Property Prices In Greece

1.       Location: This influences the price of a property considerably. Property prices in Greece tend to be less expensive in rural areas, particularly on the mainland in regions such as Messinia where a village house may cost the same amount as a studio on one of the popular Island such as Kefalonia.

2.       The quality of the property: Property prices in Greece are often reflected by build quality. The quality of property in Greece varies notably in respect to materials, fitting, fixtures and workmanship. You should compare several properties to compare value for money.

3.       Size of the property: Advertisements for property in Greece generally give total living space in square metres (m2). When comparing properties, evaluate the cost of habitable space per square metres of each property you look at. Outside space such patios, balconies, terraces, basements, garages, etc and land should be compared separately.

4.       Plots of land: Land is expensive in Greece and there are minimiun plots sizes for each size of building. Land area is measured in Stremmattas (units of 1,000m2 or about a quarter of an acre). In Greece, outside towns and villages a building plot must usually be over 4,000m2, although special parmission can sometimes be obtained for smaller plots. Inside town or village limits, a plot must be at leat 250m2 to be developed. Aways check with a Civil Engineer to be sure.

Remember it is always wise to seek legal and technical advice before buying a property in Greece.

Greek Property Price Guide

New Properties: A new apartment on one of the Greek islands with one bedroom is likely to cost around €75,000, €100,000 for a two bedroom apartment and €120,000 for a three bedroom apartment although they can be more expensive in some of the more fashionable resorts on the island as well as in Athens. A new two bedroom villa or townhouse will cost from about €110,000. However, price rise to about €220,000 or more in a popular location. Three bedroom, two bathroom properties cost from about €160,000 (€220,000 with a pool) and a four bedroom property on a large plot of land will cost at least €300,000

Older Properties: Old stone house are widespread in area such as The Mani on the Peloponnese or on the island of Crete and can be purchased from as little as €55,000, particularly if they are inland. However, the cost of renovation is likely to be in the region of twice the cost of purchase price according to the amount of repair work required. Older properties are usually smaller than new properties being around 50m2 to 75m2 and many have outside bathrooms. Village houses trend to have little or no outside space.

Plots of land: In Greece, an average cost of a 4000m2 plot in a rural are is around €60,000 although building plots vary considerably in price and a small plot of 250m2 can cost as little as €18,500. Note also that providing services to a property in a remote rural area may be expensive.

Property

Price Guide

Apartments

1 bedroom apartment
2 bedroom apartment

€75,000 - €155,000
€95,000 - €355,000

Houses

Village house
2 bedroom townhouse
2 bedroom bungalow / maisonette
Stone house
3 bedroom detached villa
Farm house (renovated)
Luxury villa

€55,000 - €210,000
€100,000 - €260,000
€100,000 - €300,000+
€150,000 - €525,000+
€150,000 - €525,000+
€155,000 - €300,000
€350,000 - €1,000,000+