Pros of Buying a Property in Greece

• GREAT REAL ESTATE MARKET CONDITIONS

In recent times, the property market in Greece has been performing quite well and there’s a lot of demand, especially from foreign investors who have been attracted by the Golden Visa Program. Additionally, economic growth and improved stability coupled with a demographic increase have boosted the housing market demand.

While property prices in Europe have been on the rise, they still remain relatively affordable as you can find plenty of budget-friendly options in Greece. For instance, the average house price in Greece is currently around €2,408 per sq.m. 

• SOLID RENTAL MARKET & GOOD RENTAL YIELDS

The rental market in Greece is strong and the demand has been steadily increasing. This market demand is particularly influenced by the strong tourist market, bringing high occupancy rates, a nice passive income, and good rental yields to investors. In fact, the average rental yield in Greece stands between 5% and 8%, where the top tourist areas are the most profitable areas.

Moreover, this economic activity contributed 1.65% to GDP in 2022 according to a research report presented at the Prodexpo Real Estate Conference.

• ROBUST ECONOMIC GROWTH

Greece is one of the top Europe’s fastest-growing economies! Despite the challenges posed by the COVID-19 crisis, the country has been experiencing a solid recovery, leading to significant growth in employment opportunities! Its real GDP grew 2.2% this year and is projected to grow by 1.9% in 2024 according to the OECD economic outlook.

Cons of Buying a Property in Greece

Aside from the pros of buying an investment property in Greece, let’s discuss some cons so you can know what to expect when investing and living in this country. It’s always better to look at the two sides of each coin to properly set your expectations!

• SEASONALITY

In most popular tourist destinations in Greece, such as the islands, the rental demand is high, yet it comes with a major downside: seasonality. There’s a high demand for rentals during the summer months, slowing down during the winter season (November – March). Of course, there is still the possibility of getting your properties booked, however, keep in mind that there’s a high chance for the listings to sit vacant during these months. 

• BUREAUCRACY

Purchasing property in Greece can be a dream come true but it comes with a time-consuming, costly, and bureaucratic process. This involves an extensive amount of paperwork and large legal procedures. So it’s better to be mentally prepared!

And while under Greek law, foreign investors are not obligated to be represented by lawyers when buying a property, it’s recommended to designate one to avoid any major legal issues. Lawyers will help you to coordinate and plan the specific actions!

Is Airbnb legal in Greece?

Understanding the key metrics of Airbnb is crucial, but it’s equally essential to be aware of the legal aspects of being an Airbnb host in your target market. Having said that, in Greece, it is legal to operate a rental or Airbnb listing. Yet, it’s important to note that hosts must register the property in the “Register of Short-Term Property Lets”.

Find out more about Airbnb’s legality in Greece through our STR regulations guide!

Greece Property Investment Visa: Buying a Property as a Foreigner

Many of us harbor the dream of owning property in Greece, so to make our wishes come true, we like to explore diverse possibilities to achieve this. The great news is that Greece offers residency visa programs for foreign investors who meet certain requirements! Broadly speaking, there are no major restrictions when it comes to purchasing a house. But we must mention that EU citizens or residents have a notable advantage in the process.

Some documents that you must have before buying a property in Greece:

• A passport
• Tax Registry Number (AFM)
• Greek visa (for non-EU residents)
• Residence proof
• Copy of annual tax returns
• Government-issued ID proofs
• Proof of obtaining health insurance in Greece

One of the most sought-after programs in Greece for non-EU citizens is the Golden Visa Program, which is a residence-by-investment visa. This visa is provided to non-EU residents who contribute over €250,000 to the Greek economy and commonly it takes around 2 months to be issued.

You can find which documentation is necessary for the Golden Visa here.

Where to Invest in Greece: Prime Locations for Short-Term Rentals