Best places for buying a holiday home in Greece

Even though Greece isn’t a large country (in fact it’s smaller than the UK), there are so many different locations to choose from that you’re spoilt for choice. With almost 6,000 islands and endless coastlines, your property search will take you from one beautiful location to another.

And if you still need convincing, here are 6 reasons to buy your holiday home in magical Greece:

1. Greece boasts a hot and sunny Mediterranean climate, so it’s the perfect spot if you’re looking to get away from grey, drizzly skies and cold summers in the UK. With around 250 days of sunshine per year, you can’t really go wrong with a holiday home here.
2. With major airports all over the country and a sound road network, Greece is easily accessible, so travelling to and from the UK to your holiday home won’t be a problem.
3. As a top tourist destination, you could make a second income from your Greek property when you’re not using it yourself. On average, the gross rental yield in Greece is 4.22%, and this could be much higher if you opt for short term lets in popular destinations.
4. If you decide to make Greece a permanent home, then real estate is the ideal way to do it. Greece offers non-residents a Golden Visa scheme from €250,000 to €800,000 in certain areas.
5. On average, the cost of living in Greece is 16.2% lower than the UK. Which means you can enjoy holidays on a budget, or you can splash out and treat yourself without breaking the bank when you’re on your annual trip.
6. The Greek government has introduced various tax incentives for foreigners looking to buy real estate. This includes no VAT for three years on property purchases and a reduction in transfer taxes. This means choosing Greece, may work out cheaper than other countries you could also be considering.

If you’re thinking about investing in Greek real estate, then the good news is that this is probably one of the most affordable property markets in Europe – especially if you’re looking for a coastal or island property. Foreigners are required to purchase a property that has no less than 120 square metres.

However, that doesn’t mean you should wait too long before taking the plunge as property prices are on the rise. In fact, they have risen by around 11% since 2023 as more and more foreigners invest their cash here.

Despite the rising prices, it’s still cheaper to purchase property in Greece compared to other popular European holiday destinations such as Portugal and Spain. For example, buying an apartment in Lisbon, would be double the price of buying a similar apartment in Athens, and buying an apartment in Madrid would be 84% more expensive.

Recent changes in the law mean that foreigners will only be eligible for a Golden Visa if they invest in property of at least 120m2.

In this section we will look at some of the most popular regions for foreigners seeking second properties in Greece. Whilst we can’t cover the whole country, we hope this acts as a helpful guide when you start your search.

There’s no better place to start your search than Crete, which has the highest number of UK expats living here than anywhere else in Greece. The island is packed with holiday resorts, glorious beaches, busy towns and villages and is great for year-round visits.

This easily accessible island offers lots of choice to foreign buyers from small inland villages or more popular areas such as Chania, Rethymno or Lasithi. Whether you’re looking for a turnkey property or a renovation project, our partner in Crete will be happy to help in your search.

Average property prices in Chania are around €2,345/m2 with areas such as Heraklion and Rethymno coming in at slightly under the €2,000/m2 mark.

Crete is popular with tourists so if you’re looking to supplement your income by letting your property when you’re not using it, this island could offer plenty of opportunities to do so.

Although Santorini and Mykonos are probably two of the most famous destinations in Greece, they also come with a hefty price tag. That being said, there are plenty of other islands in this region where you could find your perfect holiday home such as Naxos, Paros and Kea.

Paros is a popular holiday destination surrounded by crystal blue water and sandy beaches, characterised by a combination of traditional architecture as well as new build options. From seaside villas to smaller inland houses and apartments there’s plenty to choose from here. Whilst not as expensive as Mykonos where average prices are €7,243/m2, Paros is still expensive with average prices at €4,617/m2.

For somewhere completely away from the crowds, Sikinos is an untouched paradise. This small island is a true getaway, with beautiful natural surroundings and a traditional village lifestyle. Property here is lower in price than other parts of the Cyclades, and average prices are €2,012/m2.

Home to some of the most famous Greek archaeological sites in the world, and crammed with traditional Greek villages and stunning beaches, the Peloponnese is a world away from the party scenes of Mykonos and Rhodes, or the bustling crowds of Santorini.

From secluded beaches to mountainous villages, this Greek peninsula is a charming area to set up your holiday home and average house prices are €1,550/m2.

If you’re looking for a beachside property, then Kalamata (known for its delicious olives) and beautiful sandy shoreline or the pretty seaside town of Nafplio may appeal. Porto Heli is a more luxurious location built around a stunning harbour, with plenty of beaches to explore.

Located on Greek’s western coast, this group of seven islands are popular with holidaymakers and offer foreign buyers plenty of housing stock.

The seven islands are Zakynthos, Ithaca, Corfu, Kefalonia, Lefkada, Paxos and Kythira and each has its own charms and beauty.

From blue flag beaches and busy resorts in Corfu, to the quieter, more remote islands of Paxi and Ithaca – you’ll find exactly what you’re looking for in this gorgeous Greek region.

Average property prices in the Ionian islands region are €2,484/m2. Rent on the islands has been increasing steadily over the last few years and you can expect an average of €10.39/m2.

Athens and Thessaloniki are the major cities of Greece and attract their fair share of tourists throughout the year.

Athens is one of the oldest cities in the world and draws huge crowds every year for its ancient architecture, vibrant culture and nearby beaches. Average prices in Athens are €2,869/m2, which is cheaper than some of the more popular islands.

Thessaloniki in northern Greece is also an affordable city to invest in, and a great place to enjoy a long break.

Foodies love this city so much it was awarded a City of Gastronomy status by UNESCO in 2021. There’s so much good stuff to try, your palette will never get bored! There’s also plenty of historical architecture, stunning views, and beaches to visit. Average prices here are €2,430/m2.

Every country has its own legal process when purchasing real estate and it’s important to work with people you trust and can rely on when completing your transaction.

For more information about how to buy your holiday home in Greece, check out our informative step-by-step guide here.

If you want to rent out your property whilst you are not using it, you will need to apply for an EOT licence (Elliniko Organismo Tourismo) for short stay rental properties (any tenancy period less than three months) and declare your income for tax purposes.

We work in partnership with local agents based in Greece who can help you find your perfect holiday home.

They know the country well and can help you choose the right location at the right price.

Our company has worked with hundreds of people looking for holiday homes all over Europe and beyond, so get in touch with us today to start your search.