Greece remains a prime destination for foreign property buyers, despite significant price increases in recent years, according to a report by British investment migration firm Astons. The country’s tax residency transfer programs and the Golden Visa scheme continue to offer attractive incentives, particularly for non-dom residents, retirees from northern Europe and investors from the US and the UK. While housing prices surged up to 28% in 2024, depending on the area, Greece is still considered affordable compared to other European real estate markets. The trend is particularly evident among US and UK buyers, who remain highly active in acquiring Greek properties.

Under the non-dom program, individuals who do not permanently reside in Greece can transfer their tax residency by making a minimum investment of €500,000 in assets such as real estate, stocks or bonds. This investment must be completed within three years of applying for residency. Eligible participants are subject to a flat annual tax of €100,000 on all foreign-earned income for up to 15 years. Most non-dom participants choose to invest in real estate.

Similarly, Greece’s tax scheme for foreign retirees offers a highly competitive 7% flat tax rate on pension income for those who relocate their tax residency. This rate is valid for 10 years, provided the individual spends at least 183 days annually in Greece and was not a Greek tax resident for five of the past six years. A tax treaty preventing double taxation between Greece and the retiree’s home country is also required.

The Golden Visa program continues to attract foreign buyers seeking residency through real estate investment. While the minimum investment in Athens and Thessaloniki was recently raised to €800,000, properties outside these major cities require only €400,000. Demand is also high for properties converted from former commercial buildings, which require a lower minimum investment of €250,000.

Different regions attract distinct buyer demographics. Retirees favor Corfu, Rhodes and Evia for their natural beauty and high quality of life. Investors prioritize high-growth areas such as Hania in Crete and Patra, where student housing demand is strong. In central Athens, the average home price is €2,250 per square meter, up 10.5% from 2023, while Thessaloniki stands at €2,107 per square meter, marking a 10.7% increase. The so-called “Athens Riviera” remains particularly sought after, with prices averaging €3,900 per square meter and exceeding €10,000 in luxury hotspots like Glyfada and Vouliagmeni.

Source: Ekathimerini.com