the islands of Rhodes, Lesbos, Corfu, Santorini and Mykonos.

Many buyers choose Greece for the unbelievable property prices which are no more than €500/sq.m in some areas.

Savills reports that the prices have lost 30% of the peak time values on the north-western coast of Corfu, where the best resorts are located, and 50% in the cities staying at some distance from the sea.

According to the Hellenic Association of Realtors, the prices per square meter have fallen since 2008 from €4,500 to €3,000 in Mykonos, from €5,000 to €3,300 in Santorini, from €3,000 to €2,000 in Paros, from €2,650 to €1,600 in Naxos, from €2,200 to €1,500 in Serifos and from €3,500 to €2,500 in Hydra.

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

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

Apartment prices in Greece,€/sq.mInformation provided by Numbeo.Com

Athens 1,758–1,430
Chalkidiki 1,500–3,000
Crete 1,833
Corfu 1,500–3,000
Thessaloniki 1,133–1,925

Athens is the economic, cultural and administrative centre of Greece. The cost per square meter averages here €1,600. Apartments in the city sell for €200,000–400,000 and are of interest for locals, tourists and business visitors. There might be cheaper listings for €40,000–50,000. Housing prices in the capital can reach several millions of euros.

Thessaloniki is the second-largest city in Greece with a population of over one million people including the suburbs. It is home to the Aristotle University, the largest university in the Balkans, Macedonia International Airport and the second busiest commercial port in the country. The cost per square meter in Thessaloniki averages €1,530. Apartments start from €50,000–60,000, reaching several millions of euros.

Both small towns (Nea Moudania, Pefkochori) and villages (Marmaras, Nea Skioni, Chanioti) are popular in Chalkidiki. Two-bedroom apartments sell from approximately €80,000 and there is a wide range of houses for €150,000 and more.

Property in Crete is in much demand with apartments available for €60,000 and villas for €3M. The beaches there are some of Europe's cleanest, while Rethymno, Stavromenos and Elounda are popular resorts on the island famed for their adult entertainment industry. Buyers usually purchase property in Crete for their future vacation retreats.

The Ionian Islands are also popular, especially Corfu (Kerkyra) and Kefalonia. Corfu is the both the most northern and second largest island of 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, is in the highest demand. The average cost of villas and apartments on the island is about €2,000/sq.m. Two- and three-bedroom apartments cost on average €150,000–200,000 and detached houses with land range from €500,000 to €2M.

There are also premium resorts on the other Ionian islands of Lefkas and Zakynthos. Property here is often purchased with the intention to let. Buyers should know that demand fluctuates during the year and peaks from May to September. Ithaca is the best place for a slower pace of life as there are few tourists here. Villas and houses on this island cost €400,000–600,000.

Alternatively, resort property near Corinth, Peloponnese, and on Euboea island is also popular. Greece also has well-developed ski resorts, particularly Parnassus and Falakro. Apartments here can be leased all the year round here.

Greek laws regulate both development density and the number of stories in a planned construction. High-rise developments, especially near the seaside, are controlled by the state so the coastline is not too built-up and housing remains liquid and profitable for investments.

 
 
Free advice on real estate in Greece
Alexandru-Viorel Hincu
Property Advisor
+44 20 3608 1267
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