Greek Property Market Fourth Most Affordable in Europe, Says Report

Photos source: Elxis-At Home in Greece

Investment inflows in Greece’s housing sector are expected to remain strong, with the country still ranking among the most affordable in Europe despite recent price increases.

According to data from the Global Property Guide, presented by Elxis-At Home in Greece, a company specializing in holiday homes, Greece’s property market is currently the fourth most affordable in Europe. The average home price in Athens is 2,120 euros per square meter, making it more expensive only than Podgorica, Montenegro (1,763 euros per square meter); Sofia, Bulgaria (1,650 euros); and Bucharest, Romania (1,632 euros).

Compared to other Southern European countries, Greece’s property market stands out as highly attractive. For example, in Nicosia, Cyprus, the average home price is 2,735 euros per square meter, while in Madrid, it rises to 4,684 euros per square meter.

Housing prices in more developed European economies are significantly higher — often four to five times the average home price in Greece. For instance, the average home price in London and Paris hovers around 9,540 and 9,430 euros per square meter, respectively. Amsterdam and Vienna follow closely, with prices at 8,385 and 7,555 euros per square meter, respectively.

Photo source: Visit Greece

Zurich, Switzerland, leads as the most expensive city for housing in Europe, with average prices reaching 17,284 euros per square meter, over eight times the cost of housing in Greece. Luxembourg is also among the priciest markets, with an average price of 11,332 euros per square meter.

Even within Greece, new apartment prices in Attica, which range from 3,500 to 4,000 euros per square meter, remain highly competitive compared to northern European markets.

Elxis CEO Giorgos Gavriilidis notes that many Europeans consider buying a home in Greece as a “once-in-a-lifetime opportunity”.

According to Gavriilidis, over the past two years, there has been a “noticeable surge” in interest from buyers in Northern Europe, particularly from the Netherlands, Belgium, Germany, Austria, Switzerland, and Luxembourg, who view Greece as a prime location for holiday home investments.

Photos source: Elxis-At Home in Greece

Gavriilidis further said that, as Greece recovers from the financial crisis, it has once again become “prominent on the property investment map”, with buyers recognizing the relative affordability of Greek holiday homes compared to similar properties in Southern France, Italy, and Spain.

He highlighted that the average price for a newly constructed holiday home in Greece ranges from 300,000 to 350,000 euros, positioning it as an ideal choice for European investors.

An Elxis analysis also underscores the appeal of Greek holiday homes by projecting annual price increases of 8 percent to 10 percent in the coming years, reinforcing Greece’s potential as a lucrative investment opportunity.