The Greek real estate market is experiencing a remarkable transformation. Positioning itself as a real estate investment hub, characterised by robust growth and unique opportunities.

The Greek real estate market is experiencing a remarkable transformation in 2025, emerging as an attractive destination for both domestic and international investors. Despite a turbulent economic past, Greece has positioned itself as a compelling real estate investment hub, characterized by robust growth, attractive pricing, and unique opportunities driven by strategic government policies.

Why is Greece worth Investing ?

Despite the nearly seven years of uninterrupted growth, Greek house prices remain relatively lower than most European countries - attracting many foreign investors into the country.

Screenshot 2025-03-28 at 3.45.04 PM.png "Real estate prices in Greece remain lower compared to many countries abroad, which acts as a magnet for foreigners who are not only looking to secure returns but also wish to relocate to a popular tourist destination. At the same time, Americans' and Britons' goal of securing visas has dramatically strengthened the demand from these countries," said Kosmas Theodoridis, the president of the European Real Estate Brokers Association.

Foreign Investor Interest

Greece’s residential real estate market has experienced robust growth, with house prices rising 14.5% year-over-year in Q1 2023—the strongest increase in over 30 years. By Q3 2024, urban areas saw a 7.29% annual price increase, though growth has slowed compared to earlier quarters.

Then in the first half of 2024, property transfers surged by about 20% from a year earlier. Based on the data from the Independent Authority for Public Revenue (AADE), state revenues from property transfers climbed to €302.49 million in H1 2024 as compared to €252.98 million in H1 2023.

Foreign investors have been attracted to Greece, mainly due to the Golden Visa Program, which offers residency to non-EU investors purchasing or renting property worth over €250,000. However, in August 2023, the cost of a Greek Golden Visa was doubled to €500,000, in the most popular areas of the country. The plan is valid for five years and is open to renewal.

The move seems to have negligible impact in increasing the affordability of real estate for Greeks and in discouraging foreign investors. Five months after the policy change (i.e. August-December 2023), a total of 3,626 investors have submitted their Golden Visa applications, up by around 60% from the same period in 2022.

Greek Housing Market Appeal

The property market accounts for about 20% to 35% share of total FDI in Greece annually. During 2023, net foreign direct investment (FDI) for the purchase of real estate rose by 8% y-o-y to €2.13 billion, following annual increases of 68% in 2022.

Then in the first half of 2024, net FDI for real estate purchases increased by 3.6% to €1.14 billion as compared to the same period last year. But even before the Covid-19 pandemic, foreign investment in real estate in Greece had been rising strongly. Net FDI for real estate surged by 45.3% in 2016, 86.5% in 2017, 172.1% in 2018.

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Residential construction in Greece has risen continuously in the past seven years, after almost a decade of declining activity. During 2023, building permits rose by 8.1% y-o-y to 26,930 units.

Rapid urbanization has led to a sharp dichotomy between urban and rural areas. Accordingly, more than 35% of the housing stock is vacant, mostly in rural areas. These units are typically dilapidated, or in need of total rehabilitation. On the other hand, dwelling units in urban areas are amongst the most crowded in Europe.

As of October 2024, there were 12,577 Golden Visa applications, up by 12% from 11,229 applications in the same period last year, according to the country's Ministry of Migration.

Serviced Apartments Development

Athens’ serviced apartment sector is emerging as a high-growth asset class, driven by demand from young professionals, corporate travelers, international students, and tourists. While Greece’s short-term rental market expanded by 11% in supply and 16% in bookings in 2024, serviced apartments are increasingly positioned as a hybrid solution for flexible stays.

Athens is an untapped market for branded serviced apartments, with no major international chains present. With DKG Development being present as the largest player in the Greek serviced apartment sector with a portfolio of more than 1000+ assets under management.

Greece’s serviced apartment sector remains underpenetrated but poised for growth, particularly in Athens, where affordability gaps and tourism-driven demand align with the asset class’s flexibility.

Looking Forward

Looking ahead to 2025 and beyond, the Greek real estate market shows promising signs of continued growth and transformation. Key factors to watch include potential adjustments to the Golden Visa Program, the continued development of serviced apartments in urban centers like Athens, and the impact of global economic shifts on foreign direct investment. Investors can anticipate continued opportunities in urban residential properties, serviced apartments, and strategic real estate developments that capitalize on Greece's unique appeal as a Mediterranean destination.