Greece used to be one of Europe's obvious property bargains.

In 2026, that is no longer the story.

Apartment prices have risen for years. Athens has become considerably more expensive, and some of the country's most famous islands are firmly in the luxury-property category.

And yet, Greece remains one of the more interesting property markets in Southern Europe.

Thessaloniki's prices rose faster than Athens in 2025. Crete offers a completely different proposition from the capital. The Peloponnese still has markets that are less expensive than Greece's headline destinations. And for non-EU buyers, the Golden Visa adds another reason to consider the country.

So, is Greece still a good place to buy property in 2026?

Yes — but probably not for the reasons you think.

The Market Is Still Rising. Just More Slowly.

The first thing to understand is that Greece's property market is not falling.

It is simply growing more slowly than it did at the height of the recent boom.

According to the Bank of Greece, apartment prices across the country were 5.7% higher in the first quarter of 2026 than a year earlier. Athens rose 5.2%, while Thessaloniki rose 6.4%. Other cities increased by 5.4%, while prices in other parts of the country rose 6.9%.

The longer-term numbers are even more striking.

In 2025, apartment prices across Greece increased by an average of 8.1%, following a 9.1% increase in 2024. In urban areas specifically, the increase was 7.8%.

But the interesting part is not the national number.

It is the difference between markets.

Thessaloniki's prices increased by 9.7% in 2025, compared with 6.5% in Athens.

That does not mean Thessaloniki is automatically a better investment.

It does mean that looking at "the Greek property market" as one market can be misleading.

Athens: The Established Choice

If you want the most established property market in Greece, Athens is the obvious starting point.

It has the country's largest urban population, year-round economic activity, tourism and a large rental market. It also has something that smaller markets do not always have: a broad pool of potential buyers when you eventually want to sell.

Neighbourhoods such as Pangrati, Koukaki, Neos Kosmos and Kypseli have attracted considerable investment in recent years. At the other end of the market, areas such as Glyfada offer a much more expensive combination of coastal living and proximity to Athens.

But there is a catch.

Athens is no longer cheap.

The market has already experienced several years of strong price growth. That makes the purchase price more important than ever.

A property can still make sense, but the days of simply buying an inexpensive Athens apartment and waiting for the market to catch up are harder to find.

And if your plan involves Airbnb or another short-term rental platform, you also need to check the rules that apply to the exact property and location. Restrictions on new short-term rental registrations have been introduced in parts of central Athens.

Best suited to: buyers who value an established market, year-round demand and potential resale liquidity.

Thessaloniki: The One to Watch

If Athens is the established choice, Thessaloniki is the market that deserves attention.

Apartment prices increased by 9.7% in 2025, considerably faster than Athens. They were another 6.4% higher year-on-year in the first quarter of 2026.

There is a reason the city attracts attention beyond its recent price growth.

Thessaloniki is a major university city with a large student population, an active local economy and a growing tourism sector. Unlike a purely seasonal island market, it has reasons for people to live there all year.

That makes the investment proposition different.

You are not relying entirely on summer tourism. A property can potentially serve students, professionals, local families or visitors depending on its location and configuration.

But recent performance is not a guarantee of future performance.

The question is not simply whether Thessaloniki has grown faster than Athens.

The question is whether the property you are buying still makes sense at today's price.

Best suited to: buyers looking for a major city with recent price momentum and a broad mix of rental demand.

Crete: The Lifestyle Play

Crete is where the calculation becomes more personal.

You are not necessarily choosing between an apartment and an apartment. You might be buying somewhere you actually want to spend your summers.

Crete has a large tourism industry, several sizeable cities and towns, and a longer tourism season than many smaller Greek islands.

That creates opportunities for both holiday and long-term rental properties.

But "Crete" is not a single property market either.

Chania is different from Heraklion. A coastal resort is different from an inland town. A property designed for holiday rentals has a different financial profile from one aimed at local tenants.

The biggest mistake would be to look at an island-wide property statistic and assume it applies to the house or apartment you are considering.

Best suited to: buyers who want to combine personal use with the possibility of rental income.

The Peloponnese: Look Beyond the Famous Names

If Athens and the islands feel expensive, it may be worth looking somewhere less obvious.

The Peloponnese has a mixture of coastal towns, established communities, tourism destinations and rural areas.

It does not have the same international profile as Mykonos or Santorini. That can be a disadvantage if you want maximum liquidity.

It can also be an advantage.

Less international attention means buyers can find markets where property is not priced entirely around global tourism demand.

The important question here is where.

A coastal town with an active local community can be a very different proposition from an isolated holiday property that sits empty for much of the year.

Best suited to: buyers willing to look beyond Greece's headline destinations in exchange for potentially lower entry prices.

Mykonos and Santorini: Beautiful, but Not Cheap

Mykonos and Santorini need little introduction.

They are among Greece's most famous destinations and attract some of the world's wealthiest tourists and property buyers.

That makes them powerful tourism markets.

It also makes them expensive.

These are not markets where you would start if the goal is simply to find a bargain. Purchase prices can be high, competition is strong and rental income is heavily influenced by the tourist season.

A property that looks extraordinary on a July or August income statement may look very different when you calculate its income across an entire year.

There is nothing wrong with buying in these markets.

Just understand what you are buying.

Best suited to: buyers with significant capital who want exposure to luxury and international tourism rather than a low-cost entry into the Greek market.

The Golden Visa: What Is the Catch?

For some buyers, Greece is not just about the property.

It is also about residency.

Greece's Golden Visa programme allows qualifying non-EU investors to obtain a renewable residence permit through eligible investments. The programme remains an important part of Greece's appeal to international buyers.

But the rules are more complicated than the headline €250,000 figure suggests.

For standard property purchases, the minimum investment is now:

The standard routes also require the investment to be made in a single property of at least 120 m².

There are also specific €250,000 routes, but this is where buyers need to be careful.

The €250,000 threshold is not a general discount on Greek property.

It applies to specific qualifying investments, including certain properties being converted from other uses into residential property and certain listed-building restoration projects.

In other words: you cannot simply find a €250,000 apartment anywhere in Greece and assume it qualifies for the Golden Visa.

There is another important catch.

Properties acquired through the Golden Visa programme cannot be used for short-term rentals through the sharing economy.

That creates an interesting trade-off.

The property that makes sense for residency may not be the property that makes the most sense as an Airbnb investment.

If the Golden Visa is part of your buying decision, check the eligibility of the specific property before you buy.

What Does It Actually Cost to Buy?

The advertised property price is only the beginning.

Foreign buyers should budget for costs including:

There is no single percentage that accurately covers every Greek property purchase. The costs depend on the property, transaction and circumstances of the buyer, so get a complete estimate before making an offer.

What about new builds?

This is another area where timing matters.

Greece currently has a suspension of VAT on qualifying undistributed new properties until 31 December 2026, at the request of the constructor. Where the suspension applies, property transfer tax is applied instead.

That can make the tax treatment of a new development different from what a buyer might expect.

If you are considering a new build, confirm the treatment that applies to that specific property before signing anything.

The Risks Nobody Puts in the Holiday Brochure

Greece is attractive. That does not mean every Greek property is a good investment.

You might be buying after the easy gains. Prices have already risen substantially. The Bank of Greece recorded an 8.1% increase in apartment prices across the country in 2025. A rising market can still rise further, but you cannot build an investment case around the assumption that yesterday's growth will continue forever.

Tourism can hide seasonality. A holiday property can look fantastic during the summer and disappointing during the winter. When calculating a potential return, look at the entire year. Include vacancy, cleaning, management, maintenance, utilities, taxes and other operating costs.

Regulations can change. Short-term rentals are an obvious example. Rules have already changed in Greece, and Golden Visa properties face their own restrictions. If your investment only works under today's rules, that is a risk worth taking seriously.

Cheap does not always mean good value. A €100,000 property in a remote location is not automatically a better investment than a €200,000 property in a strong local market. The number of potential tenants and future buyers matters. So does infrastructure, the condition of the building, and whether people actually want to live there. The cheapest property is rarely the same thing as the best property.

So, Is Greece a Good Place to Invest?

There is no single answer. And that is probably the most important thing to understand about Greece in 2026.

If you want an established urban market, Athens is difficult to ignore. If you want a major city that has recently been growing faster than Athens, Thessaloniki deserves a closer look. If you want to combine a property investment with somewhere you actually want to spend time, Crete may make more sense. If you are prepared to look beyond the obvious destinations, the Peloponnese can offer a different balance of price, lifestyle and tourism. And if you are a non-EU buyer interested in European residency, the Golden Visa adds another dimension to the decision.

But none of these automatically makes a property a good investment.

The real question is not "Is Greece a good place to invest in property?"

It is "Which part of Greece, which property, and which strategy make sense for me?"

That is where the interesting part starts.

Sources

Information current as of August 2026. Property, tax and immigration rules can change. This article is for general information and is not legal, tax or financial advice. Buyers should obtain independent professional advice before purchasing property in Greece.

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