Acquiring Property in the Greek Islands – A Comprehensive Guide

Are you planning to buy property in the Greek Islands? If so, we advise you to read this guide before making that move. We will discuss property prices and the ideal places to buy houses in the Greek Islands.

An Overview of the Real Estate Market in the Greek Islands

The property market in the Greek Islands has been booming over the past decade, and that’s evidenced by the rising prices. Different types of property are available for purchase. Whether you want a modern apartment in a coastal town or a traditional house in a charming village, the Greek Islands has got covered.

Renting vs. Buying

Deciding whether to rent or buy property in the Greek Islands can be challenging. If you don’t plan to stay there for an extended period, then renting is recommendable. On the other hand, those who wish to own a permanent vacation home in the Greek Islands can buy property.

Housing Prices

According to data published by the Bank of Greece in 2023, buying a house in the Greek Islands costs about $7,400 per square meter, an increase of roughly 4.9% from 2022. By comparison, the housing prices in the Greek Islands are still two times less than those in New York City.

It is worth mentioning that property prices in prime locations are significantly higher than in other areas. For example, the average housing price in a prime area like Santorini is about $850,000, while in Lemnos, you can find a residential home at a starting price of $250,000.

The Process of Buying Real Estate in the Greek Islands

Here is how you can buy your dream home in the Greek Islands:

1. Conduct market research to identify your ideal property and location.

2. Apply for a Greek tax number and hire a Greek lawyer.

3. Visit and survey the property.

4. Enter into a Reservation Agreement with the property seller under your lawyer’s guidance.

5. Open a bank account and make a down payment.

6. Instruct your lawyer to carry out property due diligence to identify any pending issues related to the house.

6. Sign a purchase agreement with the seller if satisfied.

7. Get a Greek Property Transfer Tax Number and complete payments for the property.

8. Pay the property registration fees and the real estate transfer tax.

9. Receive the title deed of the property and move in.

Where Can You Find Property?

Several online platforms list properties available for sale or rent in the Greek Islands. They include Spitogatos, Grekodom, Spiti24, Golden Home, and Tospitimou.

Risks of Investing in the Greek Islands Real Estate Market

While there are numerous benefits to owning a property in the Greek Islands, downsides exist as well. They include:

1. Housing prices are driven by tourism activity, subjecting them to massive fluctuations.

2. There is a water shortage problem in some areas.

3. Economic instability in the Greek Islands may affect property values.

4. Bad actors may sell you houses with illegal structures.

Where to Buy Property in the Greek Islands

Mykonos – If you want a beach house, then Mykonos should be your top choice of location. The area hosts several beaches and has a lively nightlife.

Santorini – The unique house designs and breathtaking views make Santorini one of the top locations to buy property.

Rhodes – If you wish to understand Greek culture and history, then Rhodes is an ideal place to acquire or rent a property.

Other recommended places to buy or rent a house include Paros, Zakynthos, Corfu, and Crete.

Cost of Living in the Greek Islands

The cost of living is lower in the Greek mainland than in the islands due to the rising costs of transportation, rent, goods, and services. For example, a one-bedroom apartment in Santorini costs $1,900 monthly, while the same unit costs a monthly rent of $150 on the mainland.

That said, when looking to buy a house in Greece, consider the cost of living in a particular area and ensure it aligns with your budget.