How much does it cost to buy an apartment in Greece?
How much does it cost to buy an apartment in Greece?
Greece, with its stunning landscapes, rich history, and idyllic islands, has long been a dream destination for many. Beyond its appeal as a holiday hotspot, Greece also attracts those looking to invest in property, whether for a summer retreat, retirement home, or a rental investment. If you're considering buying an apartment in Greece, understanding the cost is a crucial first step. In this blog post, we’ll explore the factors influencing apartment prices and give you a snapshot of the current market.
Factors Influencing Apartment Prices in Greece
Location
Athens: As the capital city, Athens is a major cultural and economic hub. Prices in central areas like Kolonaki and Plaka are higher due to their prime locations, historical significance, and vibrant urban life. Suburbs like Glyfada and Marousi offer more affordable options.
Thessaloniki: Greece's second-largest city is known for its youthful vibe and rich history. It's generally more affordable than Athens, but areas like Kalamaria and the city center can still command higher prices.
Islands: Popular islands such as Mykonos, Santorini, and Corfu can be expensive due to their tourist appeal and limited space. However, lesser-known islands or those further from major tourist routes, like Naxos or Syros, offer more budget-friendly options.
Mainland: Regions like Peloponnese, Epirus, and Thessaly offer a range of prices. Coastal areas tend to be pricier than inland locations.
Property Condition and Age
Newly built apartments or recently renovated ones typically cost more. Conversely, older properties or those in need of renovation can be purchased at lower prices but may require significant investment in repairs and upgrades.
Size and Amenities
The size of the apartment (measured in square meters) and available amenities (such as pools, gardens, and parking) directly affect the price. Larger apartments with modern amenities in desirable locations are at the higher end of the market.
Market Trends
Economic conditions, both local and global, influence property prices. Greece's real estate market has been recovering since the financial crisis of the 2010s, and the trend continues to be upward as the economy stabilizes and grows.
Average Costs in Key Areas
To provide a clearer picture, let’s look at some average prices per square meter in different locations as of 2024:
Athens: Prices in central areas like Kolonaki can range from €3,500 to €5,000 per square meter, while suburbs like Glyfada range from €2,500 to €3,500.
Thessaloniki: Central areas range from €2,000 to €3,000 per square meter, with suburbs like Kalamaria ranging from €1,500 to €2,500.
Mykonos: Known for luxury real estate, prices can soar up to €7,000 per square meter.
Santorini: Prices are slightly lower than Mykonos, ranging from €4,000 to €6,000 per square meter.
Corfu: Depending on the exact location, prices range from €2,500 to €4,000 per square meter.
Lesser-Known Islands: Prices can be significantly lower, from €1,500 to €2,500 per square meter.
Mainland Coastal Areas: Ranges from €2,000 to €3,500 per square meter.
Inland Mainland Areas: Prices can be as low as €1,000 to €2,000 per square meter.
Additional Costs to Consider
When budgeting for your apartment purchase, remember to include additional costs such as:
Legal Fees: Usually around 1-2% of the property price.
Notary Fees: Approximately 2% of the property price.
Property Transfer Tax: Typically 3.09% of the property value.
Final Thoughts
Buying an apartment in Greece can be a rewarding investment, offering not just a slice of paradise but also potential financial gains as the real estate market continues to grow. Whether you're drawn to the bustling streets of Athens, the serene beaches of the islands, or the charm of mainland towns, there's a diverse range of options to suit different budgets and preferences. By understanding the factors influencing prices and the additional costs involved, you can make an informed decision and embark on your Greek property journey with confidence.