Over the past two years, there has been a significant rise in real estate prices due to soaring construction costs (caused by the unbalanced supply/ demand and scale of production of raw materials) and simultaneous shortage of available properties in the market. This ‘explosive’ combination has led to an increase in prices/sq.m., compared to the corresponding prices/sq.m. before the pandemic.


An important factor for the increase in prices is the interest of foreign investors in the Greek real estate market and the inflows of foreign capital that have increased in recent years. More specifically, foreign investors find high returns in Greece due to lower house prices, compared to other European countries. This is said to be true even in areas considered more expensive, such as the Athenian Riviera. For example, Vouliagmeni; known as the most sought after neighborhood in the southern suburb, located along the seacoast, its average sales price is 6.250 euros/sq.m. while last year it was 5.445,88 euros/sq.m. presenting an increase of 14,80%!


Additional factors influencing the shifts in property market prices correlate also to the Government scheme incentives available, such as the Greek Golden Visa (for non-EU citizens), currently at 250.000 euros* as well as the attractive tax program for foreign pensioners (both EU and non-EU citizens) who can benefit a flat tax rate of 7% on their foreign income if residing in Greece.