Greek real estate has been in the spotlight since 2018, driven by a strong economic recovery, renewed tourist demand and one of the most attractive residency regimes in Europe. In 2024, the Greek government overhauled the Golden Visa programme in two waves; the revised rules are relevant for any foreign buyer considering an investment.
The real estate market in Athens
According to the Bank of Greece, Greek house prices have risen every year since 2018. Growth is concentrated in Athens and the tourist islands. Central Athens, according to the Hellenic Statistical Authority (ELSTAT), records average prices of around €2,300 per square metre — well below comparable Western European cities.
In Mykonos, Santorini and parts of Crete, prices are significantly higher, driven by international tourism and limited supply. The Eurostat House Price Index places Greece in the upper middle of Europe in terms of annual price growth.
The revised Golden Visa programme
The Golden Visa has long been one of the engines of foreign demand in Greece. In 2024, the Greek government implemented a two-stage reform that significantly differentiates thresholds by region.
Since 1 September 2024, the following minimum investments apply, as confirmed by Henley & Partners and the Investment Migration Council:
- €800,000 in Attica (including Athens), Thessaloniki, Mykonos, Santorini and all islands with more than 3,100 inhabitants. The property must be at least 120 square metres and purchased as a single unit.
- €400,000 in all other regions, also with a minimum of 120 square metres per unit.
- €250,000 for specific projects: conversion from commercial to residential use, or restoration of registered listed buildings. This category applies regardless of location.
The permit covers the entire Schengen area and can be applied for to family members up to the third degree. No minimum stay in Greece is required, unlike comparable programmes.
Taxes on Greek real estate
Transfer tax on existing housing is low: 3.09% of transaction value. New housing carries 24% VAT, with a temporary exemption that the government has extended several times — currently until end-2025. Annual ENFIA (comparable to IBI/IMI) is levied on the basis of the objective value.
Rental income is taxed progressively: 15% up to €12,000, 35% up to €35,000 and 45% above. For foreign residents, the non-domiciled regime is available, offering a flat annual €100,000 levy on worldwide income.
Tourism rentals
Greece has a growing short-term rental sector. According to Enterprise Greece, the country received more than 35 million tourists in 2024 — a record. Mykonos, Santorini and Crete realise gross yields of 6 to 12 percent on well-located objects in high season. Municipalities in tourist areas have recently introduced additional registration requirements for vacation rentals, partly under pressure from the European Commission.
Practical considerations
- A Greek tax number (AFM) is required for any purchase.
- A Greek bank account is in practice necessary for transaction payments.
- Notary and lawyer fees together come to around 2 percent of the transaction value.
- Non-EU buyers face additional declarations in border zones.
This article is informational. Rates, thresholds and Golden Visa regulations change regularly. Always consult a Greek lawyer or tax advisor for your specific situation.
Sources: Bank of Greece · ELSTAT · Henley & Partners — Greece Golden Visa · Investment Migration Council · AADE · Enterprise Greece