Is it worth it to invest in a home in Greece? What kind of profit can I expect? If you’re thinking about buying a home in Greece, it’s only natural to have these questions, since it’s a long-term investment.
In this article, we’ll show you the estimated profit of a property on the coast in Greece. We’ll start with an overview of the real estate market in Greece, and create a return on investment scenario based on a 3-bedroom, 3-bathroom villa near the sea in Greece.
We’ll break down the costs of buying and owning a home in Greece, expected rental income, and the process of selling a home, so you have a clear idea what revenue and costs you can expect at each step of the process.
How Can I Make Money From a Home in Greece?
There are two main ways to earn a profit by investing in a home in Greece.
1. Increase in the Home Value
If a home gains value between the year you buy it and the year you sell it, you will make a profit.
It goes without saying that you need to know the value of your home to get a good price for it, and also be able to negotiate an appropriate price.
Are Homes in Greece Increasing in Value?
In 2024, a newly built villa in the southern part of Rethymnon in Crete, with a surface area of 80 sq. m., three bedrooms, two bathrooms, and a pool, was priced at 327,000 euros. A property with similar specifications in the same region was selling in 2023 for 280,000 euros and was even lower in 2022, with a sale price of 265,000 euros.
The 2024 price represents an increase of 23.3% compared to 2022 and 16.7% compared to 2023.
2. Rental Income
Another way to make money on a home in Greece is to rent it out when you’re not there.
A villa with 50-80 sqm of living space, modern appliances, amenities, a terrace, a sea view, and a pool will likely rent for 80-140 euros per night per bedroom.
A villa with 120-150 sqm living space, modern appliances, amenities, a terrace, a sea view, a pool, and more than 500 sqm outdoor space will likely rent for 180-240 euros per night, per bedroom.
There are various rental management companies which charge 10-30% commission, depending on the services that are included (e.g. housekeeping, pool and garden cleaning, guest communication, marketing, and tax registration).
The rental income of a home in Greece varies greatly depending on the region where the home is located. The rental price, per night, can range from 80-240 euros per night, per bedroom.
There are some exceptions to these estimations. For example, a home in Santorini, in Mykonos, or on the beach will command a higher nightly rate, likely higher than the estimations given above.
Important factors determining the price of renting include sea views, distance from tourist sites, walkability, distance from the airport, date of construction, and the outdoor/pool area.
Example Home in Greece: What Profit Can I Expect?
Let’s use an example to show what it costs to buy a home in Greece and the expected profit. Assume your home in Greece has the following features:
- Plot size: 680 m²
- House size: 145 m²
- Configuration: 3 bedrooms, 3 bathrooms
- Features: Private heated pool, sea view, landscaped garden, outdoor kitchen
- Distance from sea: 3.5 km
- Year of purchase: 2019 (off-plan)
- Status: Fully furnished
Where Does This Data Come From?
The data comes from the anonymized data of a homeowner in Greece who bought a home through Elxis. Note that it’s not representative of all homes in Greece and does not reflect overall averages.
Year 0: Buying the Home
Category | Percentage | Amount (€) |
Base Purchase Price | – | 450,000 |
Transfer Tax | 3.09% | 13,905 |
Notary & Legal Fees | 3% | 13,500 |
Land Registry Fees | 0.5% | 2,250 |
Real Estate Agent Fees | 3% | 16,740 |
Furnishing & Extras | – | 18,260 |
Total Investment | – | 514,655 |
Cost Breakdown: Buying a Home in Greece
As a rough guideline, investors are faced with fixed buying costs amounting to 5.6 percent of the purchase price. This figure can change, depending on whether a real estate agent and/or a lawyer is involved.
1. Transfer Tax
This tax is paid for by the buyer and amounts to 3.09 percent of the commercial value of the home or its taxable value, whichever is higher. This amount needs to be paid to the Greek Ministry of Finance before the purchase deed is signed, as the notary needs to attach the proof of payment to the deed.
2. Notary Fees
The notary prepares the deed, which is signed in the presence of the parties or their lawyers, if appointed. Greek Law defines the minimum notaries’ fees. Notaries normally charge about 2% of the sales price (plus VAT), or the tax value of the property, again whichever is higher.
3. Land Registry Fees
Following the signing of the deed, the notary prepares an application and a summary of the deed signed to be sent and registered at the local land registry so that the property transfer is completed by law. The land registry fees due amount to about 0.5 percent of the property sold.
4. Lawyer’s Costs
It is not obligatory to have a lawyer take part in the process, though it is highly recommended to have a legal expert check what exactly you are buying and guide you through the whole process. Their fees range between 1-2 percent (plus VAT), depending on the provided services.
5. Real Estate Agent’s Commission
Commission is due if a real estate agent is involved in the sale. Most agencies charge a commission that ranges between 2-4 percent of the agreed purchase price, plus VAT. The scenario above assumes a 3% real estate agent fee, which is the case for Elxis – At Home in Greece.
Year 1-2: Increase In Value When the Home is Finished
Upon completion in late 2020, the property experienced significant appreciation, estimated at €135,000. So, the market value of the home, when it is completed, jumps 30%.
20% of this jump is a result of the home’s completion. When compared to a home that is still under construction, buyers are willing to pay a premium for somewhere they can move into immediately.
10% of the jump is a result of market appreciation during construction.
The market value of the home when it is completed is calculated like this:
- Base Purchase Price: €450,000
- Appreciation: €135,000
- Market Value at Completion: €450,000 + €135,000 = €585,000
*Note that these values are not averages, and the results will change based on the location, construction style, and age of your own home. Distance to the sea is an important factor, and the value increases as the location gets closer to the sea.
Years 2-5: Rental Income
Year | Gross Rental Income | Operating Costs* | Net Income** |
2021 | €28,000 | €16,324 | €11,676 |
2022 | €33,500 | €17,303 | €16,197 |
2023 | €44,000 | €18,341 | €25,658 |
2024 | €46,000 | €19,441 | €26,558 |
Total | €151,500 | €71,410 | €80,090 |
*Operating costs in this scenario assume the use of a professional rental management company, which took care of all acquisitions, accounting, maintenance, and hosting. Rental yields can vary if you choose to rent out, manage, and maintain your property by yourself. Read more about managing your own rental here.
**Note that these values are not averages, and the results will change based on the location, construction style, and age of your own home. Distance to the sea is an important factor, and the value increases as the location gets closer to the sea.
What Determines the Rental Price?
The rental price will depend on the size and the amenities of the villa.
A villa with 50-80 sqm of living space, modern appliances, amenities, a terrace, and a pool will likely rent for 80-140 euros per night per bedroom.
A villa with 120-150 sqm living space and more than 500 sqm outdoor space will likely rent for 180-240 euros per night, per bedroom.
Can Rental Income Increase Over Time?
Over the years 3-5, the revenue and income often increase because the villa will also have reviews and more updated pictures with a beautiful garden. The lack of reviews and the pictures of the garden in the first two years are typically why new developments have fewer rental guests in the first one or two years after completion.
Once the garden is fully grown and you have a substantial number of reviews online, you can expect the villa to have nearly full occupancy for at least 2-3 months. In Crete, you will find the longest summer season in Greece, and you can typically rent out your villa from April through October.
Cost Breakdown: Renting Out a Home in Greece
If you plan on renting out your property, you will need to pay tax on rental income in Greece. For individuals, progressive tax rates apply to rental income and are calculated per owner on the property’s gross rental income.
- Up to a rental income of €12,000: 15 percent
- Between €12,001 & €35,000: 35 percent
- Greater than €35,000: 45 percent
Benefits of Co-Ownership
Generally, it benefits couples to buy with two names rather than one because the above tax rates apply per owner.
With two buyers, the tax brackets are as follows:
- Up to a rental income of €24,000: 15 percent
- Between €24,001 & €70,000: 35 percent
- Greater than €70,000: 45 percent
In cases of rental properties, it can be wise to purchase property as a company because you can deduct expenses, costs, and the depreciation of the building. The company tax in Greece is 22%. There are also setup and operating costs of owning a business in Greece, which are outlined here.
To see how you can make a purchase as a company, contact us. Our legal team would be glad to help you explore this option.
Cost Breakdown: Operating Costs of a Home in Greece
1. Internet and Utilities
On average, you can expect to pay around 20-35 Euros for internet monthly. For an 85 m2 home, you’ll pay between €150 and € 300 for utilities, such as electricity and water. This number will vary based on the size of your house, the season, and your usage.
2. Home Insurance
The cost of home insurance in Greece can vary from 150 euros for basic coverage to over 1000 euros for all-risk coverage.
The premiums depend on several factors, including the risks you wish to cover, the insured values of the house and its contents, third-party liability, the location, and other factors. More expensive homes cost more to insure, and the price will be determined by current construction values.
Homes in quiet, safe neighbourhoods usually cost less. Other geographic factors, depending on the area of Greece, also affect the price of insurance.
3. Maintenance
Annual maintenance on your home in Greece will ensure you can keep enjoying your home’s amenities for years to come.
Pool & Garden
Maintaining a pool and garden can cost between 150 and 350 euros per month, on average. Of course, these costs can change depending on the size of the pool and the garden.
Annual Upkeep
Most homes in Greece (and anywhere else, for that matter) require updates like painting, polishing, and repairing over the course of years of use. In Greece, it is recommended to repaint pergolas or wooden items which are exposed to the sun, so that they continue looking like new. Costs for annual upkeep can vary from 1,000 to 4,000 euros per year on average. The cost will depend on the quality of construction and furniture.
4. Local Property Taxes
ENFIA
ENFIA is the main ongoing tax you will pay on your home in Greece. It is calculated based on your tax zone and is, therefore, higher in more desirable areas (think Mykonos, Santorini, and the centre of Athens) and is lower in the countryside. Usually, for properties in the countryside, it is 3-4 euros yearly per built square meter. For example, a home of 100 square meters would have ENFIA taxes of 300-400 euros per year (depending on the exact location). In the case of unbuilt plots, ENFIA costs are very low.
TAP (Telos Akinitis Periousias)
TAP is a municipal tax, the smallest of the taxes listed. It is usually only a few euros and is charged to your electricity bill.
Year 6: Selling the House
After several years of successful rentals and an appreciation of the property’s value, it was the right time for the owners to sell. The sale of the property occurred in 2025, with the help of an experienced real estate agent.
Sale Price: €735,000
Real Estate Agent Commission (3% + VAT): €27,342
Legal Costs (1% of Sale Price, + VAT): €9,114
Engineer Costs: €1,000
Net Sale Proceeds: €697,544
Return on Investment Analysis
Capital Appreciation
Initial Investment: €514,655
Final Sale Value: €697,544
Capital Gain: €182,889
Percentage Return: (approximately)
Rental Income
Total Net Rental Income (2021-2024): €80,090
Average Annual Rental Yield: 3.89% (approximately, based on initial investment)
Total Return
Combined Return (Capital + Rental): €262,979
Total ROI: 51.10% (approximately)
*Note that these values are not averages, and the results will change based on the location, construction style, and age of your own home. Distance to the sea is an important factor, and the value increases as the location gets closer to the sea.
Real Estate Agent Costs
It is highly recommended that an agent assist in the selling process. Depending on the services provided, their fees range between 2 and 4 percent (plus VAT).
There are many benefits of using a real estate agent in Greece. For this buyer, the biggest value came from working with a real estate agent with experience in the local Greek market. The buyer had no prior experience with Greek real estate. The agent explained everything in detail, providing transparency for every step of the process and built a relationship of trust. This ultimately resulted in the buyer’s decision to proceed with the purchase of the villa.
Other Benefits of Real Estate Agents in Greece
Real estate agents have a portfolio of properties and can arrange viewings. Moreover, they can advise on all matters regarding the purchase of a property in Greece, such as choosing the area and the type of property that suits you best, and on matters like taxation, local regulations and procedures. Once you’ve found a suitable property, they can assist in the negotiations.
Legal Costs
When selling your home, the services of a lawyer in Greece are typically 1% of the sale price.
Engineer Costs
When selling your home, an engineer will need to prepare a list of documents that contain the specifications of your home. This includes an energy performance certificate (EPC), topographical plans, building permits, and more. A complete list of those documents can be found below.
Since the home in this scenario was built recently, it did not need an EPC issued, and it took less time and effort for an inspect when compared to a home which was built over 10 years ago. As a result, the costs of hiring an engineer were minimal, at 1,000 euros.
What is an EPC?
“Energy Performance Certificates” measure the energy efficiency of a home in Greece.
For the issuance of an EPC, you need to conduct an energy audit, which the engineer will do for you.
Read more about EPC’s here.
Capital Gains Tax
Good news – according to current legislation, the capital gains tax is suspended in Greece, and the suspension will likely be extended in the future, as has been the case for the last 10 years. This means that as an individual seller, you won’t be taxed in Greece for any profit you make on the sale of your property. Keep in mind that if you are a resident of another country, you may have capital gains taxes in your home country. However, Greece has treaties to avoid double taxation with many nations. Be sure to consult a tax professional in your home country for more details.
What Documents Do I Need to Sell My Home in Greece?
– The deed of the property
– Topographical plan of the property
– Energy Performance Certificate (EPC)
– Building Permit
– Proof of Registration
– Copies of your personal ID
– Front and back of electricity bill
– E-9 tax form
Note that some of the documents included this list may depend on when you first bought your home. In fact, some of the listed documents may have a expiry date, and may no longer be available if you bought your home over a decade ago.
How Long Does it Take to Sell a Home in Greece?
The time it takes to sell a home in Greece depends on the price you set, the local market where your property is located, and the home market in Greece at the time of selling. According to data from Spitogatos (the largest real estate listing website in Greece) and Capital.gr, a leading news outlet in Greece, it takes on average 6-8 months to find a suitable buyer.
In most cases, you can expect all required paperwork to be completed about 2-6 months after you receive an offer.
However, selling your home could take more or less time, depending on the specific case. In general, new developments in ideal locations with a sea view sell more quickly because there are more interested buyers. The paperwork process is also quicker because all permits, plans etc. are from recent date and available.
Who Will Buy My Home in Greece?
Buyers from The Netherlands and Belgium
There are differences depending on each buyer’s country of origin. According to Mr Gavriilidis, CEO of Elxis – At Home in Greece, Dutch and Belgian buyers are the most active from an investor’s point of view. So, about 50% of these people tend to view the acquisition of a secondary home as an investment and prefer to rent it out during the time of the year that they don’t use the house. In fact, some of them, mainly Dutch people, often resell their houses within a couple of years for a significant profit.
Buyers From the US and Great Britain
Similarly, buyers from the US and Great Britain primarily prefer to keep their properties for their own use. Lately, however, more and more are also looking to secure a residency permit in Greece through the Golden Visa programme, even after the recent increase of the minimum investment threshold from 250,000 to 400,000 euros, provided that the house is in the mainland and not on an island with more than 3,100 residents, where the limit is now set at 800,000 euros.
Buyers from Germany and France
Meanwhile, buyers from Germany and France are also driven to the home market in Greece, mainly for self-use, but some of them are also looking to rent out their properties. Especially when it comes to German and American buyers, 10% – 20% are Greek expatriates who wish to acquire their first house in their country of origin.
What Made This Home So Successful?
Strategic Timing: Purchasing off-plan meant there was an immediate value increase when the project was complete.
Location Selection: Proximity to the sea and amenities enhanced both rental potential and the increase in the value of the home.
Quality Finish: Contemporary furnishing and features attracted premium rental rates.
Professional Management: Consistent rental income came through professional property management.
Market Growth: The owners benefited from the overall appreciation of the Greek luxury property market.
Note that the statistics in this study are based on market averages. Individual investment results may vary significantly based on location, timing, and market conditions.
