Over the past few years, the Greek housing market has accelerated like sirtaki, but since the second quarter of 2024, its growth rate has slowed down slightly; What is the current picture with sales and prices? Should investors be afraid of the limitations of short-term rentals? What’s going on with the golden visa and the digital nomad visa? We discussed it with experts from experienced Russian-speaking real estate agencies.
In 2024, foreign investment in the Greek housing market reached a historic high of 2.75 billion euros, with the last quarter proving to be the most productive.
Significant economic reasons for this success:
1. Attractive tax regime for non-permanent residents of the country (100,000 euros for all income earned abroad for 15 years, subject to investment of 500,000 euros or more in real estate or assets) and wealthy pensioners (fixed rate of 7%).
According to the New World Wealth survey, in 2022-2024 in GreeceAbout 1,200 millionaires from different countries settled there.
2. The program for obtaining a country’s residence permit for investments in square meters is the “Golden Visa”. Since September last year, the authorities have reformed it, raising the minimum cost requirements for the facility. Now, to obtain a residence permit, you need to buy a house worth from 800,000 euros in Athens, Thessaloniki, on the islands of Mykonos and Santorini, from 400,000 euros in other regions, from 250,000 euros when converting housing from former commercial buildings, regardless of location.
Every tenth sale of an apartment or house to a foreigner last year involved the buyer’s participation in the Golden Visa program.
3. Average property prices are lower compared to other European countries. During the crisis period from 2009 to 2016, housing prices fell by 45% or more, and by the beginning of 2025 prices had just reached the levels of 2008 and in some places, for example, in Attica exceeded them. For comparison, in Portugal, prices for apartments and houses have increased by 140% in 15 years, in Germany – by 77%, in the UK – by 65%.
4. The upward trend in prices has been steady since 2017. In 2024, housing prices in Greece increased by an average of 8.7%, but there has been a noticeable slowdown in growth rates since the second quarter of last year.
Greece, like many other countries, is facing a shortage of long-term rental housing due to the proliferation of daily rental apartments in tourist regions. The authorities have already announced the fight against “short–termism”, but the methods are still quite mild – tax incentives for those owners who rent out housing for a long time, and restrictions on the number of rented facilities by one owner.
We address questions regarding the opportunities and risks of the Greek market to our experts.
What was the year 2024 like in the Greek real estate market, and what trends are visible in 2025?
Svetlana Yuvchenko, Dionisiou Real Estate expert: In 2024, the real estate market in Halkidiki grew steadily, despite significant price increases. Traditionally, inexpensive apartments were in the highest demand – up to 150,000 euros.
In the summer of 2024, there was a surge in interest in objects priced from 250,000 to 300,000 euros. This was due to changes in the Golden Visa program – since September, the minimum investment threshold has increased from 250,000 to 400,000 euros. As a result, literally all decent properties in this price range were sold out in Halkidiki!
The beginning of 2025 was marked by a further increase in prices. In popular coastal villages, the cost of secondary real estate reaches 3,000 euros per square meter, which is already approaching the prices for new construction. Against this background, consumer activity decreased.
With limited supply and rising prices, many potential buyers have shifted their attention to land plots for self-construction, considering this as a more profitable alternative.
Natalia Tsiro-Ruva, Founder and CEO of Hellas Consult Solutions: Of course, 2024 was quite a nervous year for all “golden” investors, because there were changes in the popular Golden Visa program. These changes caused a stir, as those who wanted to enter the program on the same terms had to have time to choose an object, complete the transaction and wait to receive their certificates confirming the status of a resident of the European Union. Many investors tried to enter the program at the lowest investment threshold, that is, by buying a property for 250,000 euros. Today, investors who purchase simple housing for themselves and wish to participate in the program are required to choose an object of 120 square meters. m., and its cost should be, depending on the region, 400,000 or 800,000 euros.
However, 2024 has also given us another unique opportunity, which I consider to be the main bonus of the Golden Visa. Starting from September 1, 2024, it is allowed to buy a special type of real estate, namely commercial properties that have been reformatted into residential ones, for 250,000 euros. By investing this amount, in addition to the status of a resident, you get beautiful apartments that can also be rented out.
As of April 2025, we see that interest in the golden visa has not decreased, but, on the contrary, has increased. Why? Because the Spaniards, our neighbors in the European Union, who were the flagships of the Golden Visa program, have closed it. Portugal’s program has changed, and it is no longer possible to invest directly in real estate. The Greek “Golden Visa” is the most efficient, most understandable, simplest and very, very popular today.
Are foreigners active? Which countries do the buyers come from? Are there many Russian speakers among them? What are the purposes of purchasing real estate?
Svetlana Yuvchenko:90% of the buyers in Halkidiki are foreigners. Traditionally, the overwhelming majority of them are residents of the Balkan countries (Serbia, North Macedonia, Bulgaria, Romania). There are few Russian-speaking buyers, and mostly they are citizens with permanent residence outside the post-Soviet space.
They buy real estate mainly for two purposes: for their own use or for short-term rental. However, there are also buyers who plan to renovate their homes and resell them at a higher price, but there are not many of them.
Natalia Tsiro-Ruva: It is no secret that Greece is now a magnet for investors from various countries. If earlier Greece was not talked about as a destination for serious investments, now everything has changed radically. So, who is investing? I would put the Chinese in the first place. They want to open their companies here, they want to promote their products, they want to move further to Europe, America and other countries. Residents of Libya, Egypt, Syria, and Pakistan are not inferior to the Chinese. Surprisingly, these investors behave very actively, competently develop business, open construction and other companies. Turks are also prominent in the Greek real estate market. They register their companies and actively participate in the Golden Visa program. I can’t help but mention the Israelis. They are interested in the Golden Visa, hotels, businesses, and construction.
What is the place of Russian investors in this motley picture? It’s pretty small. The reasons are difficulties in registering real estate, withdrawing money, and obtaining alternative passports to participate in the Golden Visa. Nevertheless, there are Russian and Belarusian investors who have alternative passports, for example, Kyrgyz passports by birth, passports of Armenia, Georgia, Vanuatu, Argentina. There are quite a few relocants among Russians. Most of the clients from the Russian Federation are interested in the “golden visa”. Many people need EU resident status to, for example, open a business in Europe.
How did the increase in the threshold for the “Golden Visa” affect the demand for housing? Is there a demand for this program among Russians with second passports? Are there any offers in your catalog in regions with a minimum threshold of 250,000 euros?
Svetlana Yuvchenko: From September 2024, strict conditions are provided for obtaining a Golden Visa in Halkidiki: the minimum investment amount is 400,000 euros, and the purchased property must have an area of at least 120 square meters. m.
At first glance, there are many objects on the market that meet these criteria. However, upon closer analysis, it turns out that it is not so easy to find a really suitable option in the price range of 400,000 – 450,000 euros. Difficulties arise for several reasons: many developers are not ready to specify the full value of the transaction in the contract, preferring partial cash payment, which makes obtaining a “golden visa” impossible. In addition, there are objects with a declared area of more than 120 square meters, which, when checked, includes non-residential premises (for example, basements), and such objects do not meet the requirements of the program.
After the minimum threshold was increased, the interest from Russian customers with second passports decreased. The main flow of applications from them ended in the summer of 2024, before the minimum cost was raised. Today, citizens of Turkey and Israel, as well as, to a lesser extent, citizens of the United States, are showing the greatest interest in the program in the region.
Natalia Tsiro-Ruva: The triumphal march of the Greek “Golden Visa” continues. Strangely enough, most investors are not deterred by the fact that the entry threshold has increased. Turkish buyers are looking for villas starting from 800,000 euros. Investors from Kazakhstan purchase villas starting from one million euros in order to spend their summer holidays with a large family. Those who want to buy a summer cottage on the Halkidiki peninsula are happy to do so, because the investment threshold there remains 400,000 euros, and there are many high-quality offers of villas and apartments from developers.
The sweetest piece is the commercial apartments, which have become residential, that is, they are suitable for those who want to enter the program at the lowest threshold of 250,000. We can offer such clients magnificent student campuses, offices that have been reoriented into apartments with complete renovation, finishing, and sometimes even with a tenant. The demand for facilities under the program is high. Many have businesses in Europe, and many have children studying here. Some parents purchase investment apartments in the name of their children, and, accordingly, the whole family receives the status of a resident of the European Union.
Are Russians, Ukrainians, and residents of the CIS countries considering Greece for relocation? Is the Greek digital nomad visa still popular? Have there been any recent changes in this program?
Svetlana Yuvchenko: Greece is traditionally considered by Russians, Ukrainians and residents of the CIS countries as a place for a comfortable retirement life. It is widely believed that the country is not well suited for living with children due to the allegedly weak educational and entertainment infrastructure. However, I would argue with this statement.
For families planning full integration into Greek society, Greece offers excellent private schools with a high level of education in the Greek language at relatively affordable prices. These educational institutions provide high-quality training and often have a good reputation among local and foreign families. If we are talking about schools with instruction in English or other foreign languages, there really are not many of them – they are mainly concentrated in Athens and quite a few in Thessaloniki.
As for visa programs, the Greek digital nomad visa, which previously aroused the interest of many expats, is gradually losing popularity today. This type of residence permit was often used as a temporary solution to quickly obtain legal status, but subsequently many holders switched to more stable programs such as the Golden Visa.
Natalia Tsiro-Ruva: The increased demand from real estate buyers is still associated with the opportunity to obtain resident status. Of course, there are those who want to move. Many people move to Greece when they reach retirement age and want, for example, to leave America, Argentina, Canada to be closer to Europe, to be closer to their relatives who live in Russia, Belarus or other CIS countries.
The program for digital nomads is still in effect, and there are no restrictions on it for citizens of Russia and Belarus, but the fact is that over the past two years, the Greeks have issued a minimum number of ready-made resident cards on this basis.
The document submission system is digitized, and the review process is extremely slow. Therefore, it is important to understand that if we apply for this program, we will have to wait a long time. For those who really plan to move to Greece, it’s okay – any certificate of expectation makes it possible to legally stay in the country, buy housing, and open a business. I would like to emphasize that the status of a digital nomad obliges you to stay in Greece for at least 180 days a year. If this requirement is violated, the authorities may refuse to renew your residence permit certificate.
It is most convenient to arrive in Greece on a tourist visa (type C) and quietly apply for a digital nomad residence permit already in the country. You can also come with a D visa, a digital nomad visa, but this is not yet a digital nomad residence permit, but only a visa, that is, you will have to re-apply through a lawyer specifically for resident status. A residence permit is given first for 2 years, and then an extension for another 3 years is provided. The digital nomad program is an ideal option for those who do not have the opportunity to purchase real estate starting from 250,000 euros.
InAthens has recently launched an offensive against short-term rentals. Is there a legislative tightening of short-term rentals in other regions of Greece? What are or will be the limitations? How will this affect, or has it already affected, the real estate market?
Svetlana Yuvchenko: The short-term rental market in Thessaloniki and Halkidiki remains stable and continues to function at its usual pace. The only changes relate to the introduction of quite reasonable and expected requirements aimed at improving security. Among them is the mandatory availability of civil liability insurance, the installation of smoke detectors and other basic elements that ensure the comfort and protection of tenants.
Natalia Tsiro-Ruva: The government has decided to reform the country’s short-term rental market. What changes are waiting for homeowners?
1. You will need to get certificates from an electrician, fire services. Certificates confirm that the apartment has ventilation, fire safety regulations are followed, there is a first-aid kit, smoke detectors.
Certificates do not need to be placed in any electronic systems, that is, they must be in the hands of the owner. They will need to be presented during the inspection.
2. The types of real estate that are being eliminated from the short-term rental market have been identified. These are apartments in basements and semi-basements, in attics.
Many have bought apartments that are located in basements, without natural light, without ventilation, although they have been renovated. Owners of such facilities are likely to be able to rent them out on a long-term basis.
The short-term rental market is generally being streamlined and cleaned, and good liquid properties will be more expensive to rent.
All changes will take effect in October 2025, meaning the owners have enough time to prepare and issue certificates.
Do you recommend Greece to investors today? If so, what regions and types of real estate?
Svetlana Yuvchenko: I think Halkidiki is still one of the most attractive regions in Greece for real estate investments. Prices here are showing steady growth, the region is developing, infrastructure is improving, and demand for housing remains stable. Real estate properties retain high liquidity, which makes investments in this area not only reliable, but also promising.
Natalia Tsiro-Ruva: We definitely recommend it. First of all, large cities with developed infrastructure are promising for investment. The flagships today are Athens and Thessaloniki. I would also highlight student towns such as Larissa, Volos, and Kavala.
The islands are in demand, first of all, for tourist real estate, which can be rented out for short-term. Islands that attract increased tourist interest are preferred. Of course, these are Crete, Rhodes, Corfu, Lefkada, Kefalonia, Zakynthos, Mykonos, Santorini.
Do you recommend Greece for moving today? If so, which regions?
Svetlana Yuvchenko: If you have a stable income outside Greece, or you plan to open your own business locally, life in Halkidiki and Thessaloniki can become really comfortable. The region has all the necessary infrastructure, enjoys a mild climate, delicious food and the opportunity to travel throughout Greece and Europe. High–quality paid medicine is also available here, and a rich cultural life is relatively close.
However, for those who expect to find employment as an employee, it is worth considering that the salary level in the country remains quite low, even in large companies.
Natalia Tsiro-Ruva: Today, Greece is probably the calmest, most unhurried, sunny and welcoming country that welcomes all those who move.
Many relocators prefer islands. It’s quiet there, but at the same time excellent supplies, ferries, airports.
If you are planning to move with young children, then you should pay attention to schools and colleges. In this case, we can recommend Athens, the Athenian Riviera (Alimos, Glyfada, Voula, Voulianmeni), Kallithea, Paleo Faliro. There is good real estate in these areas, close to schools, universities, kindergartens.
In addition to Athens and Thessaloniki, I would also highlight absolutely non-tourist cities such as Larissa, Drama, Volos, Kavala, Serres, the Peloponnesian Peninsula, Corinth, Porto Rafti – an area that has not yet been promoted, but is very promising, with beautiful new houses.
The Greek economy is improving, the criminal situation is as comfortable as possible, the people are welcoming, the prices are pleasant, and real estate prices are still among the lowest in Europe. Many Europeans choose Greece to move to live in retirement – to relax, enjoy the coasts and the cleanest beaches, eat wonderful quality food and drink Greek wine.
Thank you for your help in preparing the material:
Natalia Tsirorova, Founder and CEO of Hellas Consult Solutions
Svetlana Yuvchenko, Dionisiou Real Estate expert
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