The real estate market in Greece has become one of the most promising in Europe, attracting global attention for its combination of affordability, lifestyle benefits, and strong investment potential. Known for its sun-drenched islands, historic cities, and warm Mediterranean lifestyle, Greece is not just a travel destination but also an investor’s paradise.
For beginners, however, navigating the property market may feel challenging. This guide by Roots Realty is designed to provide newcomers with clear insights and practical steps to enter the Greek real estate market with confidence.
Why Greece is an Attractive Market
Over the last decade, Greece has transformed into one of Europe’s fastest-growing property markets. The appeal lies in both its affordability and its potential for long-term value.
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Affordable Prices: Compared to Spain, Italy, and France, Greek properties are often 30–50% cheaper, making them highly accessible for first-time buyers.
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High Tourism Demand: Millions of tourists visit annually, ensuring consistent demand for vacation rentals.
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Golden Visa Program: With an investment of €250,000 in real estate, non-EU investors can gain residency and visa-free travel across the Schengen Zone.
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Growing Economy: As Greece’s economy stabilizes, its property sector has witnessed steady recovery and upward growth.
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Lifestyle Appeal: The climate, culture, and cuisine make property ownership in Greece a lifestyle upgrade as well as an investment.
For beginners, this mix of affordability and opportunity makes Greece an ideal starting point for real estate investment.
Understanding the Types of Properties Available
The Greek real estate market is diverse, offering something for every investor. Beginners should be aware of the options:
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Urban Apartments: Located in cities like Athens and Thessaloniki, ideal for long-term rentals or short-term Airbnb income.
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Holiday Villas: Popular in islands such as Crete, Santorini, and Rhodes, with high rental potential during tourist season.
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Traditional Homes: Village houses or stone homes that can be renovated affordably for personal use or resale.
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Seafront Properties: Highly desirable, though often more expensive, they offer excellent long-term appreciation.
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Plots of Land: Affordable and flexible, allowing investors to build according to their vision.
Knowing what type of property aligns with your goals is the first step toward a successful investment.
Best Locations for Beginners
Location is key when it comes to property investment. Greece offers a wide range of areas, each with unique advantages.
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Athens: The capital is booming with affordable apartments and strong rental demand from tourists, students, and digital nomads.
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Thessaloniki: Known as Greece’s cultural capital, it offers lower prices than Athens and excellent rental demand.
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Crete: A balanced option for beginners, offering both lifestyle appeal and affordable properties in smaller towns.
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Rhodes: Long tourist seasons make this island perfect for vacation rentals.
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Corfu: A well-established expat hub with stable property values and steady demand.
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Peloponnese: Affordable and growing in popularity, ideal for those who want long-term value and lifestyle.
For first-time buyers, starting with cities like Athens or Thessaloniki may be easier due to affordability and steady demand, while islands are perfect for those looking at vacation rental income.
Steps to Start Investing in Greece
1. Define Your Investment Goals
Are you buying for personal use, rental income, or long-term capital appreciation? Clarifying your goals helps narrow down the right property type and location.
2. Set a Realistic Budget
Properties in Greece range from under €100,000 in smaller towns to multimillion-euro luxury villas. Factor in additional costs like legal fees, notary charges, and taxes (around 10–15% of property price).
3. Get a Greek Tax Number (AFM)
This is essential for any property purchase. Without an AFM, you cannot legally buy property in Greece.
4. Open a Local Bank Account
Most transactions must go through a Greek bank account, ensuring transparency and compliance with regulations.
5. Work with Professionals
Hire a local real estate agent, lawyer, and notary to ensure a smooth and safe transaction. A lawyer will check ownership rights, debts, and ensure the property is legally sound.
6. Sign the Contract
Once due diligence is complete, a notary prepares the final contract. Upon signing and payment, the property is officially yours.
7. Register the Property
The last step is registering your ownership at the Land Registry or Cadastre to secure your legal rights.
Understanding the Golden Visa
For non-EU investors, the Greek Golden Visa is one of the biggest attractions. By investing €250,000 or more in real estate, you and your family can obtain residency.
Key benefits include:
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Residency rights for you and immediate family members.
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Visa-free travel within the Schengen Zone.
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No minimum stay requirement to maintain residency.
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Potential pathway to citizenship after several years.
For beginners, this program not only secures investment returns but also adds long-term lifestyle and mobility benefits.
Rental Income Potential
One of the most exciting parts of investing in Greek real estate is the rental income potential.
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Short-Term Rentals: Platforms like Airbnb are highly profitable in tourist hotspots such as Athens, Santorini, and Crete.
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Long-Term Rentals: Cities with student populations and expats like Thessaloniki and Athens provide steady income year-round.
Before renting, investors should register with Greek tax authorities and comply with regulations. Many investors also hire property management companies to handle day-to-day operations.
Taxes and Costs to Keep in Mind
Beginners often overlook additional expenses, but knowing them upfront ensures better planning:
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Property Transfer Tax: Usually around 3% of the property’s value.
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Notary & Legal Fees: Typically 1–2% of the property value.
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Annual Property Tax (ENFIA): Based on size and location of property.
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Rental Income Tax: Progressive rates apply depending on income levels.
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Capital Gains Tax: May apply when selling property for profit.
Common Mistakes Beginners Should Avoid
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Skipping Due Diligence: Always ensure the property is legally clear of debts and disputes.
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Ignoring Location Research: Not all areas have equal rental demand. Choose carefully.
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Underestimating Costs: Always budget 10–15% extra for taxes and fees.
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Not Planning Long-Term: Quick profits are rare; focus on sustainable returns.
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Going Without Expert Help: Always work with local professionals to avoid legal or financial complications.
Long-Term Value of Greek Real Estate
While short-term rental income is attractive, the true value of Greek real estate lies in long-term appreciation. With ongoing infrastructure improvements, growing foreign investment, and a booming tourism sector, property values in Greece are expected to rise steadily in the coming years.
For beginners, investing now means buying at affordable prices before values increase further.
Wrap Up
The Greece real estate market offers an exciting entry point for beginners. With affordable property prices, a growing economy, and strong tourism-driven rental demand, the opportunities are vast. Whether you’re looking for a holiday home, steady rental income, or long-term capital growth, Greece delivers on all fronts.
The key for first-time investors is to plan carefully, set clear goals, and work with trusted local experts. By doing so, you can step confidently into the Greek property market and enjoy not only financial returns but also the incredible lifestyle that comes with owning property in one of the world’s most beautiful countries.