With its rising house prices and a thriving tourism market, Greece has become one of Europe’s top destinations for property investors. If you’re looking to capitalise on the momentum, here’s what you need to know.
After years of muted growth following the 2015 debt crisis, Greece’s property market has strengthened since the pandemic, putting Greece firmly back onto the map for international investors.
With the country’s economy growing, construction surging and new infrastructure projects on the way, now an opportune moment to invest in Greek property. Here’s how to invest confidently – and make it work for your long-term goals
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Contents
- Why invest in Greece?
- Building a smart investment strategy
- Understanding the Greek property market
- The infrastructure boom and what it means for investors
- Golden visa: residency through investment
- Short-term rentals: what you need to know
- How to get started
Why invest in Greece?
Tourism is Greece’s calling card. With over 30 million high-spending visitors arriving annually, demand for quality accommodation remains strong. And with urban house prices rising more than 7% year-on-year in the last quarter of 2024, capital growth is firmly back on the table. Despite this, Greek property remains more affordable than in Spain, Portugal, the UK and the US.
Building a smart investment strategy
If you’re hoping to build a profitable Greek property portfolio, here’s what you’ll want to focus on:
| Step | What to consider | Why it matters |
|---|---|---|
| Market research | Compare property types and yields in key regions | Identifies the best areas for rental income or capital growth |
| Set your budget | Include legal, tax, renovation and management costs | Helps avoid unexpected expenses |
| Get legal advice | Use an independent Greek lawyer | Essential for staying compliant, especially with rental rules |
| Diversify | Consider buying across different regions or property types | Spreads risk across your portfolio |
| Review regularly | Monitor performance and adjust strategy | Keeps you aligned with long-term goals |
Understanding the Greek property market
Greek property is more affordable than many other places in Europe
Surging international demand has breathed new life into Greece’s property market. In 2023, international buyers accounted for around 80-85% of all transactions, with total foreign investment reaching €3bn – a record high. Despite rising prices, there are still pockets of excellent value across the mainland and islands.
The infrastructure boom and what it means for investors
Major developments are fuelling optimism. A new international airport is underway in Crete, 11 national road projects are in motion and Ellinikon – a 650-acre luxury coastal complex near Athens – is bringing high-end homes, shops and a marina to the area. All of this boosts regional demand, making surrounding areas more appealing to investors.
Golden visa: residency through investment
Greece’s golden visa programme offers five-year residency to non-EU nationals who invest in property. The rules vary by region:
- €800,000 minimum in popular locations: Attica (Athens), Thessaloniki, Mykonos, Santorini, and islands with over 3,100 residents.
- €400,000 minimum for all other areas.
- In specific restoration cases, the threshold may drop to €250,000.
This programme is popular with buyers from the UK, US, China and Israel, offering both lifestyle benefits and visa-free access across the Schengen Area. Rules can and do change, so always check with your lawyer before proceeding.
Short-term rentals: what you need to know
The Airbnb boom in Greece, especially in Crete and the Cyclades, has made short-term rentals highly profitable. From 2019 to 2023, average nightly prices jumped by 57% – from €122 to €191. However, you’ll need to comply with strict rules:
- Renting one or two properties requires a small accommodation fee (€1.50 per booking).
- Renting three or more is treated as a business: you’ll need to pay 13% VAT and taxes and fees that hotels pay.
- Stays over 30 days can’t be listed on platforms like Airbnb – these are classified as long-term rentals.
- Your property will need an EOT licence (covering room size, pool safety, etc.)
It’s also worth noting that the Greek government has been cracking down on Airbnb and other short-term rental platforms recently to free up housing for locals. From 1st January 2025, no new licences will be issued for short-term lets in three key districts of Athens and Greece’s tax authority is stepping up enforcement against undeclared rental income, with data audits and heavy fines for non-compliance. New rules are also being introduced to ensure quality and sustainability in the sector, including restrictions on the types of buildings eligible for holiday letting.
Rental income tax rates
- Up to €12,000: 15%
- €12,001-€35,000: 35%
- Over €35,000: 45%
How to get started
Start by speaking to an independent advisor who knows the Greek market. Work with a bilingual lawyer, research your chosen location thoroughly and explore mortgage options early if you need financing. Once your plans are clear, you can arrange virtual viewings and even make an offer remotely.
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