Buyers bid farewell to Greek tragedy in August 2013, as the country joined the world's top 10 property destinations for the first time in 11 months.

America's recovering real estate was the most popular on, accounting for more than one in five enquiries, but rising confidence in the eurozone saw Greece build momentum of its own, as the country received its highest ever volume of attention.

Greece's great rebound marks the continued rising appeal of European real estate, even as the US dominates demand reports easier property.


RE+D Magazine

10-09-2013, 14:54



A severe recession compounded by a national debt crisis has had a profound impact on Greece’s real estate market. According to Mr. Bosdas, property prices have dropped an average of 35 to 50 percent since their peak in 2008. He said about 150,000 properties were sold annually in Greece from 2002 to 2008. “But in 2011, which are the latest figures, only 11,000 properties were sold,” he added, “so the market shrank by 95 percent.” Greece is therefore the perfect buyers’ market, as prices can now be negotiated and “cash buyers are kings.”

Kostas Dokimakis, a lawyer who owns Dokimakis & Associates on Syros, an island south of Athens, expressed a similar view. He too has seen a drop-off in prime prices on popular Greek islands like Mykonos, Santorini and Crete since 2008, although declines have not gone further than 20 percent. According to Mr. Dokimakis, on less touristy islands like Naxos, it is possible to buy a property for $60,000, which “gets you nothing on Mykonos.”

New property taxes imposed over the past few years, coupled with 30 percent unemployment and pension cuts, have forced some homeowners to put their properties on the market in “fire-sales,” said Arsinoi Lainioti, a lawyer who practices in Athens and in Boston, Mass.


Most foreign buyers in Greece are from European Union countries and North America, according to Mr. Bosdas. Ms. Lainioti has seen that same demographic, along with South Americans, adding that the buyers are generally “Greek-somethings,” as she calls them — people of Greek descent. There is a concentration of French and German buyers on the islands, and Russians tend to buy in Crete, Mr. Dokimakis said. Mykonos attracts buyers from all over the world, he said.


There are no restrictions for foreigners, except for a few select areas along the border with Turkey. For homes costing more than $104,700, a buyer is required to hire a lawyer, typically costing 1 to 1.5 percent of a property’s selling price.

The lawyer performs the title search, investigates any liens or claims, and finds a notary. It is also recommended that the lawyer hire an engineer to inspect the property and review the building permit.

Prospective buyers are advised to secure financing from their own countries rather than Greece, whose banks are generally not lending, brokers and lawyers said.


Government portal:

Greece tourism:


Greek; euro (1 euro = $1.31)


The transfer tax is about $143,255. The annual property tax is about $14,290, and notary fees are 1.2 to 2 percent of the sale price. The agent’s fee is 4.96 percent of the sale price, split between buyer and seller.


Real Estate Greece, Thessaloniki, Athens, Messenia, greek history, Rodos, Kos, Lefkada, Halkidiki

The National Geographic Traveler editors name Thessaloniki as one of the new year's 20 must-see places.


Great news as ratings agency Standard and Poor's has raised the credit rating of Greece's sovereign debt by six levels, praising the "strong determination" of fellow eurozone countries to help it stay as a member state.

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A very interesting article about the Greeks purchasing power


Real Estate Greece, Greek properties, by the sea, summer house, Rhodes, Chalikdiki, Halkidiki

The number of foreign tourists arriving at the country’s main airports posted an impressive increase of 18.4 percent in May, according to data collected by the Association of Hellenic Tourism Enterprises (SETE), reflecting Greece’s growing popularity as a holiday destination this year.

Arrivals in May reached 1.43 million, up by about 222,600 from the same month last year. There was an increase recorded in 16 out of the 17 airports where the numbers of international arrivals are monitored. Notably, arrivals at the Athens International Airport posted a 10 percent yearly rise, making May 2013 the first month of growth since July 2011.

Myconos posted an increase of 117.5 percent, while Samos was the only airport to post a drop.

In total in the first five months of the year the increase amounts to 6 percent compared with the same period in 2012.

May 2012 had been an election month producing a hung parliament.

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The risk of Greece being ousted from the euro may have been limited following the Eurogroup’s decision to release long-awaited loans of 49.1 billion euros by the end of the first quarter next year, but a shortfall in projected privatization revenues by 2016 should not be ruled out.

Read this interesting article by Dimitris Kontogiannis from Kathimerini explaining the next Greek economic steps after the release of the last loan from Troika

Real Estaet Greece, Messenia, greek history, Rodos, Kos, Lefkada, Halkidiki

Thinking about investing abroad? Why not Greece? Check out this excellent article by Sacha Tarkovsky that will give you the run-down on Greece, a description of the commercial and residential market sectors and the reasons you should think about investing in Greece. Check out the article at


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 Residence certificate confusion

Here is an article that explains the registration procedure to aquire a residence certificate for any EU citizen who wishes to remain in Greece for more than three months.



Real Estate Greece, Messenia, greek history, Rodos, Kos, Lefkada, Halkidiki

It is said to be the right time for Real Estate investments on Greek Islands. Read why foreign investors have embraced this idea!