Property in Greece
Property taxes may have increased but value for money is still the buzz phrase when it comes to Greek property. The traditional coastal areas remain popular among second homeowners and holidaymakers alike, while Athens is proving to be something of a hotspot in the buy-to-let market
Prices for Greece Property from £30,400
Key facts
- Population: 10,700,000
- Capital: Athens
- Approx. exchange rate: £1 = €1.5
- Visas: Yes, visitor visa after three months, residence permit for work
- Time difference: +2 GMT
- Flight time from UK: 3 hours 30 minutes
- Major airports: Athens, Thessaloniki
- Dialling code: 00 30
Property in Greece
The Market: Athens and the coast
When it comes to Mediterranean property hotspots, Greece is up there with the best of them in the value for money stakes. And despite recent changes in tax laws that have made the buying process a tad harder on the wallet (including 19 per cent VAT on newly-built premises), Greece’s property market continues to prosper. Over the past few years reduced interest rates, the deregulation of rents and a general increase in countrywide living standards have all played their part in helping the Greek property market to go from strength to strength. “The market is very strong – Greece is considered to be the best value for money in the Mediterranean,” says Spyros Mantzos of British-based agents A Property in Greece.
And when it comes to potential locations for your property purchase, Greece has more options than your average meze menu. There are countless miles of gorgeous coastline dotted with bustling resorts and quaint fishing villages, and some breathtakingly rugged mountainous regions. Most British househunters tend to head straight for the traditional coastal areas of the Peloponnese peninsular. Here you’ll find a thriving market for second homes in the sun and holiday buy-to-lets in the popular Mediterranean resorts.
But interest in the buy-to-let market in capital city Athens is growing at quite a rate, even more so since wholesale improvements in the city’s infrastructure were carried out in preparation for the 2004 Olympic Games. “Athens is definitely a hotspot for buy-to-let properties,” says Mantzos. “And the number of British buyers in Greece is very much on the increase. They’re attracted to low property prices friendly people and strict controls to prevent overdevelopment.”
And Mantzos, among others, believes there’s no reason why this trend shouldn’t continue for many years to come: “The future looks excellent, driven by price, climate, cost of living and one of Europe’s lowest crime rates.”
