Last December, The Economist named Greece their country of the year for 2023. That's not bad for a country that, a decade ago, was a byword for economic basket case.

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Now, the ship has turned—Greece is one of the world's strongest economies, according to a combination of many measures like stock market growth, GDP, and unemployment rate.

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Stable with massive tourism and capital inflows, Greece has seen real estate prices soar, and many foreign investors are asking, "How can I invest in Greek real estate?"

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The home price numbers are astounding.

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• +13.05% YoY in Q3 2023
• +12.48% YoY in Q4 2023
• +10.76% YoY in Q1 2024

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If you're one of the many foreign investors who want to enter this market while it's still rebounding, here's everything you need to know about Greek real estate in 2024.

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What's driving soaring Greek property prices?

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In 2024, Greece has one of the best combinations of factors to make it an incredible luxury real estate investing location. Here's a list of the top nine.

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1. Economic Recovery and Stability

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• Post-crisis recovery: Greece is in its rebound stage, fast catching up to its full economic potential amid a recovery, which has increased confidence and overall optimism
• EU support and reforms: Structural reforms and EU support have made Greece an attractive, stable destination for foreign investors looking to European markets

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2. Tourism Growth

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• Tourism as a key driver: Greece's main industry, tourism creates endless demand for short-term rentals, which is a constant cause of rising prices, especially in tourist destinations like Athens, Santorini, and Mykonos.
• Expansion of the tourism season: Efforts to extend the tourism season beyond the summer months have increased the year-round demand for rental properties.

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3. Golden Visa Program

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• Investment incentives: Greece's Golden Visa program offers residency to non-EU investors who purchase property worth at least €250,000, attracting a slew of ready buyers, particularly from China, Russia, and the Middle East. The Golden Visa allows investors and their families to live in Greece and travel freely within the Schengen Zone.

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4. Low Property Prices and Potential for Appreciation

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• Attractive entry prices: Greek real estate prices are low compared to other EU countries, in turn being seen as a great opportunity for capital appreciation.

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5. Infrastructure Developments

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• Urban renewal projects: Major cities like Athens are currently undergoing major infrastructure improvements and urban renewal projects, increasing the value of certain neighborhoods and areas
• Transport and connectivity: Upgrades to transportation infrastructure, including airports and highways, have improved connectivity. 

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6. Tax Incentives and Favorable Legislation

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• Tax benefits: Greece offers various tax incentives for real estate investments, including reduced property taxes and favorable capital gains tax rates.
• Legal framework: The legal environment for real estate transactions in Greece has become more transparent and investor-friendly, encouraging more foreign investment.

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7. Cultural and Lifestyle Appeal

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• Quality of life: Greece's pleasant climate, rich cultural heritage, and lifestyle appeal attract many expatriates and retirees looking to invest in property.
• Safe investment environment: Greece is considered a safe and stable country, which makes it attractive as a long-term investment destination.

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8. Demand-Supply Dynamics

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• Limited new construction: The supply of new housing has been limited, partly due to the economic crisis, leading to increased demand for existing properties.
• Urbanization trends: Increasing urbanization and a growing population in significant cities contribute to the demand for housing.

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9. Interest from Institutional Investors

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• Increased activity: Institutional investors and real estate funds have shown a growing interest in the Greek market, further driving up prices.
• Development projects: Large-scale development projects, including hotels, resorts, and commercial spaces, boost property values.

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Greece property and real estate prices

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Here's a detailed table showing the top 5 most expensive and top 5 cheapest major cities/islands in Greece based on average property prices per square meter as of 2024:

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Sources:

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• GreekReporter.com provided insights on the high prices in Mykonos and Santorini, highlighting the demand from international buyers​ (Greek Reporter)​.
• My Dolce Casa and Spitogatos Blog offered data on the overall Greek market, including Athens and Thessaloniki, as well as detailed regional differences​ (My Dolce Casa)​​ (Spitogatos)​.
• Travel Snippet covered the more affordable regions, emphasizing cities like Kavala, Patras, and Ioannina​ (Travel Snippet)​.

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Where to find Greek investment real estate online

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1. MetaWealth

MetaWealth Web App

MetaWealth is Europe’s leading platform to purchase tokenized real estate, with over $10M in assets and 100+ units sold. Assets packages include rental and luxury pre-construction projects across the EU, including Romania, Spain and Greece.  

2. Spitogatos

Spitogatos.gr

Spitogatos is one of the leading real estate websites in Greece, offering a wide range of listings, including apartments, houses, commercial properties, and land. It provides detailed filters to refine searches based on location, property type, and price range.

3. Xe.gr

Xe.gr

XE.gr is a comprehensive platform that lists various real estate options across Greece. The site includes residential and commercial properties, rentals, and sales, along with useful information on the Greek property market.

4. Tospitimou.gr

Tospitimou.gr

Tospitimou is another popular real estate portal in Greece, featuring listings from all over the country. It provides an easy-to-use interface for finding properties by location, price, and property type.

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Greece real estate laws for foreign investors

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Foreigners can freely purchase property and land in Greece, making the country a favorable choice for expats and investors.

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Further to the point, Greece even grants a "Golden Visa" for foreign investors—the possibility to obtain an EU residence permit by purchasing a property over €250,000.

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Here's what you need to have to purchase property in Greece:

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• Greek tax registry number
• For non-EU nationals, a visa to enter Greece
• Proof of residence or residence permit
• Copies of tax returns
• Proof of current residence (e.g., bank statements, bills, etc.)

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If you want access to the Greek market for investment purposes, you can avoid all of these requirements by adding tokenized real estate to your portfolio in minutes. At MetaWealth, we're the largest real estate tokenization platform in Europe, and allow users to invest in expertly-vetted projects with all of the ROI of elite investment properties without the hassles of capital requirements. Go to our platform to browse currently available assets.

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