An overview of the luxury property market in Greece
Research by Elxis-At Home shows that luxury properties in Greece tend to attract buyers over the age of 50. Middle and senior managers prefer premium properties in the country. This category of buyers buys a home for their use or as a holiday home. Buyers aged 35-45 are also interested in luxury properties. In this case, the most common reason for buying is to generate income.
According to the analysis, investors from Belgium and the Netherlands show a high interest in luxury properties in Greece. This category is usually represented by young people who buy houses for holidays and plan to rent them out when they are not using them.
British and American buyers prefer to buy property for their use. For many of them, purchasing a property is also a step towards obtaining a residence permit in Greece. German and French nationals also buy local properties for their use. However, there are also transactions aimed at short-term rentals. The latter accounts for 10% of German buyers and 20% of American buyers.
Popularity of the Golden Visa
The country’s investment programme attracts many foreigners. Its popularity has not diminished even after the minimum investment threshold was raised. It is €400,000 for properties on the mainland and €800,000 for those on the islands. Previously, the minimum investment was €250,000.
According to official figures, there was a significant increase in the number of Golden Visas issued in August 2024:
1. UK applicants received 482 visas, representing 3.8% of the total number of permits issued.
2. US citizens accounted for 2.8%, with 353 residence permits issued by the Greek government.
3. Israeli applicants received 271 visas.
Analysts attribute Israeli citizens’ activity to geopolitical instability. In addition to Greece, these buyers have also increased their share of purchases in the Georgian property market.
Overview of the housing cost in Greece
According to Spitogatos, property prices in Greece rose by almost 7% in the third quarter of 2024. In the rental sector, house prices rose by 7.6%.
The most expensive locations were:
– the southern and northern suburbs of Athens;
– the Cyclades islands;
– Piraeus;
– Lefkas.
Piraeus has become the leader in terms of property price growth. Over the past year, the cost of housing in the area has risen by 28%. Rental prices rose the most in Thessaloniki – by 20%. At the same time, they remain among the lowest in the country.
Experts say the local rental market is expecting changes due to the end of property registration numbers, which allowed short-term rentals.