It’s no secret that Greece is more affordable than other European countries. With its ideal climate, delicious local food, and laid-back lifestyle, buyers from the UK are especially drawn to Greece. How does Greece measure compared to other places where a UK citizen could buy real estate?
Proven Partners, specialists in luxury real estate marketing, have released a “league table” ranking 20 popular destinations based on their affordability for UK second-home investors. Data from this article is taken from a recent report by Greek City Times that can be found here.
Proven Partners Study
According to Proven Partners, who are leaders in luxury real estate internationally, Greece is one of the best destinations for UK buyers seeking a second home. Proven Partners released a list of the most affordable destinations for UK second-home investors, including factors like property prices, taxes, fine-dining prices, premium car hire prices, flight costs (assuming you are flying from the UK), and potential Airbnb revenue.
The study is based on data from 3600 properties on JamesEdition, and each country received an affordability score out of 10. Greece ranks in the top five list for buyers of luxury second homes, scoring 8.6.
Greece Offers Top Return on Investment
Among the countries listed above, Greece has one of the highest nightly revenues for Airbnb rentals, at 765 euros in high season. This is more than any other country in the top 10, apart from the UAE. Compared to the no. 1 on the list, Ireland, the nightly revenue from Airbnb rentals in Greece is more than double. Regarding average prices for luxury waterfront properties, Greece also has some of the lowest prices in the table – second only to Ireland and (just barely) Turkey.
It should be noted that the fine dining prices in this chart are likely not indicative of every area of Greece. Some of the best and tastiest tavernas can be enjoyed for significantly less than 200 euros. A complete breakdown of living costs in Greece can be found here.
Benefits for UK Buyers in Greece
The beauty of buying a home in Greece for UK buyers is how close Greece is located to the United Kingdom. The average summer flight is just under 300 euros and three hours long, making it an easy journey.
Ronan Hannan, the Co-CEO at Proven Partners, said that: “Post-pandemic, the luxury real estate market is witnessing a resurgence, with significant interest in destinations like Greece.”
The Co-CEO of Proven Partners, Colin Hannan, added in his own words that “Greece offers an incredible blend of culture and value, presenting luxury properties at competitive prices.”
Other Benefits of Buying a Home in Greece
Greek Hospitality
Greeks are welcoming by nature, and it is easy to make friends when you are in Greece. The locals are outgoing and it is common for Greeks to give greetings or even small gifts to foreigners when passing by. Especially in the smaller islands and in Greece’s villages, you will feel like a part of the community.
Low Cost of Living
The cost of living is fairly low in Greece compared to the rest of Europe. Even major cities are affordable, like Athens and Thessaloniki, compared to Paris, Rome, or Amsterdam. This is especially true for rent. Combined with rising real estate prices in Greece, real estate purchases can make you a big profit if you choose to rent out your property. Especially in Athens and the Greek islands, it is possible to get a steady income.
Greek Lifestyle
The Greek weather and lifestyle are ideal, especially when compared to climates in Holland, Germany, and Belgium. The days are long and the evenings are warm. The climate is attractive to tourists and to expats in general. The weather in different areas of Greece can vary, with Athens having temperatures which can peak at 30 degrees in the summer.
Greece is a good opportunity for retirees because of the laid-back lifestyle. Because Greece is affordable, it is affordable if you have a fixed income. The healthcare and social services give a safety net.
Golden Visa Greece
The Greek Golden Visa applies to all buyers from outside of the EU. By purchasing real estate above a certain price in Greece, you are eligible to apply for the Golden Visa, which grants residency, visa-free travel in the Schengen Zone (for 90 days every 6 months), and family inclusion.
The minimum investment required for a Golden Visa in most areas of Greece is 250,000 Euros. By completing the Golden Visa Process, you get access to the above benefits. In the North, Central and South Areas of Athens in the Attica Region, the Municipality of Vari-Vouliagmeni, Mykonos, Santorini, and Thessaloniki, the minimum investment required is 500,000 euros. For more information on how to apply for a Golden Visa, contact our team here.
