What does the real estate market look like in Greece in 2024?
After a decade marked by economic crisis, Greece has entered a new phase of growth, with a booming real estate market. Supportive economic policies, coupled with a thriving tourism sector, have given Greek real estate a boost. Foreign investors see it as an opportunity to realize their dream of living by the sea or own a villa on one of the country’s many iconic islands.
Data from the Bank of Greece, collected from financial institutions, suggests that the Greek real estate market will continue to grow. Projections indicate a 9.5% increase in the apartment price index in Greece for the first half of 2024 compared to the same period in 2023. This growth is slightly lower than that observed in 2023, which recorded an annual increase of 13.8%. Price growth in 2024 is expected to be more pronounced in Athens (12.8%) and Thessaloniki (12.1%) compared to other cities (7.3%) and other regions of the country (10.4%).
These forecasts indicate a continued positive trend for the Greek real estate market in 2024, although price growth appears to be slowing down compared to previous years.
The price per square meter in Greece
The average price per square meter in Greece varies greatly depending on the region. Athens, the capital, has higher prices, especially in popular districts such as Kolonaki, Plaka or Glyfada, with prices ranging from €2,500 to €4,000/m². In comparison, islands such as Mykonos, Santorini or Corfu can reach heights ranging from €3,000 to almost €6,000/m² for luxury beachfront properties.
Landmines and lesser-known islands offer opportunities at more affordable prices, often between €1,500 and €2,500/m². These areas, while being cheaper, offer an exceptional living environment, with stunning natural landscapes and an authentic atmosphere.
Current market trends
The Greek real estate market is currently driven by several factors:
- Tourism: Greece is one of the most popular tourist destinations in the world, which is increasing the demand for vacation rentals and second homes. Investors are looking to take advantage of this growing market.
- Developing infrastructure: Infrastructure investments, such as improvements to roads, ports, and airports, make the country even more accessible and attractive to international buyers.
- Government policies: Greece has put in place incentives for foreign investors, including the Golden Visa program, which allows non-residents to obtain a residence permit in exchange for a real estate investment of €250,000 or more.
Where to buy in Greece?
Greece’s geographical diversity offers a wealth of options for buyers. Here are some areas to consider:
- Athens: Ideal for those who want to be at the heart of the country’s cultural and historical life, the capital offers a diverse market ranging from modern apartments to neoclassical mansions.
- The Cycladic Islands (Mykonos, Santorini): Known for their whitewashed houses, stunning beaches, and vibrant nightlife, these islands are perfect for luxury second homes.
- The Peloponnese: A region rich in history and natural beauty, it offers a peaceful living environment with still reasonable property prices.
- Crete: Greece’s largest island offers diverse landscapes, rich history, and properties to suit all budgets.
- The Ionian Islands (Corfu, Zante): Renowned for their sandy beaches and turquoise waters, they are an ideal choice for those looking for tranquility and natural beauty.
How to find a property in Greece?
To find the perfect property in Greece, you have several options:
- Real estate platforms: Use international websites like Green acres, which offer ads translated into several languages. Here you will find a wide range of properties, from urban apartments to beachfront villas.
- Local real estate agencies: Using a local agency can make the process easier, especially if you don’t speak Greek. Local real estate agents are familiar with the market and can help you find properties that match your criteria.
- Property Hunters: If you have specific criteria, a Property Hunter can be a valuable ally. They will search for and shortlist properties for you.
- On-site visit: There is no substitute for a site visit to get an idea of the local market. Take the opportunity to explore the different neighborhoods and regions, and meet the local real estate agents.
In summary: a market in full renewal
In 2024, the Greek real estate market is an attractive option for those looking for a second home, a retirement home or a profitable investment. With its varied landscapes, pleasant climate and rich cultural heritage, Greece offers an exceptional living environment. Despite the economic challenges of the past, the real estate market is experiencing positive momentum, supported by growing international demand and prices that are still affordable compared to other European destinations.
Whether you’re drawn to the hustle and bustle of Athens, the charm of the islands, or the tranquility of the Greek countryside, the Greek real estate market has a lot to offer. Stay informed of trends and developments to make an informed investment in this rapidly changing market.
