Affordability of Greek real estate keeps drawing investors
A key factor driving investor interest from foreign buyers in Greek real estate remains the affordability of homes.
Real estate prices in the country may have recovered from the lows seen during the economic crisis but remain well behind levels seen in other European countries.
Industry experts estimate that prices in Greece are roughly 20–30 percent below those seen in many parts of Europe – but let’s take a closer look at the numbers.
Figures from data collector Numbeo.com show that Athens ranks 96th among 142 cities in a list comparing the price of apartments located close to the city center.
In the Greek capital, apartments are priced at €3,870 per sq/m, versus €7,166 per sq/m in Lisbon, €6,683 per sq/m in Split, Croatia, and €5,727 per sq/m in Verona, Italy.
In the northern Greek city of Thessaloniki, an apartment costs €3,768 per sq/m, according to Numbeo.com.
Ranked at the top of the list are Swiss cities (Zurich, Geneva, Lausanne), followed by London and Paris.
In the rest of Athens
A closer look at different parts of the Greek capital shows that prices once again vary. In the northern suburbs, homes cost €3,323 per sq/m in the third quarter of the year, €2,154 per sq/m in the western suburbs, and €2,316 per sq/m in the eastern districts.
Looking towards the southern beach areas — in suburbs such as Glyfada and Voula — prices are higher, at €4,091 per sq/m.
Of course, significant price deviations can be found depending on the age and condition of the property (renovated vs. older buildings), as well as special characteristics such as sea view, additional equipment, proximity to metro stations or major developments, and future redevelopment potential.
The attractive prices make real estate investments more appealing to those participating in Greece’s Golden Visa program. At Varnavas Law Firm, we have more than 45 years of experience helping non-EU residents navigate the residence permit process.
With the support of our asset management arm, our customer-focused approach has won the trust of 1,000+ families from around 50 countries.
Returns and capital gains
Price is one side of the equation for buyers: solid annual returns and the prospect of booking capital gains are the other.
Industry data show that annual yields on apartments in Greece are around 5%. The return on smaller apartments (up to 75 square meters) in Athens is even higher – climbing up to 7% – in a trend that reflects relatively low acquisition costs and strong rental demand.
The market’s upward trajectory also hints that more upside is on the cards for homeowners in Greece. The latest data from the Bank of Greece show that residential property prices advanced more than 7 percent in the second quarter of the year, amidst signs of a fresh pickup in demand.
This comes after gains of 7 percent were recorded in the first quarter and 7.1 percent in the last three months of 2024.
Please contact our team for any inquiries about the Greek Golden Visa and how you can start your process.
