Buying Property in Greece as a Foreigner: 2024 Guide

Greece, with its stunning landscapes, rich history, and warm Mediterranean climate, is an enticing destination for real estate investors and those looking to relocate. This guide provides a comprehensive overview of the process, benefits, and considerations of buying property in Greece as a foreigner.

Country overview

Greece is a member of the European Union, being one of its 27 countries, and also part of the Eurozone nations.

It ranks as the thirteenth largest country in Europe and is renowned for its stunning islands and ancient landmarks.

The country's diverse territories include:

  • the mainland;
  • the Cyclades, Dodecanese, and Ionian Islands in the Mediterranean Sea;
  • the Aegean Islands in the Aegean Sea;
  • Crete, the largest island of Greece.

Greece is divided into 13 administrative regions, which are further subdivided into 74 regional units.

Home to more than 10 million people as of 2024, Greece's rich cultural heritage and breathtaking landscapes make it a captivating destination for investors and tourists alike.

Why invest in Greece?

The allure of Greece lies not only in its historical significance and picturesque landscapes but also in its promising investment opportunities.

The country boasts over 16,000 kilometers of coastline (9,942 miles) and enjoys more than 3,000 hours of sunlight annually, contributing to a generally warm climate throughout the year.

Ranking as one of the top travel destinations, Greece welcomed an estimated 36 million international tourists in 2023, highlighting its global appeal. This influx of visitors also led to a substantial rise in tourism revenue, with international visitors spending approximately €20.6 billion ($22.6 billion), showcasing the robust potential of the tourism sector.

Tourism plays a crucial role in the Greek economy, contributing 25% to the GDP and significantly influencing the real estate and construction industries.

Market trends (2024 update)

After a period of economic challenges, the Greek property market is showing signs of recovery and growth in 2024. This resurgence is a positive signal for investors, indicating renewed confidence in the real estate sector.

The rental market is undergoing significant changes, with increased demand in both urban centers and popular island destinations. This trend is particularly advantageous for investors interested in short-term vacation rentals or long-term leases in thriving areas.

There is a rising interest in energy-efficient and sustainable properties, driven by environmental awareness and potential cost savings on utilities. Properties that adhere to these standards are becoming more appealing to both buyers and renters.

Average cost of buying property in Greece

As of 2024, the property market in Greece presents a wide range of prices across its most desirable areas and cities, reflecting the diverse appeal of each location to both local and international buyers.

City / AreaCost in EUR per m²Cost in USD per sq ft
Athens€2,200$218
Thessaloniki€1,700$168
Mykonos (Cyclades)€4,000$396
Crete€1,600$158
Rhodes (Dodecanese)€2,000$198

While these figures offer an overview of the current market, property prices in Greece can vary significantly depending on the specific location, property type, and market conditions.

You can easily track the latest trends and price changes on our dedicated page:

Can non-EU citizens easily purchase property in Greece?

Yes, non-EU citizens can easily purchase property in Greece.

The Greek property market is open to investors from around the globe. There are no legal restrictions specific to non-EU citizens regarding property ownership in Greece.

However, the process involves several steps, including obtaining a Tax Registry Number (AFM), opening a Greek bank account, and navigating the Greek legal system.

It's advisable to work with a reputable real estate agent and a lawyer who specializes in Greek property law to ensure a smooth transaction.

Popular regions and areas

Greece's rich geographical diversity and cultural heritage offer a wide array of regions and areas, each with its own unique appeal and lifestyle.

Popular regions for investment and living

  • Athens: As the capital city, Athens combines ancient history with modern urban living. It offers a vibrant lifestyle with a mix of cultural sites, restaurants, and business opportunities. Property options range from historic apartments in Plaka to contemporary homes in upscale neighborhoods like Kolonaki.
  • Thessaloniki: Known for its vibrant cultural scene and university atmosphere, Thessaloniki is Greece’s second-largest city. It provides a dynamic living environment with waterfront properties, modern apartments, and traditional homes.
  • Crete: The largest of the Greek islands, Crete is famous for its diverse landscapes, from beautiful beaches to mountainous terrains. Property types include traditional stone houses, beachfront villas, and modern apartments in cities like Chania and Heraklion.
  • The Cyclades: This group of islands, including Mykonos and Santorini, is renowned for its picturesque white-washed buildings and stunning sunsets. Popular with tourists and investors alike, property options range from luxury villas with sea views to charming island cottages.
  • The Peloponnese: Rich in history and natural beauty, the Peloponnese offers a quieter lifestyle with a variety of properties from traditional village homes to modern villas near the coast. Cities like Nafplio and Kalamata are particularly popular.
  • The Ionian Islands: Including Corfu, Zakynthos, and Kefalonia, these islands are known for their lush landscapes and Venetian architecture. Property options range from coastal villas to rural estates, appealing to those seeking tranquility and natural beauty.
  • Rhodes (Dodecanese): Combining medieval architecture with beautiful beaches, Rhodes is a favorite for both tourists and expatriates. Properties include historic homes in Rhodes Old Town and modern beachfront apartments.

Each of these regions offers unique advantages, catering to different lifestyles and preferences, making Greece an attractive destination for property investment.

Greece property buying guide

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