Pitfalls of Buying Property in Greece: What Expats Need to Know
Learn moreOctober 21, 2024
As one of the tourist hotspots in Europe, Greece stands out as an attractive option for investors, families and retirees who are seeking to buy a home. Since more and more buyers from across the globe want a good bang for their buck, or hang out on islands where you can enjoy a peaceful atmosphere, unlike the busy tourist scenes of Santorini and Mykonos, we have put together a list of 5 islands that feel like a bargain for expats.
At the start of this list is Astypalaia, located in the Dodecanese group as one of the most picturesque towns in the Aegean. The average price of residential properties for sale was €3,061 per sqm in July 2024. This figure has decreased by 0.29% in comparison to 3,070 € sqm in July of the previous year. Over the past 2 years, the average price in Astypalaia municipality reached its peak in August 2023, with a value of €3,238 per sqm.
Andros, the northernmost island in the Cyclades, presents budget-friendly options, with property prices ranging from 1,000 to 2,500 euros per square meter. In July 2024, Gavrio recorded the highest property prices at €2,455 per square meter, while Korthio had the most affordable prices, averaging €1,056 per square meter.
See this table to consider the price per square meter in comparison to the various areas of Andros island.
In July 2024, the average asking price for residential properties in Kythira was €2,398 per square meter, marking a 15.12% increase from July 2023's €2,083 per square meter. Over the past two years, property prices in the Kythira municipality peaked in June 2024 at €2,423 per square meter. The lowest average price was recorded in November 2022 at €1,752 per square meter.
In July 2024, Friligkianika had the highest asking prices at €3,567 per square meter, while Kontolianika had the lowest at €811 per square meter.
At number two of this list of five most affordable islands to buy property is Skiros. In July 2024, the average asking price for residential properties in Skiros was €2,032 per square meter, reflecting an 18.41% increase from €1,716 per square meter in July 2023. Over the past two years, property prices in the Skiros municipality peaked in June 2024 at €2,040 per square meter. The lowest average price was recorded in October 2022, at €1,580 per square meter.
Taking the spotlight at number one as the cheapest and most affordable island to buy a home is Chios. In July 2024, the average asking price for residential properties for sale was €1,570 per square meter, reflecting a 21.14% increase from July 2023, when it was €1,296 per square meter. Over the past two years, the average price in the Chios municipality peaked in July 2024 at €1,570 per square meter. The lowest asking price during this period was in November 2022, with an average of €1,241 per square meter for properties for sale.
In conclusion, Greece offers an array of stunning islands where property prices remain attractively low. Whether you're an investor looking for a promising opportunity, a family or retiree seeking a peaceful retreat, these affordable islands are ideal options for anyone looking to make a smart investment in paradise.
If you're looking to buy a home, and you would like to know more about the requirements, feel free to book a 30-minute call with one of our team members.
Sources:
https://www.indomio.gr/en/agora-akiniton/
https://en.spitogatos.gr/blog/greece-real-estate-market-insights-key-findings-q2-2024
https://greekreporter.com/2022/07/04/expensive-cheap-areas-greece-property/
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