Pitfalls of Buying Property in Greece: What Expats Need to Know
Learn moreOctober 21, 2024
Greece, with its enchanting landscapes, rich history, and favorable climate, stands out as an appealing destination for real estate investment. For anyone who wants to invest and own a piece of the original fatherland of Western culture and civilization, then Greece is the best place to be. Ranging from cheap to expensive property, there is a huge selection that you can choose from. In this guide, we've broken down the best places to buy property in Greece.
But before jumping into our guide, we've made a list of some general tips as a heads up for anyone who is looking to purchase property in this Mediterranean haven.
With a population of 115,000, Rhodes captivates with its beautiful beaches, castles, monasteries, and archaeological sites. The island's infrastructure includes a well-connected airport and ferries, making the island easily accessible. Property prices are reasonable, with one-bedroom apartments starting at €75,000 and villas at €400,000.
As Greece's second largest city and largest student city, Thessaloniki offers a blend of history, resorts, museums and festivals. It has a population exceeding 800,000, and it is a UNESCO World Heritage site. Property prices are very reasonable, with one-bedroom apartments ranging from €50,000 to €70,000.
Crete is the largest Greek island with a population surpassing 600,000. Known for its stunning beaches, ancient history, and cultural heritage, Crete has excellent infrastructure, including hospitals, universities, and international airports. Real estate prices are enticing, with two-bedroom apartments averaging €100,000.
Claiming the fourth spot is the island of Corfu, enriched by Roman and Venetian influences. With a population exceeding 100,000, Corfu is impressive due its UNESCO World Heritage site, the old town of Corfu City, and a myriad of cultural attractions. The island offers affordable real estate, averaging €1,500 to €1,700 per square meter.
Athens is the capital city and cradle of ancient civilization. Home to over three million people, Athens serves as a global travel hub with a well-developed transportation network, including the only metro system in Greece. Despite the rise of Airbnbs, real estate prices in Athens remain reasonable, especially in central districts, where one can purchase a one-bedroom flat for under €2,000 per square meter. Central Athens is the best area for property investment due to its affordability compared to elite southern areas. Real estate prices, although rising, are still reasonable, offering a potential yield of six percent or more. This affordability makes it an attractive choice for investors looking for opportunities in the heart of the city.
If you're looking to invest in property only to rent it out, then looking in central Athens close to the metro lines might be a good option for you. Near the universities of central Athens, university students or working professionals usually rent an apartment for 500 euros for a two-bedroom 40sqm apartment. Neighborhoods like Kipseli, Viktoria or Ano Pattisia, you will be able to find one-bedroom apartments between 30 and 40 m2 ranging from 60k-70k EUR. Koukaki, Petralona, Kallithea, Kerameikos, Pangrati and Zografou are also affordable areas to look at with close proximity to supermarkets, parks and restaurants.
You would find more expensive apartments in Kolonaki (that go for double compared to Kipseli and Viktoria) and is considered a high-end neighborhood with proximity to government offices and foreign embassies. Exarcheia, on the other hand has recently been gentrified as a neighborhood, gaining popularity over the recent years due to its "vibrant" lifestyle and cultural hotspot. Beware that in some areas, they are heavily graffitied, and have frequent demonstrations.
Most of the buildings in the coastal area of Piraiki, Marina Zeas up to the Kastella hill are built in the 70s or 80s. This may be a good option if you're primarily looking for a fixer-upper to renovate later, but finding the owners may be a bit difficult as well as being limited to the laws around restoration of old houses. For 50 m2 one-bedroom apartments, you can expect to find homes ranging from 70-90k EUR in Piraiki and in Piraeus.
Glyfada is considered a high end area. There are many international companies that settle there, including private international schools where expat families send their children. The prices tend to be higher than most areas in central Athens. Expect to pay close to 5,000 EUR per m2.
Areas like Neos Kosmos, Daphni, Agios Ioannis and Ellinko that are towards the South on the red metro lines are considered to be safe neighborhoods, but are expensive since they are closer to the coast. These areas are beneficial to rent out because of the ease of access via the metro lines. It takes about the same amount of time to go in the center of Athens and the same to go at coastal areas.
The North of Athens is also an area to consider, but like the South, it can also be quite expensive compared to other areas in central Athens. Places like Chalandri, Marousi and Kifisia are very spacious with lots of greenery, with Kifisia being the most expensive, which generally goes to 2,500 EUR per m2. Other areas in the North include Cholargos, Filothei, Nea Ionia and Galatsi.
In summary, Greece, with its blend of history, culture, and affordability, presents enticing opportunities for real estate investment. While the allure of popular islands like Mykonos and Santorini may be beyond reach for many, destinations like Rhodes, Corfu, Crete, Thessaloniki, and Athens offer a perfect balance of charm and investment potential.
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