Greece remains a sought-after destination for foreign property buyers, despite significant price increases in recent years, Ekathimerini writes.
The tax residency transfer program and the Golden Visa scheme continue to attract retirees from Northern Europe and investors from the United States and Great Britain.
Although house price growth in some regions of Greece reached 28% in 2024, Greece is still considered affordable compared to other European real estate markets.
Under the non-resident program, people who do not permanently reside in Greece can transfer their tax residency by making a minimum investment of 500,000 euros in assets such as real estate, stocks or bonds. These investments must be completed within three years of applying for a residence permit. Participants are subject to a fixed annual tax of 100,000 euros on all income earned abroad for 15 years. Most prefer to invest in real estate.
Similarly, Greece's tax scheme for foreign retirees offers a highly competitive flat tax rate of 7% on retirement income for those who change their tax residency. This rate is valid for 10 years, provided that a person spends at least 183 days a year in Greece and has not been a tax resident of Greece for five of the last six years. A tax agreement preventing double taxation between Greece and the pensioner's country of residence is also required.
The Golden Visa program continues to attract foreign buyers seeking residency through real estate investments. Although the minimum investment amount in Athens and Thessaloniki has recently been increased to 800,000 euros, properties outside these major cities require only 400,000 euros. Demand is also high for facilities converted from former commercial buildings, which require a lower minimum investment amount of 250,000 euros.
Different regions attract different groups of buyers. Pensioners prefer Corfu, Rhodes and Evia for their natural beauty and high quality of life. Investors are prioritizing fast-growing areas such as Chania in Crete and Patras, where demand for student housing is high.
In the center of Athens, average house prices are 2,250 euros per square meter, which is 10.5% more than in 2023, while in Thessaloniki they are 2,107 euros per square meter, which is 10.7% more. The so-called "Athenian Riviera" remains particularly in demand. The average cost of real estate here is 3,900 euros per square meter, and in such luxurious places as Glyfada and Vouliagmeni, it exceeds 10,000 euros.
Source: Ekathimerini
