The property prices in Greece has increased for the third year due to increased  activity of foreign buyers investing in golden visa scheme. In Athens property prices also surged including the rentals. Airbnb also contributed to increasing rentals prices in the city center.  Despite the boom, the Greek property prices is still considered to be the lowest in the EU attractive for foreign property buyers.

Golden visas are issued to foreigners outside EU, for buying EUR 250,000 real estate in Greece.  Investments in small value multiple properties also allowed provided the combined threshold reach 250K euro.  These property buyers qualify for five year permanent residence permit with free movement in schengen area.

According to Bank of Greece, in the third quarter of 2018, the year-on-year rate of increase in prices was 2.9% for “new” apartments (up to 5 years old) and 2.2% for “old” apartments (over 5 years old). The prices increased by 3.7% in Athens, 1.9% in Thessaloniki, 1.2% in other cities and 1.6% in other areas of Greece.

As of Q3 2018, close 2000 golden visas issued to property buyers from China and some 400 visas issued to Russians and Turkish nationals, according to enterprise greece.

Airbnb

Airbnb is booming in Athens and other tourist cities such as Crete. The short-term rental market is booming in Greece, with an estimated 12,000 properties in the capital available to visitors via Airbnb. Nationwide, more than 50,000 rentals are hosted on the platform, 14,650 of which are in Crete alone.

The average property income expected to generate around 1,625 euros monthly. Acropolis area in Athens and Crete are more popular with airbnb.

Property taxes and expenses for €250,000 home

The introduction of 24% VAT for new buildings and properties makes properties in greece more expensive

• Transfer tax: 3.09%
• New buildings: 24% VAT
• Notary fee: 0.70 %+ aprox 500€ (for  properties €120K to €380K)
• Land registry fee: 0.475% – 0.575 % + 24% VAT
• Agent commission:  1% – 2.5% + 24 % VAT