Greece is one of the best places to buy property in Europe, offering a wealth of opportunities for investors seeking high returns and long-term growth.

With a diverse range of investment locations, from the bustling capital of Athens to the luxurious islands of Mykonos and Santorini, Greece’s real estate market is thriving.

This article explores the best places to buy property in Greece, providing detailed insights into property prices, rental yields, and market trends, helping investors make informed decisions in this growing Mediterranean market.

Athens

Athens isn’t just the birthplace of democracy and philosophy; it’s also becoming a top investment hotspot for real estate. The Greek capital has been experiencing a steady property price increase, driven by a combination of local demand, increased tourism, and a growing number of foreign investors, making it the best place to buy property in Greece.

Athens offers a unique combination of historical charm and modern urban living.

Neighborhoods like Plaka, Kolonaki, and Koukaki provide investors with high-demand rental properties, especially among tourists and short-term rental markets.

With the city hosting numerous historic sites like the Acropolis and boasting modern infrastructure such as the newly renovated metro system, it’s a cultural and economic hub.

As of November 2024, property prices in the capital vary significantly depending on the area, but the average price per square meter in central Athens stands at €3,500 to €4,500.

In more upscale areas like Kolonaki and the Northern Suburbs (Kifisia and Maroussi), the prices can reach as high as €6,000 per square meter.

The rental market in Athens remains strong, with short-term rentals seeing particularly high demand. Average rental yields in central Athens range from 4% to 6% depending on the area and type of property. Popular tourist areas tend to yield even higher returns, making Athens an excellent choice for investors targeting the Airbnb market.

Non-EU investors find Athens appealing due to several advantages. The Golden Visa program, drawing more than €1 billion in investments, offers residency to those who buy property.

Athens’ vast transport network, international schools, and dynamic social scene make it desirable. Additionally, the real estate transfer tax is low at 3%, with reasonable agency, notary, and lawyer fees.

These factors make Athens, especially central neighborhoods, highly attractive to expats and investors alike.

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Thessaloniki

Thessaloniki, often referred to as the “co-capital” of Greece, is the country’s second-largest city and a thriving cultural and economic hub. Known for its vibrant student population, historic architecture, and buzzing nightlife, Thessaloniki has been steadily gaining traction in the real estate market.

Its strategic location, bordering the Balkans and the Mediterranean, makes it a key player in international commerce and an attractive investment option.

Thessaloniki’s real estate market has experienced significant growth in recent years, particularly in the city center. Its dynamic lifestyle, coupled with a rapidly developing tech and startup ecosystem, makes it attractive to both domestic and foreign investors.

The city is home to many universities, further boosting the demand for rental properties. Additionally, Thessaloniki’s expanding infrastructure, such as its port and the metro system currently under construction, continues to enhance its appeal.

For investors, Thessaloniki offers a blend of affordable prices and high rental demand. While not as pricey as Athens, the potential for appreciation is strong, especially in up-and-coming neighborhoods such as Vardaris and Ano Poli.

According to recent data (November 2024), the average price per square meter in Thessaloniki stands at €2,140, with prices ranging between €1,039 and €2,456 depending on the neighborhood.

In the city’s central municipality, prices are at the higher end, averaging €2,456 per square meter, while the suburbs tend to be more affordable at €1,858 per square meter.

If you’re looking for bargains, the outskirts or “Rest of Prefecture” areas can be as low as €1,039 per square meter, offering potential for future appreciation.

The rental market in Thessaloniki is thriving, especially with the influx of students and young professionals. Average rental prices in the city stand at €8.46 per square meter, with the highest rents found in the central municipality at €9.04 per square meter.

For more budget-friendly options, the suburbs offer rents around €7.12 per square meter, while the outskirts of the city provide even lower rental costs at around €4.45 per square meter.

Thessaloniki’s rental yields are competitive, typically ranging between 5% and 7%, making it an attractive option for buy-to-let investors. Given the city’s high demand for both long-term and short-term rentals, particularly from the student population, it’s a reliable market for those looking to maximize their rental income.

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Crete

Crete, Greece’s largest island, is not just famous for its beaches, picturesque towns, and ancient ruins—it’s also a burgeoning real estate investment hub.

From the bustling cities of Heraklion and Chania to charming coastal villages, Crete offers a diverse range of investment opportunities. Its unique blend of natural beauty and modern conveniences makes it an attractive destination for both vacation home buyers and long-term investors.

Crete’s property market is fueled by the island’s booming tourism industry, which brings millions of visitors each year.

Popular towns such as Chania and Rethymno are particularly attractive to foreign investors, thanks to their well-preserved Venetian architecture and stunning coastal views. Moreover, Crete’s mild climate and rich agricultural production make it a desirable location for eco-friendly and sustainable living projects.

One of Crete’s main advantages is its diverse property market. Whether you’re looking for a luxury villa overlooking the sea, a traditional stone house in the mountains, or a city apartment in Heraklion, Crete offers something for every investor.

The real estate market in Crete has seen a steady increase in prices. As of November 2024, the average price per square meter for property sales in Crete ranges between €1,500 and €2,500, depending on the location.

In prime areas like Chania and Rethymno, prices can go as high as €3,000 per square meter for properties near the coast or in the old town centers. The capital city of Heraklion offers a more affordable alternative, with prices averaging around €1,800 per square meter.

Rental properties in Crete, particularly in tourist-heavy areas, yield strong returns, especially during the high tourist season. The average rental price in Crete varies widely based on location but typically ranges between €7 to €9 per square meter. In more sought-after areas like Chania, rental prices can reach €10 to €12 per square meter.

Short-term rentals, especially those catering to tourists, tend to offer higher returns. Airbnb and vacation rentals in prime locations near the coast or historical sites see a robust demand, particularly during the summer months, driving up rental yields to around 6% to 8%.

Rhodes

Rhodes, one of the largest and most popular islands in the Dodecanese, is known for its fascinating medieval history, vibrant tourist scene, and year-round sunny weather.

As one of Greece’s top tourist destinations, Rhodes has also become a focal point for real estate investments, especially in areas where development and tourism have flourished.

Rhodes offers a perfect mix of natural beauty, history, and modern amenities, making it an ideal destination for both vacation homes and rental properties.

The island’s international airport and port connect it well with the rest of Europe and the Mediterranean, increasing its accessibility for tourists and expats alike. The famous Medieval Old Town, a UNESCO World Heritage site, along with the stunning beaches, makes Rhodes highly attractive to short-term rental markets.

In addition, the island’s increasing popularity with international tourists has driven up demand for both vacation properties and long-term rentals, particularly in well-established areas such as Lindos and Faliraki. For those looking to invest in tourism or short-term rentals, Rhodes provides excellent opportunities.

Property prices in Rhodes are on the rise due to high demand, but they remain competitive compared to other Greek islands.

The average price per square meter for properties in Rhodes is around €1,800 to €2,500, depending on the location. The most expensive areas are South Rhodes, where prices reach €2,524 per square meter, and Lindos, where prices average around €2,397 per square meter.

For investors seeking more affordable options, Archaggelos and Afantou are worth considering, with prices ranging between €1,290 to €1,800 per square meter, making them great locations for long-term appreciation.

Rhodes also boasts a lucrative rental market, especially in popular tourist spots. The average rental price across the island is around €10 per square meter, with the highest rental prices seen in Afantou, where rents reach €10.54 per square meter.

For more affordable rentals, areas like Kameiros offer average rents as low as €2.22 per square meter, while South Rhodes sees an average of €10.49 per square meter.

Rental yields in Rhodes range from 5% to 7%, depending on the area and type of property. The high influx of tourists during the summer months boosts demand for short-term rentals, especially in coastal towns like Lindos and Faliraki. With the right property, investors can enjoy significant returns from vacation rentals.

Mykonos

When people think of Mykonos, images of white-washed buildings, turquoise waters, and a lively nightlife come to mind. This cosmopolitan island is famous for its upscale appeal and is home to some of the most expensive properties in Greece.

Known as the playground of the rich and famous, Mykonos has solidified itself as a hotspot for luxury real estate investments.

Mykonos offers unparalleled potential for those looking to invest in luxury properties or vacation homes.

The island’s growing popularity among high-net-worth individuals from around the world has significantly increased demand for high-end villas and apartments, particularly those located near the coast or in proximity to the island’s famous beach clubs and nightlife.

Moreover, Mykonos is a top destination for short-term rental investments. The high tourist season, which spans from May to October, draws millions of visitors every year, creating ample opportunities for those investing in vacation rental properties.

With sky-high rental yields, particularly in peak season, Mykonos is a goldmine for investors seeking rapid returns.

Property prices in Mykonos are among the highest in Greece, with the average price per square meter in November 2024 reaching an impressive €7,447, ranging from €2,408 to €7,915 per square meter. In the Main Town – Chora, prices are at the higher end, reaching up to €7,915 per square meter.

For investors looking for more affordable areas, Marmaronisio offers prices around €2,408 per square meter, while more exclusive areas like Mpaos see prices at €6,432 per square meter.

Despite the high price tags, the potential for capital appreciation remains strong, as Mykonos continues to attract global attention, particularly among luxury property buyers.

Mykonos’s rental market is where the island truly shines. The average rental price per square meter stands at €19.39, with the Main Town – Chora reaching €19.43 per square meter.

Even in more budget-friendly areas like Ano Mera, rents are relatively high, averaging €19.01 per square meter.

For those investing in short-term rentals, Mykonos offers some of the highest rental yields in Greece, with peak season returns often exceeding 10%.

Luxury villas and high-end properties located near the beach can generate substantial income through platforms like Airbnb, particularly during the summer months.

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Santorini

Santorini is perhaps Greece’s most iconic island, known for its dramatic cliffs, stunning sunsets, and white-washed buildings with blue domes.

This picturesque island attracts millions of tourists each year, making it a prime location for real estate investment, especially in vacation properties and short-term rentals.

Santorini’s breathtaking views, unique architecture, and world-class reputation as a top travel destination have driven the island’s property market to new heights.

Areas like Oia, Fira, and Imerovigli are some of the most sought-after locations for investors looking to buy vacation homes or luxury rental properties. The island’s popularity has led to a steady increase in property prices, particularly in prime areas overlooking the famous caldera.

Santorini’s appeal to tourists also translates into a highly lucrative rental market. Short-term vacation rentals are in high demand, with tourists willing to pay a premium for properties offering stunning views of the Aegean Sea.

The property market in Santorini has seen consistent growth, with the average price per square meter reaching €4,894, ranging from €4,596 to €6,320 depending on the location.

In Oia, one of the most expensive areas, prices soar as high as €6,320 per square meter, while properties in Thira are more affordable at around €4,596 per square meter.

Santorini’s rental market is just as impressive as its property sales market. The average rental price per square meter is €18.34, with rents in Thira reaching as high as €18.51 per square meter, while Oia, despite being the most expensive for property purchases, has relatively affordable rents at €5.35 per square meter.

Rental yields in Santorini can range from 5% to 8%, with short-term vacation rentals providing the highest returns.

The island’s peak tourist season, from May to October, allows property owners to capitalize on the influx of visitors, particularly in areas offering iconic views of the caldera.

Halkidiki

Halkidiki, located just south of Thessaloniki, is a region famous for its stunning peninsulas, each offering its unique combination of serene beaches, dense pine forests, and charming villages.

Known as a favorite summer destination among Greeks and tourists alike, Halkidiki presents an appealing mix of affordability and investment potential, making one of the best places to buy property in Greece.

It hasn’t yet reached the global fame of Mykonos or Santorini, but that makes it an attractive opportunity for those seeking early-stage investments with high appreciation potential.

The region of Halkidiki is divided into three peninsulas, or “fingers,” each with its distinct character. Kassandra, the most developed peninsula, is known for its tourist resorts, beach clubs, and lively atmosphere.

Sithonia, the middle peninsula, offers a more laid-back and natural vibe, while Mount Athos, the third finger, is a spiritual and monastic center, largely inaccessible to the public.

With its pristine beaches, crystal-clear waters, and growing popularity among both locals and foreigners, Halkidiki is emerging as a top investment location.

While prices are generally lower compared to other famous Greek islands, the potential for growth is significant as tourism increases every year.

As of November 2024, property prices in Halkidiki vary greatly depending on the area. In popular locations like Kassandra, the average price per square meter is around €1,500 to €2,000, while properties in more secluded areas like Sithonia can be found for as low as €1,200 to €1,800 per square meter.

With more tourists flocking to these beautiful peninsulas every year, the price appreciation potential is significant, particularly in less developed areas.

The rental market in Halkidiki, especially during the summer months, offers promising returns for short-term rentals. Rental prices per square meter range from €5 to €10, depending on the property’s proximity to the coast and local amenities.

In high-demand areas like Kassandra, rental yields can reach up to 6% to 8%, especially during the peak tourist season. Investors can maximize returns by targeting vacation rental properties, which see a significant surge in demand from June to September.

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Corfu

Corfu, one of the Ionian Islands, has long been a favorite destination for tourists and expats alike, thanks to its lush green landscapes, Venetian-style architecture, and beautiful beaches.

Known as the “Emerald Isle” of Greece, Corfu combines natural beauty with a rich cultural heritage. Its strategic location in the Ionian Sea has made it a major Mediterranean hub for centuries, and today it’s an emerging hotspot for real estate investment.

Corfu’s growing tourism industry, combined with its relatively affordable property prices compared to other high-profile islands like Mykonos and Santorini, makes it an excellent choice for real estate investors.

Corfu’s old town, a UNESCO World Heritage site, attracts many visitors each year, boosting demand for short-term rentals, particularly in historic or beachfront properties.

Additionally, Corfu offers a wide range of investment options, from luxury villas overlooking the Ionian Sea to more affordable properties in the island’s interior.

As of November 2024, the average price per square meter in Corfu is €2,454, with prices ranging between €2,000 and €5,000 depending on the location.

Paxoi, a smaller island off the coast of Corfu, has the highest property prices, with average prices around €4,925 per square meter. In Corfu Town and surrounding areas, prices remain competitive, averaging €2,454 per square meter.

Corfu’s rental market is highly profitable, particularly for short-term vacation rentals. The average rental price is around €10.22 per square meter, with higher rental yields seen in tourist-heavy areas.

In Corfu Town, rental prices are slightly higher, reaching up to €10.22 per square meter, making it an attractive option for buy-to-let investors.

Short-term rentals in Corfu, especially in popular tourist destinations like Paleokastritsa and Kassiopi, yield strong returns. Investors can expect rental yields ranging from 5% to 7%, with higher yields during the summer months when tourism peaks

Zakynthos

Zakynthos, another gem in the Ionian Sea, is renowned for its stunning beaches, including the famous Shipwreck Beach (Navagio), crystal-clear waters, and vibrant nightlife, making it one of the best places to buy property in Greece.

This island has seen an influx of both tourists and real estate investors in recent years, making it a promising location for those looking to capitalize on Greece’s growing tourism industry.

Zakynthos offers a unique blend of natural beauty and investment potential. While it’s not as developed as islands like Mykonos or Santorini, the growing tourism sector is fueling demand for both vacation properties and long-term rentals.

The island’s relaxed atmosphere, combined with its stunning scenery, attracts a diverse range of visitors, from young party-goers to families and nature lovers.

For investors, Zakynthos presents opportunities in both luxury vacation homes and more affordable rental properties. The island’s growing popularity means that property values are expected to rise, making it a sound long-term investment.

The property market in Zakynthos is still relatively affordable compared to other tourist-heavy islands. As of November 2024, the average price per square meter in Zakynthos is around €1,800 to €2,500, depending on the area.

Prime locations near the coast and tourist hotspots tend to be more expensive, with prices reaching up to €3,000 per square meter, while properties in less developed areas can be found for under €1,500 per square meter.

The rental market in Zakynthos is thriving, particularly during the summer months when tourists flock to the island. Rental prices average around €8 to €10 per square meter, with higher prices seen in areas close to the beach or tourist attractions.

Rental yields in Zakynthos can range from 5% to 7%, with short-term vacation rentals offering the highest potential for profit.

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Paros

Paros, located in the heart of the Cyclades, is quickly becoming one of Greece’s most popular islands for both tourists and real estate investors. With its charming white-washed villages, stunning beaches, and vibrant nightlife, Paros offers a more affordable alternative to Mykonos while still providing excellent investment potential.

Paros is gaining recognition as one of the top locations for real estate investment in the Cyclades. Its central location and regular ferry connections to other islands, combined with its natural beauty and thriving tourism industry, make it a prime candidate for property investment.

Areas like Naoussa and Parikia are particularly popular, offering a mix of traditional Cycladic architecture and modern amenities.

While Paros is still more affordable than Mykonos or Santorini, prices are rising as more investors and tourists discover the island’s appeal. For those looking to invest in up-and-coming locations, Paros offers a blend of affordability and growth potential.

Property prices in Paros have been steadily increasing, with the average price per square meter in 2024 ranging between €2,500 and €3,500, depending on the location.

Prime areas like Naoussa and Parikia are at the higher end of the spectrum, while more remote villages offer more affordable options at around €2,000 per square meter.

The rental market in Paros is thriving, particularly during the summer season when the island sees a surge in visitors.

The average rental price per square meter ranges from €10 to €12, with higher prices in tourist-heavy areas like Naoussa. Rental yields in Paros can reach up to 6% to 8%, particularly for short-term vacation rentals.

Kefalonia

Kefalonia, the largest of the Ionian Islands, is renowned for its breathtaking landscapes, crystal-clear waters, and charming villages.

Though it may not have the same level of international fame as Mykonos or Santorini, it’s a paradise for nature lovers and those seeking a quieter, more laid-back atmosphere.

Recently, Kefalonia has been attracting the attention of investors due to its affordable property prices and potential for future appreciation.

Kefalonia’s property market offers a mix of affordability and natural beauty, making it an appealing option for investors.

The island is less developed than some of its counterparts, meaning there is significant room for property values to rise as tourism and development increase.

The island’s stunning beaches, such as Myrtos and Antisamos, along with its picturesque towns like Fiskardo and Argostoli, draw a steady flow of tourists each year, creating strong demand for vacation rentals.

Additionally, Kefalonia has been growing in popularity as a second-home destination for international buyers, particularly from the UK and northern Europe. Its tranquil environment and relatively low cost of living make it an attractive option for retirees or those seeking a peaceful getaway.

As of November 2024, the average price per square meter in Kefalonia is €2,374, with prices varying significantly depending on the location.

In Ithaki, the highest-priced area within the Kefallinia prefecture, properties reach €2,703 per square meter, while in the municipality of Kefalonia, prices average €2,374 per square meter.

The island remains one of the more affordable Ionian destinations, offering excellent value for money compared to islands like Corfu or Zakynthos.

Kefalonia’s rental market is driven largely by tourism, with short-term vacation rentals in high demand, particularly during the summer months.

The average rental price per square meter in popular areas like Kefalonia Town is around €10.21, offering solid returns for investors looking to rent out their properties during the high season.

With the island’s growing tourism sector, rental yields can range from 5% to 7%, depending on the location and type of property.

Greek Property Taxes: What You Need to Know

Before diving into the Greek property market, it’s essential for investors to be aware of the taxes and costs associated with property ownership in Greece.

While the country offers lucrative opportunities for real estate investment, understanding the tax framework is crucial to maximizing returns and avoiding potential pitfalls.

Property Transfer Tax

When purchasing property in Greece, buyers are subject to a property transfer tax (PTT), which is typically 3% of the property’s value.

This tax applies to both new and resale properties. The buyer is responsible for paying the tax, which must be settled before the property transfer can be completed.

It’s important to note that if the property is newly built and the seller is a developer, a VAT rate of 24% may apply instead of the PTT.

ENFIA: Annual Property Tax

The ENFIA (Single Property Tax) is an annual tax imposed on property owners in Greece. The amount of tax is based on the location, size, age, and value of the property.

For residential properties, the ENFIA tax rate typically ranges from €3 to €13 per square meter, depending on the property’s characteristics.

Investors should factor in this ongoing cost when calculating the potential returns on their property investments.

Rental Income Tax

For investors looking to rent out their properties, rental income is subject to taxation in Greece. The rental income tax is calculated progressively, based on the amount of income earned from the property:

• 15% for annual rental income up to €12,000
  
  
• 35% for annual rental income between €12,001 and €35,000
  
  
• 45% for annual rental income exceeding €35,000

In addition to income tax, owners of short-term rental properties (such as Airbnb listings) may be subject to local tourist taxes and VAT, depending on the property’s use and location.

Capital Gains Tax

While Greece has a capital gains tax on the sale of properties, this tax has been suspended in recent years as part of the government’s efforts to stimulate the real estate market.

However, investors should be aware that this tax could be reinstated in the future, with rates typically around 15% of the capital gain.

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