How much does it cost to buy a home in Greece?

The price of buying a place in Greece varies enormously, depending on the type of real estate that a buyer might be looking for. However, the latest figures put together by classifieds platform help shed some light on the money being demanded from sellers in the country right now.

Data for the second quarter of the year shows that the average cost of purchasing a home in Greece is at 1,544 euros per square meter (sqm). This compares with about 3,000 euros (sqm) in Rome, 3,500 euros (sqm) in Madrid and 2,580 euros (sqm) in Lisbon, industry data shows.

In central Athens, the price is at 1,571 euros (sqm) and rises to 2,600 euros (sqm) in the southern suburbs, many of which rest along the capital's coastline. Buying an apartment in the northern parts of the city, such as Marousi and Kiffisia, will set a buyer back 2,250 euros (sqm) and 1,442 euros (sqm) in Piraeus.

The real estate market in Greece has largely frozen due to the pandemic with most buyers and sellers adopting a wait and see stance due to the uncertainty. This comes after prices had jumped more than 7 percent last year and 6.9 percent in the first three months of this year.

Along with doing the proper research, getting the necessary legal and tax advice will help buyers make that right choice and avoiding walking into any potentially expensive legal pitfalls.

In the northern city of Thessaloniki, housing prices are at 1,474 euros (sqm) in central districts and 1,120 euros (sqm) in the suburbs.

For those looking for a place in the Aegean Sea that will cost 2,568 euros (sqm) on the Cyclades islands, such as Mykonos and Santorini, where supply levels are often tight and 1,667 euros (sqm) in the Sporades, on islands such as Skiathos and Skopelos. In Corfu, homes cost 1,622 euros (sqm) and 1,643 euros (sqm) in northern Greece's Chalkidiki area that is popular with Russians and visitors from nearby Balkan countries that have road access to the region.