An IMGW News Report
Greece’s real estate market continues to draw significant attention as one of Europe’s most affordable destinations for property investment. Athens, in particular, stands out as the fourth cheapest property market in Europe, with average sales prices currently at €2,120 per square metre. This puts it in stark contrast to more expensive cities like Paris (€9,430/sq.m.), London (€9,540/sq.m.), and Zurich (€17,285/sq.m.), where property prices are significantly higher. The only cities with cheaper property than Athens are Bucharest (€1,632/sq.m.), Sofia (€1,650/sq.m.), and Podgorica (€1,763/sq.m.), highlighting Greece’s affordability amidst some of Europe’s most expensive real estate markets.
“For local buyers, this price surge, combined with stagnant income growth, has made homeownership increasingly difficult. However, for international investors, Greece’s property market remains a bargain.”
Recent studies have also shown that Paris, not London as many would expect, is the most expensive city to buy a home in Europe, with an average price of £534,227.88 (€620,220). London, which ranks second, has an average property price of £500,310 (€581,210), while Luxembourg comes in third with an average house price of £480,027 (€557,616). These cities starkly contrast with Greece, where investors can still find affordable options with good future growth potential.
According to Elxis, a Netherlands-based company specialising in the sale of country homes to foreign buyers, demand for Greek real estate is currently far outpacing supply, particularly from buyers in Northern and Western Europe. The company highlights that while prices in Athens have increased by nearly 90% since 2017, it remains the most affordable capital in Southern Europe. The Bank of Greece also reports significant growth, with house sale prices across the country rising almost 15% year-on-year in Q1 2024, marking the tenth consecutive quarter of double-digit price increases. For local buyers, this price surge, combined with stagnant income growth, has made homeownership increasingly difficult. However, for international investors, Greece’s property market remains a bargain.
With an expected 8-10% annual increase in the prices of holiday homes in the coming years, Greece offers substantial capital gains potential. As foreign interest in Greece continues to grow—fueled by the country’s Golden Visa programme, which offers residency to non-EU investors purchasing property worth €250,000 or more—its real estate market is set to remain one of Europe’s most appealing and cost-effective investment opportunities.
Despite the rising prices in Athens, Greece’s property market offers strong value compared to the most expensive European cities. With the continuing trend of foreign investments and the promise of healthy future returns, Greece’s real estate market remains an attractive, affordable choice for investors seeking opportunities in a growing market.
If you wish to read more Greece-related news on IMGW, we invite you to check the following articles:
- Real Estate Experts Warn of Unintended Consequences from Greece’s Golden Visa Changes
- Real Estate Out, Startups In: Greece’s New Golden Visa Rules Target Housing Crisis
- Greece Lures Global Entrepreneurs with Golden Visas for €250,000 Startup Investments
- Fraud Uncovered in Greece’s Golden Visa Scheme: Authorities Probe Irregularities
