The factors that drive up prices on properties for sale in Greece are usually influenced by the high unemployment rate, the imposition of new high property taxes and the general political and economic situation.
More specifically the buyers demand and the continued buying of real estate in the same regions of Greece are setting prices high. Usually, the areas with the highest investment interest have the most expensive prices, which means that the commercial value of the property exceeds its fair value.
An unwritten law in the local market sets prices on the real estate market, as the seller is affected by the region’s reputation and the increased demand of investors.
Airbnb & Golden Visa also boosted property prices in areas with high tourist traffic.
But what are the main features that really determine the value of properties for sale in Greece today?
The value of an apartment for sale Greece is determined by the following:
- Home size & usable space
- Location of the property,
- How developed is the area where the property is located,
- Profile of the property-condition,
- Legal Property Status,
- Age of building,
- The architectural features and layout,
- Area features (main street, school and shops, supermarket and general amenities),
- The floor on which the apartment is located,
- Recent refurbishment – maintenance,
- Transport accessibility
The commercial values of the plots determine:
- Building ability & coverage Area, Segment ability,
- Distance from the sea,
- Distance from urban center,
- The view,
- Accessibility to the plot,
- Prospects for integration into the plan,
- Allowed land uses.
In conclusion, real estate prices in Greece are affected not only by their positive or negative features but also by the region’s reputation or buyers’ preferences and this, in turn, has an effect on trading price.
Trust an experienced real estate agent who knows the Greek Real Estate market and the buyer’s requirements. The broker will evaluate and propose to you, a fair value of your property to sell it quickly and reliably.
Properties for Sale in Greece F.A.Q.s:
What is the average price of a house in Greece?
In 2016 a 100sqm apartment in Greece cost 92,200 € on average or 922 €/sq. m., while outside urban areas the average price of a house of the same size stood at 67,000 euros (670 €/sq. m)
What is the Greek Golden visa?
Greece Golden Visa Program. The Greece Golden Visa Program is considered one of the most affordable residence-by-investment programs that provide access to Europe. Successful applicants and their families are able to benefit from visa-free access to Europe’s Schengen Area within two months of applying.
How do you get residency in Greece?
First, you have to obtain a long-stay visa from the Greek embassy or consulate in your country of origin in order to stay for longer than 90 days in the country. When you arrive in Greece you will have to apply for a residence permit (Άδεια Παραμονής / Adia Paramonis) at the nearest Aliens’ Bureau within two months.
How much is property tax in Greece?
According to Greek Law 3091/2002, legal entities in general, that have full property rights or bare ownership or usufruct property in Greece, are liable to pay a yearly special property tax at the rate of 15% of the properties’ total value.
Can foreigners own property in Greece?
Yes, anyone can freely purchase property in Greece, while there are a few restrictions for non-EU nationals.
Is living in Greece expensive?
Greece has one of the lowest costs of living in the EU, although cities such as Athens are generally more expensive than the rest of the country.
Is Greece a good place to retire?
Yes, Greece is one of the best countries to retire. There are a lot of great reasons. The climate, the sea, the nature and the low cost of living are some of the reasons to retire there. Also, the people are friendly and you will feel always welcome to their place.
What is the best place to live in Greece?
There are a lot of places that you can choose, but Crete could be the best place on the earth because this big and beautiful island is for every age, for every purse, for all tastes and preferences. An island with tradition and rich folk heritage. If you are looking on your vacation for a terrestrial paradise for winter & summer then you are in the right place. A place that is famous for the warmth and hospitality. Local tastes and local unique products are what every visitor earns. Snow-covered mountains, endless beaches, blue sea and romantic walks on the golden sandy beach with the moonlight is some of the features that make Crete one of the top travel destinations. Life is safer on the island and the cost of living in Greece is lower than in the rest European Union.