Greece is traditionally a popular country for foreign investors. They are interested in buying apartments or villas here. There are options at the construction stage and on the secondary market. The peculiarity of Greece is that there is a large number of flats and villas after renovation (especially in Athens). It is worth considering in detail where it is better to buy property in Greece, what is its profitability, what are the prospects in a particular region and how easy it is to make a deal.
Property in Greece - General Trends
For a long time, the Greek economy was in a difficult state, the country was on the verge of default. Recently, the situation is getting better and the Greek government is optimistic about the future.
Throughout time, property values in Greece have been rising, regardless of the economic situation. However, during the crisis, the growth was much lower. There was a shortage of new flats and villas.
Today there are enough properties on the market to meet the needs of foreign investors. There is housing under construction and on the secondary market. Moreover, there is a lot of housing in Greece after renovation. Renovation implies major repairs. That is, only the walls remain. The floor, windows, plumbing, electrics and many other things are to be replaced. Within the framework of renovation, it is necessary to strengthen and repair the foundation of the building. Thus, the objects that have undergone renovation are practically as good as new buildings.
Important. Given the peculiarities of the Greek legislation, it is difficult for construction companies to obtain land for the construction of a new residential complex. In this regard, developers specialize mainly in renovation. This is especially true on the islands, where free land is in short supply.
Where to Buy Apartments and Villas in Greece - The Best Places to Buy
Property in Greece can be a profitable investment due to the following circumstances:
- obtaining a residence permit and in the future Greek citizenship;
- the possibility of renting out the property for additional income;
- the value of real estate is constantly growing; annual returns can exceed 10% in some regions;
- using the property for your own holiday.
A house in Greece is easy to resell, if it is bought in a tourist region. That is, if you urgently need money, it will not be difficult to return the investment.
Important. If you plan to buy a house in Greece for investment purposes, you need to take into account the tourist attractiveness of the region. Renting a house brings a good income.
Houses in Athens
Athens offers mainly old housing stock. There is a large number of properties after renovation, so the investor can choose a suitable option for himself. On the outskirts of Athens, there are quite a few modern residential complexes that meet modern construction standards. Here is what the city offers to foreign investors:
- Land plots for commercial or residential construction. This is a good option for investors with a limited budget. You can buy the land and start building on it when the money becomes available. Another option is to wait for the price of the property to rise and then sell it. It is important to realise that the value of land plots grows more slowly. Their average yield is 4% per year. It is necessary to take into account the area, remoteness from the sea, infrastructure facilities and other factors. Prices for land start from 100 000 euros.
- Apartments in Athens are in demand because they have a relatively small price. They are easy to rent and resell if necessary. You can buy a flat in Athens from the developer or from a private person. It is recommended to pay attention to objects after renovation or in new buildings. Prices start from 60 000 euros, but such flats are sold quickly. It is more realistic to find an object from 80 000 euros in good or excellent condition. The annual yield reaches 10%.
- Villas in Athens are in demand among investors because they are liquid objects. Moreover, it is better to buy luxury homes, as their value grows faster during the year. Not necessarily the villa will be located near the sea, most of them are located on the outskirts of the city. For example, there is a luxury village adjacent to the Athens metropolis, Glyfada. This is where the elite houses are located, which belong to investors from around the world. The cost of villas starts from 200 000 euros. Economy class houses bring a return of no more than 8% per year, and elite up to 14%.
Important. Investors can get a residence permit, and then citizenship of the country when buying property. However, the conditions of the Golden Visa programme change from time to time, so it is better to check the current information with our manager in any way convenient for you.
Property in Halkidiki
Halkidiki is a developed city that is popular with tourists. Many of them do not want to live in a hotel, so they rent accommodation for the duration of their holiday. in this regard, investors who rent out villas and flats can make a good profit. The average yield of properties in Halkidiki reaches 21% per year.
You can buy:
- Villas that have already been built, have undergone renovation or are just under construction. Many houses are equipped with an autonomous heating system and have solar panels. A big plus is the presence of your own fruit garden. Buy a villa in good condition in Halkidiki can be from 500 000 euros.
- Apartments in Halkidiki are a budget way to invest in property. Here it is important that the apartment complex had its own swimming pool and nearby was all the necessary infrastructure for life, so that the housing can be rented out daily or for a long period. The cost of apartments in Halkidiki starts from 75 000 euros, but objects with good repair cost from 120 000 euros.
- Plots of land in Halkidiki cost from 50 000 euros. However, it is difficult to find a large plot of land to build a large-scale commercial facility. Mostly on the market land for the construction of individual residential houses.
Buy property in Halkidiki is very profitable, because every year a large number of tourists come here. The growth of property values in this region is higher than in many others.
Villas and Apartments in Thessaloniki
Thessaloniki is another tourist region that is close to Halkidiki. Here is what you can buy here:
1. Luxury villas for your own holiday or to rent out. Many of them are close to the sea. Their cost starts from 500,000 euros. You can find a lot of options under construction. Then the price will be about 25% lower and increases after the commissioning of the object.
2. Apartments in Thessaloniki are usually bought to rent them out to tourists. There are quite a few options from 60 000 euros. You can find flats after renovation and in new buildings.
The annual yield in Thessaloniki is about the same level as in Halkidiki.
Property on the Islands
Property on the islands is a great opportunity to invest for income. The price of villas and flats here grows by 12%-15% per year. The most promising for investment are considered to be Rhodes, Crete and Corfu.
Contact our manager to get a selection of properties tailored to your wishes and financial possibilities. he is ready to answer your questions and help you with the transaction in accordance with the requirements of the Greek legislation.
How to Buy Property in Greece
The Greek government has become active in the property sector to make transactions more transparent. Until 1 January 2024, real estate transactions were often conducted in cash. As a result, the value of the property was understated to save on taxes. Now, for all transactions with a value of more than 500,000 euros, the use of cash is prohibited. If such a form of payment is used, the contract will be considered null and void and the transaction will be cancelled.
Important. Fines of 10% of the amount paid in cash, but not less than €10,000, will be imposed for breach of this legal requirement. There are also fines for failure to report data (receipts and sale documents) through the Independent Public Revenue Authority platform.
If a foreign investor wants to buy a house in Greece, it is better to use only the cashless form of payment to protect themselves. This is relevant for any transaction, regardless of the amount. Here is how buying a property in Greece works:
- selection of the object;
- conclusion of a preliminary contract;
- transfer of the deposit;
- verification of the object by lawyers, preparation of documents for sale;
- signing the final contract;
- making mutual settlements;
- registration of the transaction with the state authorities.
It is important to pay all taxes related to the purchase of property in Greece within the established deadlines.
