GREECE

Buying property in Greece

Where to Invest in Greece for Year-Round Returns
Discover the top destinations in Greece for retirement, rentals, or remote working.
If you’re looking for a place with consistently warm weather, Greece is hard to beat. With average temperatures above 68°F (20°C) from May through October, it’s a great destination to enjoy sunny days almost year-round. Visiting outside peak tourist season means fewer crowds, while still offering plenty of opportunities for activities like cycling and golf.

The National Bank of Greece predicts that last year's record-breaking tourism figures will be surpassed again this year, although popular spots like Mykonos and Santorini have seen a decline due to rising prices and overcrowding. Additionally, some regions like Rhodes and northeastern Greece have faced challenges with forest fires, while areas like Skiathos and central Greece have experienced flooding.
According to Dion Gavriilidis of Elxis, a Greek estate agency, Crete and Corfu are currently the most popular choices for British property buyers, but there are many other fantastic options depending on what you're looking for.

Best for Retirement
If you're considering retiring in Greece, Crete is an excellent choice. Retirees typically prioritize access to healthcare, convenient amenities, and an outdoor lifestyle in a warm climate. Crete, Greece’s largest island, ticks all these boxes.

Crete has the best flight connections to the rest of Europe, a large international community that blends well with the locals and is relatively affordable—you can buy a detached villa with a pool for less than €250,000 (£217,000).

The north coast of Crete, particularly around Heraklion, offers extensive amenities, and the upcoming Kasteli International Airport will further improve access. Crete’s Mediterranean lifestyle, lower cost of living, and strong infrastructure are drawing more people to spend extended periods on the island, especially with the rise of remote working.

For those looking for a more luxurious option, the Elounda Hills resort on the northeast coast offers one-bedroom Hilltop Residences from €495,000 and three-bedroom villas from €1.8 million. This sustainably designed development also includes a marina and offers a healthy Mediterranean lifestyle.

Best for Airbnb Rentals
Milos, the southwestern most island of the Cyclades, is perfect for those looking to invest in Airbnb rentals. Known for its 80 beaches and unique volcanic landscapes, Milos is a quieter alternative to more crowded islands.

It’s incredibly beautiful, calm, and not overcrowded. The island has maintained its serene charm, but the arrival of luxury hotel brands like Andronis signals its rising status.

Milos has the highest occupancy rate of all Greek islands over the past 12 months, with 72% of available nights booked, surpassing even Santorini and Skiathos. Most of the listings in Milos are one- or two-bedroom flats, making it a strong option for those seeking rental income. You can find a two-bedroom house in need of renovation for around €150,000.

Best for Sporting Enthusiasts
For those who love sports, Costa Navarino in the southwest Peloponnese offers world-class facilities. Located near Pylos and 45 minutes from Kalamata airport, this area features five-star hotels, three golf courses, and a variety of outdoor activities ranging from NBA basketball coaching to cycling and rock climbing.

Properties in Costa Navarino are available from €770,000 for a three-bedroom apartment, while two-bedroom villas start at €1.4 million. For those interested in renovation projects, the surrounding area of Messinia offers stone houses for as little as €120,000.

Best for Investment
Historically, buying property in Greece has been more about lifestyle than returns, but that’s starting to change. Greece’s economy has strengthened, and it recently regained its investment-grade status.

Athens, once the most affordable capital in Europe, has seen property prices rise steadily since 2018. The city is attracting a wave of international investors, particularly in the new sustainable “smart city” of The Ellinikon, being developed on the old Athens international airport site. The project will feature a marina, shopping mall, and 9,000 new homes, with current prices starting at €450,000 for a one-bedroom apartment.

Best for Remote Workers
For digital nomads, Crete stands out with its reliable internet, good flight connections, and vibrant community, especially in the northwest city of Chania. However, Thessaloniki and Athens are also popular choices.

In Athens, areas like Koukaki, Kypseli, and Pagrati are particularly trendy. “These areas offer affordable accommodation and cafés where you can comfortably work for hours,” says Katie Silcox, managing editor of Citizen Femme. You can find a large two-bedroom apartment in Koukaki for €500,000 or a two-bedroom flat in Kypseli for €135,000.

Greek Property Must-Knows
• Visas: Options include the Golden Visa (with a property purchase of €250,000 or €500,000 depending on the area), a long-stay National ‘D’ Visa, or the digital nomad visa.
• Purchase Costs: Allow for about 10% in purchase costs for resale properties. The purchase process typically takes two to three months.
• Personal Tax: A tax number (AFM) is required to buy a property. This can be obtained for free from the tax authorities.
• Mortgages: Greek banks, like Eurobank, are now offering mortgages to non-residents. Annual loan costs should not exceed 35% of your yearly gross income.
• Property Tax: An annual property tax is payable and is calculated based on the size and location of the property, typically €3-€4 per square meter for holiday homes.

Whether you’re retiring, investing, or looking for a remote working base, Greece offers a range of options to suit different needs and lifestyles.