Where foreigners are looking for property in Greece

The islands of the Cyclades, Lefkada, Kefalonia, Athens and the islands of the Saronic Gulf (eg Spetses, Hydra) are today among the five most expensive areas for investment in the housing market. Nevertheless, investment interest from abroad is still alive and will manifest itself as soon as the pandemic is over.

The Greek property market remains a top choice for foreign – and British – investors, as even the most expensive parts of it are extremely affordable compared to other regions of Europe, according to a related study by Astons, a UK-based immigration investment program.

For example, according to Astons, the average home sale price in Greece was 222,348 euros at the end of 2020, which is almost 6% more than in 2019, when the average price was around 210,000 euros. Even so, the cost remains 85% lower than the average home purchase price in one of central London’s most popular neighborhoods, such as Kensington and Chelsea.

Accordingly, last year, house prices in Lefkada increased by 8.7%, with the average price reaching 165,000 euros, compared with 151,790 euros at the end of 2019. In Athens, which is the fourth most expensive area, the average value of houses sold was 157,415 euros, an increase of 3% over the year. In the country as a whole, the average price of a residential property unit is 131,040 euros, which is 2.7% higher than in 2019, when the corresponding object cost 127,600 euros.

The Cyclades will remain the focus of foreign investors’ attention (Photo: Shutterstock).

On the other hand, the lowest price is observed in Florin, where a unit of residential property sold is only 43,176 euros (-4.3%), and in Kilkis, despite last year’s growth of 20%, the average sale price does not exceed 50,400 euros. Cheap cities also include Karditsa (€ 51,576), Kastoria (€ 56,000) and Serres (€ 56,868).

Astons says the Cyclades will remain the focus of foreign investors, especially those with significant income, as this category offers a high quality of life for themselves and their families as a key factor in real estate acquisition. In other words, they prefer properties in areas that offer the aforementioned feature, even if it hurts the annual return on investment.

According to company analysts, “Greece offers an excellent climate and significantly lower home acquisition costs compared to the UK, making it a key choice for UK investors.” At the same time, Greece is expected to become an even more attractive destination after Brexit is issued, as many Britons will want to take advantage of the corresponding Golden Visa residency program.

In fact, Astons states that the Greek program is also very affordable, as € 252,328 (including related costs) is enough to purchase real estate and grant a license to the investor and his family members, in a process that takes approximately two months.

Residential property prices for sale Region First quarter of 2021 (€ / sqm) First quarter of 2020 (€ / sqm)% Change Greece – whole territory 1,600 1,545 3.50% Center of Athens 1,553 1,571 -1.10 % Athens – Northern Suburbs 2,373 2,246 5.70% Athens – Southern Suburbs 2,703 2,593 4.20% Athens – Western Suburbs 1,373 1,273 7.90% Athens – Eastern Suburbs 1,574 1,518 3.70% Piraeus 1,500 1,444 3.80% Suburb of Piraeus 1.250 1.140 9.70% Rest of Attica 1.638 1.600 2.40% Thessaloniki – Municipality 1.531 1.476 3.70% Thessaloniki – Suburbs 1.167 1.120 4.20% Thessaloniki – Recreation Prefecture 797 800 -0.40% Etholoacarnania 833 903 – 7.70% Argolis 1.389 1.350 2.90% Arcadia 1.106 1.194 -7.30% Arta Prefecture 773 794 -2.70% Achaia 943 900 4.80% Boeotia 1.429 1.500 -4.80% Grevena 691 625 10.50% Drama Prefecture 771 679 13.50% Dodecanese 1.481 1.393 6.40% Evros 1.136 1.000 13.60% Evia 1.176 1.108 6.20% Evrytania 893 840 6.30% Zante 1.623 1.536 5.70% Ilya 859 929 -7.50 % Imathia 700 718 -2.5 0% Heraklion Prefecture 1.250 1.271 -1.70% Thespotia 1.258 1.250 0.70% Ioannina Prefecture 1.175 1.131 3.90% Kavala Prefecture 1.138 1.143 -0.40% Karditsa Prefecture 625 575 8.80% Kastoria Prefecture 733 745 -1, 50% Prefecture of Corfu 1.650 1.625 1.50% Prefecture of Kefalonia 1.929 2.075 -7.10% N. Kilkis 600 536 11.90% N. Kozani 678 645 5.10% Corinth 1.250 1 206 3.70% Cyclades 2 676 2.556 4 , 70% Laconia 1.000 1.035 -3.40% Larissa Prefecture 938 890 5.30% Lassithi Prefecture 1.612 1.718 -6.20% Lesvos Island 1.024 1.026 -0.20% Lefkada Prefecture 1 971 1874 5.20% Magnesia 1 004 1.000 0.40% Messinia 1.299 1.314 -1.20% N. Xanthi 873 846 3.20% Pella 733 714 2.70% Pieria Prefecture 945 973 -2.90% Preveza Prefecture 1.279 1.167 9.60% Rethymno Prefecture 1.413 1.442 – 2.00% N. Rhodope 917 918 -0.10% Samos Prefecture 855 896 -4.50% N. Serres 704 689 2.20% Trikala Prefecture 864 947 -8.80% Phthiotida 938 938 0.00% N. Florina 510 511 -0.20% Phocis 1.389 1.346 3.20% Halkidiki 1.667 1.633 2.00% Prefecture of Chania 1.694 1.655 2.30% Prefecture of Chios 1.130 1.172 -3.60% Argosaronic Islands 1.691 1827 -7.40% Sporades 1.571 1.750 -10.20%

Table courtesy of Spitogatos, April 2021

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