Greeceโs climate, quality of life and relatively low cost of living continue to attract overseas property buyers. It also remains one of the most affordable places in Europe to buy a home. From inland stone cottages to island houses near the sea, there are still ways to make your money go further if you take a strategic approach. Read your money saving tips for Greek property.
Greece’s property market offers excellent value, especially when compared to other Mediterranean countries. Prices dropped significantly during the financial crisis of the late 2000s and, although the market is steadily recovering, they havenโt bounced back to pre-crash levels in many areas. Hence for property on Corfu you’re paying on average around โฌ2,200 per square metre (m2) but on Mallorca well over โฌ4,000 per m2.
Download the Greece Buying Guide
Contents
Get a headstart saving money on Greek property with expert advice in our free How to Negotiate Abroad guide.
That means overseas buyers can often secure characterful homes at a fraction of the cost of similar properties in Spain or Italy, especially in lesser-known regions or villages slightly inland from the coast.
However, the evidence is that prices are rising now. Property in urban areas, according to the Bank of Greece, has risen by around 20% since 2022.
Affordable apartments and townhouses in Ermoupoli, Syros
Negotiating the best price
Prices in Greece are often open to negotiation, particularly if a property has been on the market for some time or requires updating. Sellers may be willing to reduce the price for serious buyers who are ready to move forward quickly. Having your finances in order and working with a local agent who understands the market can help you make a realistic offer that still represents good value.
Check out Greek properties priced below โฌ100,000
Reducing legal and agency fees
Using an independent lawyer is essential, but that doesnโt mean costs canโt be managed. Seek quotes from more than one lawyer and make sure the fee structure is transparent. Estate agency fees in Greece are often split between buyer and seller, so clarify your share of the cost before committing. Avoid overpaying by working with agents who are open about their commission structure.
Cost-effective property improvements
Buying a home that needs work can offer significant savings, but it’s important to understand the scope and costs involved. Older stone houses, for example, may need structural repairs that arenโt immediately obvious. Always commission a survey and get estimates โ in writing โ from local builders before you buy.
Could you cope with a fixer upper?
If you’re planning a renovation, use local tradespeople and source materials locally to keep costs under control. Some improvements, such as insulation, water conservation or solar panels, can also help reduce long-term running costs.
Key observations:
- Athens Metropolitan Area: The southern suburbs of Athens command the highest property prices, averaging โฌ3,895/mยฒ, reflecting their desirability and proximity to the coast. In contrast, the western suburbs are more affordable, with average prices around โฌ1,963/mยฒ.
- Greek Islands: The Aegean Islands, including popular destinations like Mykonos and Santorini, have some of the highest property prices, averaging โฌ3,329/mยฒ. The Ionian Islands, such as Corfu, also exhibit elevated prices at โฌ2,742/mยฒ.
- Mainland Regions: Central Greece and Thessaly offer more affordable property options, with average prices of โฌ1,352/mยฒ and โฌ1,246/mยฒ, respectively.
Where to save money on Greek property
While hotspots like Santorini and Mykonos command premium prices, there are many Greek islands and mainland areas where youโll get far more for your money. Consider these great-value locations:
- Peloponnese: Beautiful landscapes, ancient ruins, and plenty of stone houses in need of renovation.
- Crete (Inland villages): Head away from the tourist resorts and you’ll find traditional homes at reasonable prices.
- Epirus (northwest mainland): One of Greece’s hidden gems, with green mountains and charming villages.
- Thassos or Evia: Less touristy islands that still offer the Greek island experience, minus the hefty price tag.
- Central Greece: Quiet, inland towns with authentic charm and prices well below coastal averages.
Average property prices across Greece
To help you compare value across the country, here are the average prices per square metre in different parts of Greece:
| Region or city | Average price (โฌ/mยฒ) |
|---|---|
| Athens Centre | โฌ2,250 |
| Athens South Suburbs | โฌ3,895 |
| Athens North Suburbs | โฌ3,167 |
| Athens West Suburbs | โฌ1,963 |
| Thessaloniki | โฌ2,452 |
| Piraeus | โฌ2,513 |
| Corfu | โฌ2,167 |
| Crete (Heraklion) | โฌ1,625 |
| Crete (Chania) | โฌ2,545 |
| Chalkidiki | โฌ2,500 |
| Aegean Islands | โฌ3,329 |
| Ionian Islands | โฌ2,742 |
| Peloponnese | โฌ1,647 |
| Central Greece | โฌ1,352 |
| Epirus | โฌ1,558 |
| Thrace | โฌ1,395 |
| Macedonia | โฌ1,816 |
| Thessaly | โฌ1,246 |
These averages offer a broad overview. Prices will vary depending on the location, condition and exact specification of each property. Itโs worth working with a local agent who can provide current insights for the specific areas you are considering.
Check out Greek properties priced below โฌ250,000
Managing your currency exchange
If you’re buying with pounds and the property is priced in euros, fluctuations in the exchange rate can have a significant impact on your budget. A small shift in the rate could increase your costs by thousands. Smart Currency Exchange can help you manage this risk by locking in a rate or scheduling transfers when rates are favourable. Speaking to a currency specialist early in your planning process can give you more control and peace of mind.
Another money saving tip for Greek property, protect your budget from exchange rate risks and move with confidence. Download The Property Buyerโs Guide to Currency from our trusted partner, Smart Currency Exchange.
FAQs about buying property in Greece
Some of the main pitfalls include unclear property titles, unexpected renovation costs and delays in the legal process. Itโs essential to use an independent lawyer who can carry out thorough due diligence, ensure there are no outstanding debts on the property and confirm building permissions. Without this, you risk expensive complications later.
Yes, Greek property can be a solid investment, particularly in areas with strong tourism demand. Rental yields are often attractive on popular islands, while inland regions and less touristy islands still offer opportunities for long-term capital growth. As Greeceโs market continues to recover, well-chosen properties have good potential for appreciation.
Less touristy islands such as Thassos, Evia and Lefkada tend to be more affordable. These locations provide authentic Greek living at lower prices compared to hotspots like Mykonos or Santorini. Theyโre especially appealing if youโre looking for value and a quieter pace of life.
Sources
Data from:
