Greek Islands, Athens Winning Over UK Property Buyers

The Greek islands and Athens are winning over prospective property buyers from the UK, according to investment immigration firm Astons, which cites Greece’s fine weather and affordable prices as well as its friendly golden visa program for the interest.

Despite investor attention from abroad driving up property prices in the Cyclades, Ionian and Saronic Gulf islands as well as in Athens, buyers are still eyeing real estate.

A survey by Astons found that the average selling price for a house in the Cyclades came to 222,348 euros in 2020, up by 6 percent against  210,000 euros in 2019 but still 85 percent below the average selling price of a home in some areas in central London.

Property prices on Lefkada also increased by 8.7 percent last year to an average 165,000 euros compared to 151,790 euros at the end of 2019, while in Athens, residential property prices rose by 3 percent to 157,415 euros on average. 

The lowest prices, according to Astons, were recorded in Florina with houses selling for as low as 43,176 euros, down by 4,3 percent. Other areas selling cheaper real estate are Kilkis, Karditsa, Kastoria and Serres.

Astons analysts note that the Cyclades will continue to attract buyers from abroad thanks to the high quality of life offered despite the increasing prices. They add that once Brexit is completed, Greece is set become an even more attractive destination as many Britons will seek to take advantage of the golden visa / residence permit program.

“It’s clear to see why Greece has become an area of intent for UK investors across a variety of sectors. Not only is the pace of life and the climate more favorable but even the most prestigious pockets of the Greek real estate market are incredibly good value when compared to London,” said Astons Managing Director Arthur Sarkisian.

“Not only is the cost of investing lower, but Greece has enjoyed a stable uplift in real estate values almost across the board,” he added.

Sarkisian said he expects growing interest in Greece by UK buyers to continue over the coming months, adding that the country is also attracting the attention a global audience.