Is Buying Property in Greece Still Worth It in 2026? What Foreign Buyers Need to Know

There was a time when buying property in Greece felt like discovering a secret before everyone else.

Following the financial crisis, buyers could find apartments in Athens, village homes in the Peloponnese, and properties near the Riviera at prices that seemed remarkably low compared with other parts of Europe.

That market has changed.

Property prices have risen across Greece, international demand has increased, and some of the country’s most desirable locations are no longer affordable in the way they once were. In 2025, apartment prices rose by an average of 6.2% in Athens and 9.6% in Thessaloniki, according to the Bank of Greece. Prices also increased by 9.8% in other Greek cities and 8.8% across other areas of the country.

For anyone considering buying property in Greece for foreigners, this raises a rather important question:

Is buying property in Greece still worth it in 2026, or has the window of opportunity already passed?

The answer depends on what you expect the property to do for you.

A buyer looking for a short-term investment return will assess the market very differently from a couple planning to retire in Crete, or a family relocating from the United States looking to purchase a home as part of a longer-term move to Greece.

Greece may no longer be the bargain property market it was 10 years ago, but that does not mean the opportunity has disappeared. It means that buyers have to be more selective, more realistic, and better informed.

What Is Happening in the Greek Property Market in 2026?

The Greek property market entered 2026 after another year of price growth.

The Bank of Greece reported that apartment prices continued to rise across every major geographical region during 2025. Thessaloniki recorded the strongest annual increase among the two largest cities, while Athens continued to grow at a slower but still significant rate.

This growth also sits within a broader European trend. Eurostat recently reported that house prices across the European Union increased by 5.5% year-on-year in the fourth quarter of 2025.

Greece therefore is not experiencing rising property values in isolation. However, its market has several additional pressures that make it particularly interesting.

International buyers continue to purchase homes for relocation, retirement, lifestyle, residency, and investment. At the same time, limited housing supply in desirable areas, renovation costs, and more expensive construction have made it harder to replace older housing stock with affordable new homes.

ELSTAT reported that the average construction cost index for new residential buildings increased by 2.3% in 2025 compared with 2024. Although this was lower than the previous year’s increase, it still adds pressure to the cost of delivering new homes.

In practical terms, buyers are entering a market where well-located, legally compliant, renovated properties are in demand, particularly when they are suitable for immediate occupation.

Greece Is No Longer One Property Market

One of the biggest mistakes foreign buyers make is when they talk about “the Greek property market” as though the whole country behaves in the same way.

It does not.

An apartment in central Athens, a villa in Corfu, or a stone house in the Peloponnese are influenced by different buyers, rental patterns, and seasonal demand.

This is why the question should not be, “Will property prices in Greece rise?”, but:

Who is likely to want this particular property, in this particular location, 5 to 10 ten years from now?

‍Athens attracts professionals, investors, expats, and students who value strong transport links, healthcare, and year-round city life.

Thessaloniki offers a more affordable entry point into a major urban market, while Crete appeals more to retirees, families, and second-home buyers seeking island living with reliable infrastructure.

On the other hand, the Peloponnese is popular among lifestyle buyers looking for more space and better value, while Corfu remains a strong international second-home market, especially among British and Northern European buyers.

Indicative Property Prices and Typical Buyer Profiles

There is no single reliable “average purchase price” for an entire region such as Crete or the Peloponnese. Prices can change dramatically between a city center, a remote village, and a luxury seafront development.

The following figures should therefore be treated as broad asking-price indicators, not official valuations or guaranteed transaction prices.

Engel & Völkers reported 2025 asking-price ranges of approximately €4,500 to €8,000 per square metre in parts of Athens, €2,300 to €3,000 in Thessaloniki, and €3,400 to €8,000 in Corfu’s Old Town and northern coast. Again, these figures only reflect specific markets and should not be interpreted as regional averages.

Before setting a budget, buyers should compare recent listings and completed transactions within the exact municipality or neighborhood they are considering.

Why Are Foreign Buyers Still Choosing Greece?

The reasons people buy property in Greece vary widely.

Some buyers are primarily interested in financial returns, while others are purchasing a home they expect to live in for part or all of the year. Many fall somewhere between the two.

A couple moving from California to Kalamata, for example, may purchase a €280,000 home because they want space, good weather, access to the sea, and a slower-paced lifestyle. They may care about future resale value, but they are not relying on short-term capital growth to justify their decision. On the other hand, an investor purchasing a small apartment in Thessaloniki will approach the same decision differently. They may focus on rental demand, proximity to universities, renovation costs, long-term occupancy, and the likelihood of reselling to another investor.

Meanwhile, an American family moving to Greece may prioritize international schools, healthcare access, transport links, and the ability to live in the property throughout the year.

These are all legitimate reasons to buy, but they require different properties.

Knight Frank’s coverage of international second-home markets highlighted Athens as a city receiving growing capital-market investment and interest from American buyers, while still offering comparative value within the prime international market. This does not mean that every apartment in Athens is a strong investment: it means the city remains visible to international buyers who see a combination of lifestyle, regeneration, and relative value.

Is Greece Still Affordable Compared With Other European Markets?

Greece can still offer better value than many established property markets in Western and Southern Europe, but the comparison needs context.

A €300,000 budget may get you a renovated apartment in some central Athens neighborhoods, a comfortable home in parts of the Peloponnese, or a property outside the most expensive areas of Crete. The same budget is unlikely to secure a luxury seafront home in Vouliagmeni, Mykonos, or a prime part of Corfu.

Affordability also extends beyond the purchase price.

Someone planning to live in the property should consider the wider cost of living in Greece, including utilities, private healthcare, transport, property maintenance, insurance, and local taxes.

A property that appears affordable can become difficult to maintain if it requires extensive renovation, depends on year-round air conditioning, or sits in a location where contractors and property-management services are expensive.

This is particularly important for buyers who expect to live in Greece long term rather than use the home for short holidays.

The Biggest Mistakes Foreign Buyers Make

Falling in Love With the Property Before Checking Its Legal Status

It is easy to fall in love with a beautiful property and its view. But before signing any purchase documents, make sure the property’s legal status has been properly checked.

Older Greek properties may have unapproved extensions or alterations, enclosed balconies, boundary discrepancies, or differences between the building’s current layout and the plans held by the authorities.

A beautiful home with unresolved planning issues can become difficult to transfer, renovate, insure, or resell.

Legal and technical due diligence should therefore take place before the buyer becomes financially committed. A Greek real estate or property lawyer should review the title and ownership history, while an engineer should confirm that the property complies with the approved plans and spot any inconsistencies.

Before You Commit: Key Legal Checks for Foreign Buyers in Greece

Before signing any property contract, make sure your legal and technical team has checked:

• The seller’s legal ownership and any mortgages, claims, or outstanding debts attached to the property
• Whether the property’s current layout matches the approved building plans and official records
• Any unapproved extensions, enclosed balconies, storage conversions, or other alterations
• The property boundaries, land registry or Cadastre records, and access rights
• Whether the property can be legally renovated, rented, or used in the way you intend
• Any outstanding property taxes, utility debts, or communal building charges

These checks are especially important when buying older homes, village properties, or properties that have been renovated over time.

Now, let’s look at the next big mistake foreign buyers make.

Looking Only at the Advertised Price

The listing price is not the total cost of buying property in Greece. Depending on the transaction, buyers may also need to budget for:

• Property transfer tax or applicable VAT
• Notary fees
• Legal fees
• Land Registry or Cadastre fees
• Engineering inspections
• Translation and document-certification costs
• Realtor fees, where applicable
• Renovation, furnishing and utility connections

The precise total will vary, so buyers should request a transaction-specific cost estimate before signing a reservation agreement or preliminary contract.

Waiting Until the Last Minute to Get an AFM

A Greek tax number, also known as an AFM, is essential for purchasing property and completing many related financial and administrative steps.

Foreign buyers often begin viewing properties without understanding how to get an AFM in Greece. They then discover that they need one before the transaction can move forward.

Obtaining the AFM and Taxisnet credentials early makes the rest of the process easier, particularly when the buyer also needs to appoint a lawyer, deal with a notary, register for tax purposes, or arrange utilities.

Assuming a Greek Bank Account Is Optional for Everything

It may be legally possible to complete parts of a transaction using a foreign bank account, depending on the circumstances and the professionals involved.

In practice, a local account can make ongoing property ownership much easier.

Buyers who understand how to open a bank account in Greece are better prepared to manage utility bills, insurance, maintenance costs, local taxes, communal building charges, and payments to local contractors.

Opening an account as a foreigner can require extensive documentation, so this is another task that is better handled before an urgent payment is due.

Confusing Property Ownership With Residency

Purchasing a home does not automatically give every foreign buyer the right to live in Greece indefinitely.

EU citizens have different rights from non-EU citizens, and property ownership alone is not a general substitute for a Greek residency permit.

Some non-EU buyers may qualify for the Greece Golden Visa if their investment meets the applicable rules and thresholds. Others may be better suited to a Financially Independent Person (FIP) permit, Digital Nomad Visa, family reunification visas, or another immigration route.

The right residency strategy should be considered before the purchase, especially when the buyer expects the property to become their primary home.

How to Decide Whether Buying Property in Greece Is Right for You

What About the Greece Golden Visa?

For some non-EU buyers, the Greece Golden Visa program in 2026 remains a possible route to residency through a qualifying investment, but the program is no longer based on one nationwide property threshold.

In high-demand locations, including Athens, Thessaloniki, Mykonos, Santorini, Crete, Corfu, Rhodes, and a number of larger islands, the minimum real estate investment is now €800,000. In areas outside those high-demand zones, the minimum threshold is generally €400,000. There are also alternative investment routes, including qualifying investments in Greek securities, or startups. Read our guide on Greece’s Golden Visa for startups and the Greek investment visa.

In terms of residency benefits, the Greek Golden Visa provides a five-year renewable residence permit, no minimum stay requirements, Schengen travel access, and eligibility for certain family members to be included in the application.

Where Could Buyers Still Find Value?

Value does not always mean finding the cheapest property.

A low-priced home can become expensive if it requires structural work, lacks legal documentation, sits in an area with little resale demand, or cannot be occupied comfortably throughout the year.

In 2026, better property value may be found in:

• Neighborhoods outside the most heavily marketed parts of central Athens
• Areas of Thessaloniki benefiting from transport and regeneration projects
• Mainland coastal towns with year-round populations
• Parts of the Peloponnese within reach of regional services
• Established Cretan towns outside the most expensive tourist zones
• Older properties with manageable renovation needs and clean legal records

The strongest opportunity is often a property that meets a real local need.

A two-bedroom apartment near transport and hospitals may have a wider future market than a highly seasonal villa in a remote destination. A modest home in a functioning year-round town may be easier to maintain and resell than an isolated property that looks impressive in pictures.

Should You Buy for Investment or Lifestyle?

This is the question every buyer should answer honestly.

A lifestyle buyer may accept a lower rental return in exchange for a property they genuinely like. They may choose a quieter neighborhood, a larger home, or a location near friends and family.

Meanwhile, an investor is likely to consider rental income, vacancy periods, management costs, local restrictions, renovation expenses, taxation, and the depth of future buyer demand.

The two goals can overlap, but they are not identical.

A property can be a wonderful home and a mediocre financial investment. It can also generate reliable rental income, but be completely unsuitable for the owner’s personal lifestyle.

Problems arise when buyers expect one property to deliver everything.

So, Is Buying Property in Greece Still Worth It in 2026?

For the right buyer, yes.

Official data shows that prices continued to grow during 2025, particularly in Thessaloniki and other regional markets. That suggests demand remains resilient, but it also means buyers need to be careful about overpaying.

Buying property in Greece is most likely to make sense when:

• The property fits a long-term relocation or lifestyle plan
• The buyer has researched the specific local market
• Legal and technical checks are completed before the purchase
• The full acquisition and ownership costs are affordable
• Residency planning has been considered separately
• The buyer is comfortable holding the property for several years

Buying may be less suitable when the decision is driven by urgency, unrealistic rental projections, residency assumptions, or the belief that every Greek property will continue rising in value at the same rate.

For many property buyers, Greece’s lifestyle value is real, but it should sit alongside careful legal, financial, and market analysis.

Frequently Asked Questions About Buying Property in Greece

Can foreigners buy property in Greece?

Yes. Foreign nationals can purchase property in Greece.

Can Americans buy property in Greece?

Yes. American citizens can buy property in Greece. Purchasing a home does not automatically provide residency, so Americans planning a permanent move should also research moving to Greece from the USA and determine which residence permit suits their circumstances.

Do I need an AFM to buy property in Greece?

Yes. A Greek tax number is required to purchase property and complete the related tax and administrative procedures.

Do I need a Greek bank account to buy a home?

A Greek bank account may not be mandatory in every transaction, but it is often useful for managing the purchase and paying ongoing property expenses. Buyers should confirm the payment arrangements with their lawyer, notary and accountant.

Does buying property in Greece give me residency?

Not automatically. Residency depends on your nationality, the value and type of investment, and the immigration route under which you apply.

How much should I budget on top of the purchase price?

There is no universal percentage that applies to every transaction. Buyers need to account for taxes, legal fees, notary fees, registration costs, technical inspections and any realtor or renovation costs that apply to the property. For more details about additional property costs, read The Definitive Guide to Buying Property in Greece.

Can foreigners get a mortgage in Greece?

Some Greek banks provide mortgages to foreign buyers, but lending criteria can be strict. The bank may review income, tax returns, residency, existing debts, deposit size and the property’s valuation.

Is Athens or Crete better for expats?

Athens may suit buyers who prioritise employment, transport, international schools, specialist healthcare and year-round city life. Crete may be better suited to buyers seeking more space, a slower pace, strong local communities and island living with access to major cities and airports.

Can I rent out a property I buy in Greece?

In many cases, yes, but tax, licensing, building and short-term rental rules may apply. Buyers should not rely on projected rental income until the property’s permitted use and local restrictions have been checked.

How long does it take to buy property in Greece?

The timeline depends on the property, the seller’s documentation, due diligence, banking arrangements and the availability of the professionals involved. A legally straightforward property with complete documents will usually move faster than an older property with planning or ownership issues.

Planning to Buy Property in Greece?

Buying a home in Greece involves far more than choosing a location and agreeing on a price.

You may need an AFM, a Greek bank account, legal and technical due diligence, residency planning, document coordination, and trusted professionals who understand the needs of foreign buyers.

At My Greek Expat Journey, we help foreigners prepare for the practical side of moving, investing and living in Greece. From tax-number applications to residency support and trusted property referrals, our role is to make the process feel clearer from the beginning.