How Much Does Housing Cost in Greece?

Greece offers a wide range of housing options, from bustling urban apartments in Athens to charming villas on picturesque islands. The cost of housing varies significantly depending on the location, property type, and whether you’re renting or buying. Below, we’ll break down the costs of renting and purchasing homes across different regions of Greece to help you understand what to expect.

---

Renting Costs in Greece

Rent prices in Greece are relatively affordable compared to other European countries, especially outside major cities. However, popular tourist destinations like Santorini and Mykonos tend to have higher rental rates due to demand.

1. Renting in Major Cities

• Athens :
  • Studio/Apartment (1-bedroom): €500–€900/month
  • Apartment (2-bedroom): €800–€1,300/month
  • Luxury Apartments: €1,500+/month
  • Note: Central neighborhoods like Kolonaki and Plaka are more expensive than suburban areas.
• Thessaloniki :
  • Studio/Apartment (1-bedroom): €400–€700/month
  • Apartment (2-bedroom): €600–€900/month
  • Luxury Apartments: €1,000+/month

2. Renting on the Islands

• Popular Tourist Islands (e.g., Mykonos, Santorini) :
  • Studio/Apartment (1-bedroom): €800–€1,500/month
  • Villa (2–3 bedrooms): €1,500–€3,000+/month
  • Seasonal Rentals (June–August): Prices can double or triple during peak tourist season.
• Lesser-Known Islands (e.g., Crete, Rhodes, Corfu) :
  • Studio/Apartment (1-bedroom): €400–€700/month
  • House/Villa (2–3 bedrooms): €600–€1,200/month

3. Renting in Rural Areas

• Villages and rural towns offer the most affordable options:
  • Small House/Apartment: €200–€500/month
  • Larger Homes: €400–€800/month

Additional Costs for Renters

• Utilities : €100–€200/month (electricity, water, heating, internet)
• Security Deposit : Typically 1–2 months’ rent
• Agency Fees : Some landlords charge a fee equivalent to one month’s rent if you use a real estate agent.

---

Buying Costs in Greece

Purchasing property in Greece is an attractive option for long-term residents, investors, or those seeking a vacation home. Property prices vary widely based on location, size, and condition.

1. Buying in Major Cities

• Athens :
  • Apartments (Central Areas): €2,500–€5,000 per square meter
  • Suburban Homes: €1,500–€2,500 per square meter
  • Example: A 70-square-meter apartment in central Athens might cost €175,000–€350,000.
• Thessaloniki :
  • Apartments: €1,500–€3,000 per square meter
  • Example: A 90-square-meter apartment might cost €135,000–€270,000.

2. Buying on the Islands

• Luxury Destinations (e.g., Mykonos, Santorini) :
  • Villas: €500,000–€5,000,000+ (depending on size and location)
  • Smaller Homes: €300,000–€800,000
• Affordable Islands (e.g., Crete, Rhodes, Corfu) :
  • Traditional Stone Houses: €80,000–€200,000
  • Modern Apartments: €100,000–€300,000
  • Villas: €200,000–€500,000+

3. Buying in Rural Areas

• Countryside properties are significantly cheaper:
  • Small Village Homes: €30,000–€80,000
  • Farmhouses with Land: €50,000–€150,000
  • Renovation Projects: €20,000–€60,000

Additional Costs for Buyers

• Transfer Tax : 3% of the property value
• Legal Fees : 1–2% of the purchase price
• Notary Fees : 1–2%
• Real Estate Agent Fees : 2–3% (usually paid by the seller but sometimes shared)
• Renovation Costs : Many older properties require updates, which can add €10,000–€50,000+.

---

Golden Visa Program

The Greek Golden Visa program allows non-EU citizens to obtain residency by purchasing property worth at least €250,000 . This has made Greece an appealing destination for international investors, particularly in areas like Athens, Thessaloniki, and the islands.

---

Factors Influencing Housing Costs

Several factors affect housing prices in Greece:

1. Location :
   • Urban centers and tourist hotspots command higher prices.
   • Rural areas and lesser-known islands offer more affordable options.
2. Property Condition :
   • Newly built or renovated properties are pricier than older ones needing repairs.
3. Market Trends :
   • Post-financial crisis recovery has led to gradual increases in property values, especially in Athens and Thessaloniki.
4. Tourism Demand :
   • Properties in high-demand tourist areas often have inflated prices due to short-term rental potential.
5. Economic Factors :
   • Greece’s relatively low cost of living compared to Western Europe keeps housing affordable for many buyers and renters.

---

Tips for Finding Affordable Housing

1. Negotiate Prices : Whether renting or buying, don’t hesitate to negotiate terms with landlords or sellers.
2. Explore Off-Peak Areas : Consider neighborhoods or islands that are less popular but still charming.
3. Work with Local Agents : Real estate agents can help you find hidden gems and navigate legal processes.
4. Consider Fixer-Uppers : Older properties may be cheaper upfront but require renovation investment.
5. Use Online Platforms : Websites like Spitogatos , Xe.gr , and HomeAway list both rentals and sales.