Dreaming of owning a home in Greece without spending a fortune? With the right research and strategy, you can still find property gems for €50,000 – sometimes even less!
Looking for an affordable home in Greece doesn’t mean compromising on lifestyle. Whether you’re hoping to retire, invest in a holiday let or make a permanent move, there are still plenty of places where you can get a lot of property for your money. From under-the-radar islands to fixer-uppers and smart off-plan buys, we explore how to find low-cost property in Greece and what you need to know to make it happen.
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Contents
- Where to look for affordable property in Greece
- Fixer-uppers and renovation projects
- Buying off-plan: low price, high risk?
- When’s the best time to buy?
- Negotiating like a local
- Additional costs to factor in
Where to look for affordable property in Greece
If you have less than €250,000 to spend, some of Greece’s most recognisable islands will be out of budget. However, step away from the hotspots and you’ll find prices drop significantly. Mykonos, for example, averages around €8,000 per square metre, but prices fall sharply in the Sporades, Dodecanese and North Aegean islands.
| Region | Average price per m² | Notes |
|---|---|---|
| Sporades | €2,250 | Includes Skiathos and Skopelos |
| Dodecanese | €1,844 | Rhodes and Kos are most popular |
| North Aegean | €1,000 | Best value among island groups |
On the mainland, Central Greece offers excellent value, with both inland and coastal options. Even in parts of Athens, you can still find a basic apartment for around €100,000.
The biggest savings come when you’re willing to live slightly inland. Homes just a short drive or walk from the beach are dramatically cheaper than beachfront properties. An extra 30 minutes can cut your costs in half.
Rhodes is a popular place to find affordable property
Fixer-uppers and renovation projects
Greece is full of traditional stone houses with renovation potential. Many sit in prime locations but need serious TLC. If you’ve got the time and skills – or are happy hiring help – a fixer-upper could unlock incredible value.
While locals may favour new builds, overseas buyers are often drawn to the charm of old village homes. Renovated traditional houses can perform well on the holiday rental market and are appealing for resale, too.
Do factor in costs carefully, though. A building survey is essential to assess structural condition and potential expenses. Always consult a qualified property lawyer to confirm what’s legally allowed with your renovation plans.
Buying off-plan: low price, high risk?
Off-plan properties – where you buy before the home is built – are another way to reduce upfront costs. Developers usually offer attractive prices to secure early buyers.
However, the risks include construction delays and the chance the finished property won’t match your expectations. Always verify the developer’s track record and ensure your deposit is protected by a bank guarantee.
When’s the best time to buy?
The Greek market tends to slow in high summer and during the winter off-season. These periods – especially from November to February – can be ideal for making offers. Sellers may be eager to close before facing another year of marketing or maintenance without rental income.
Check whether you’re buying in a buyer’s or seller’s market. Research recent sales trends, price averages and how long properties are staying on the market. This data can give you a stronger position when making offers.
Negotiating like a local
Negotiation is expected in the Greek property market. Agents may suggest offers of 5-10% below asking, depending on the property and how long it’s been listed.
Use local comparables to justify your offer. Greek property portals can help you find asking prices and recent sales nearby. Armed with this insight, you’ll avoid overpaying – and might just land a bargain.
Additional costs to factor in
In Greece, purchase costs typically amount to around 10% of the property price. Here’s a breakdown:
| Expense | Typical Rate |
|---|---|
| Property transfer tax | 3.09% |
| Notary fees | 2% |
| Land registry fees | 0.5% |
| Legal fees | 2% |
| Estate agent fees | 2-4% |
While it’s tempting to save money by skipping professional support, not hiring a lawyer could cost you far more in the long run. Legal checks are essential, especially for older or rural homes where land ownership records may be outdated or unclear.
Speak to a Greek property expert
Final thoughts
Affordable Greek homes are still out there – but you’ll need to be proactive, flexible and well-informed. Whether you’re drawn to an off-the-beaten-path island, a village renovation or a smart off-plan investment, doing your homework can help you secure the dream without breaking the bank.
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