Investing in Real Estate in Ioannina: The Complete Guide to Understanding This Still Undervalued Market

Published on April 29, 2026 and written by Cyril Jarnias

Ioannina has neither the postcard beaches of Santorini nor the frenzy of Athens. Yet this city in northwestern Greece is becoming one of the most interesting real estate markets for investors looking for still reasonable prices, solid rental demand, and long-term appreciation potential. At the heart of Epirus, as the region’s administrative, academic, and economic engine, Ioannina combines rare advantages: real year-round urban life, a large university campus, a tech ecosystem, high quality of life, and a market positioning still well below Greek capitals.

Ioannina, the quiet capital of Epirus, but a real estate heavyweight

Ioannina is the main city of Epirus, built around Lake Pamvotida and surrounded by mountains. Historically marked by Byzantine and Ottoman influences, it is today an administrative, academic, and economic center for the entire region.

More than half of Epirus’s residential supply is concentrated in Ioannina. In other words, when talking about real estate in Epirus, you first talk about Ioannina. This makes it a kind of “central hub” for anyone looking to position themselves in the region, with a much deeper and more liquid market than the mountain villages or small coastal towns.

The city also attracts a new clientele: teleworkers, tech executives, expats, and retirees drawn by a lower cost of living than Athens or Thessaloniki, a city deemed safe, and an exceptional natural environment between lake and mountains.

A market still affordable in a country where prices are rising

Before zooming in on Ioannina, it’s important to keep the national context in mind. In Greece, residential prices have been rising uninterrupted for over six years. The national urban housing index increased by 7.69% year-on-year in the third quarter of 2025, after an average rise of 8.72% in 2024. Cumulatively, prices have climbed about 30% over five years nationally, with even stronger increases in Athens and Thessaloniki.

In this landscape, Ioannina is clearly positioned in the still “affordable” zone, but catching up.

Prices in Ioannina: steady increase but still attractive levels

The most recent data for the municipality of Ioannina shows a controlled upward movement, far from the frenzy of the most popular islands or the Athenian Riviera.

Average prices in the municipality of Ioannina

In September 2025, the average asking price for residential properties for sale in the municipality was €1,814/m². This is the highest value recorded over the past two years, with a year-on-year increase of 5.90% (€1,713/m² in September 2024). The recent low point was in April 2024, at €1,684/m².

At the level of the entire Ioannina prefecture, the average asking price in July 2025 was €1,587/m², up 4.82% year-on-year. The average property price there is about €186,327, or 11.6% less than the Epirus average. In short: Ioannina remains below the region, which itself is below the Greek average.

These levels confirm that the entry level in Ioannina is well below Athens (where central neighborhoods now hover around €2,500–4,000/m²) and far from premium islands like Mykonos or Santorini.

Internal disparities: center, outskirts, neighborhoods

The Ioannina market is far from homogeneous. Detailed data by neighborhood for September 2025 illustrates significant gaps between the center and peripheral areas:

The center is logically the most expensive, slightly ahead of Stavraki. Exochi remains significantly more affordable, with a price per square meter nearly a third lower than the center. For an investor, these disparities allow for playing on the price/rent ratio and optimizing gross yields.

Going down one more notch in detail gives fairly readable ranges:

– Ioannina city center

– Renovated older apartments: €1,300–1,900/m²

– Older apartments needing refreshing: €900–1,200/m²

– Near suburbs (university/hospital areas)

– Recent apartments: €1,200–1,600/m²

– Typical budget for a studio/1-bedroom of 45–60 m²: €60,000–110,000 depending on neighborhood and floor

Truly high-end new constructions can reach around €3,000/m², which remains competitive nationally for a recent product in a dynamic university city.

Comparison with neighboring markets: the coastal premium

To understand the positioning of Ioannina, it’s enough to compare it with neighboring seaside destinations, heavily tourism-oriented:

The famous “coastal premium” is very clear: sought-after properties in Parga and Sivota exceed €4,000/m². Investing in Ioannina means accepting to forgo the sea view but entering a market half the price of neighboring seaside hotspots, with rental demand much less dependent on the tourist season.

A rental market driven by students, doctors, and newcomers

One of the major assets of Ioannina is its structural rental demand. The city hosts a large university campus: between 30,000 and 35,000 students, including over 900 international students, with an admission rate around 20%. Add to that hospital staff, civil servants, tech workers, and local families.

This combination creates a very resilient rental base.

Rent levels and gross yield

In the Ioannina municipality, the average asking rent in September 2025 was €8.21/m² per month, up slightly by 1.61% year-on-year. The recent peak was in June 2024, at €8.28/m², and the low point at €7.52/m² in February 2025.

By neighborhood:

In practice, this translates into fairly clear monthly rents:

– Studio/1-bedroom in city center: €300–400/month

– Studio/1-bedroom outside center: €250–280/month

– 2/3-bedroom in city center: €500–700/month

– 2/3-bedroom outside center: €350–600/month

In this context, a well-located studio/1-bedroom can target a gross yield of 4–5% in long-term rental, based on observed rents. If you take a 50 m² studio/1-bedroom bought for €90,000 (€1,800/m²) and rented for €400/month, you get €4,800 in annual rent, or about 5.3% gross yield before expenses and taxes.

Ongoing charges (excluding electricity, water, internet) generally run around €30 to €80/month, depending on the type of building.

An under-supplied student pool for quality housing

Nationally, Greece structurally lacks modern student housing. Public university residences cover only about 5% of needs, in a country with nearly 800,000 enrolled students. Ioannina follows this trend: student demand far exceeds the supply of good-quality studios and small apartments.

Specific data on the student segment in Greece shows:

The best products are studios or 1-bedroom units of 25–45 m², within 10–15 minutes of the university or a transport hub, fully renovated, furnished, and meeting current energy standards. This type of product outperforms in terms of occupancy and income, especially in a market where few small new homes are being built.

Short-term rental: an opportunistic segment, but regulated

In Ioannina, short-term rentals like Airbnb exist, but not in volume comparable to the islands or Athens. Nevertheless, there are over 300 active listings in the municipality, largely dominated by entire apartments (over 95% of supply) and, above all, by studios/1-bedroom and 2-bedroom units: 1-bedroom listings represent 66% of listings, and together, studios/1-bedroom and 2-bedroom units total more than 86% of the market.

Performance indicators for the year 2025 give a fairly balanced picture:

This seasonality illustrates the particular profile of Ioannina: more cultural tourism and fall/winter city breaks, combined with ongoing professional and academic activity, rather than a pure summer peak.

However, two realities must be considered:

– Greek regulations on short-term rentals are gradually tightening, with a risk of stricter measures, especially in major cities.

– For investors targeting an investment residence (Golden Visa), certain property categories can no longer be used for short-term rentals and must be reserved for personal use or standard leasing.

In Ioannina, long-term rental and student rental therefore remain the safest foundation for a rental strategy.

Ioannina vs. coast and mountain villages: three markets, three logics

Epirus has three major real estate sub-markets, each with its own profile, and Ioannina holds a special place within them.

1. Ioannina: urban stability and “core” yields

The city combines several demand drivers: students, medical staff, civil servants, tertiary sector employees, tech ecosystem, local families. This diversification makes the market not very cyclical: it doesn’t depend on summer low-cost flights like Parga or hiking flows like some mountain villages.

The key advantages of Ioannina for the investor are clear:

2. The coast (Parga, Preveza, Sivota): tourist premium and high volatility

The seaside towns of Epirus show prices significantly higher than Ioannina. In Parga and Sivota, villas and houses with sea views frequently exceed €2,500–4,000/m², and sought-after properties trade on average for more than one million euros in Parga.

These micro-markets are driven by a very present international demand (Italians, French, Germans, Greek diaspora), willing to pay a premium for proximity to the beach, sea views, and easy access to the Ionian Islands. The flip side: very strong seasonality for rentals, high competition on short-term rental platforms, and direct dependence on tourism.

3. The mountains (Zagori, Tzoumerka): heritage niche

The villages of Zagori and Tzoumerka form a completely different market: a low-volume niche centered on stone houses with strong heritage value. You can find buildings to renovate for between €400 and €900/m², but serious renovations cost an additional €800 to €1,500/m².

Positioned as charming residences or high-end vacation homes, these properties can generate gross yields of 6 to 9%, but market liquidity remains limited and management is more complex.

For an investor looking for a “core portfolio” asset, Ioannina is a reassuring compromise between the tourist premium of the coast and the risky exoticism of the mountains.

Development prospects: infrastructure, smart city, and tech ecosystem

Another strong point of Ioannina, often underestimated, lies in the development dynamics of the city and the region. Several major projects are underway or planned, which strengthen connectivity, attractiveness, and, ultimately, real estate value.

Transport infrastructure and accessibility

Epirus is already connected to the rest of the country by two major motorway axes, the Egnatia Odos and the Ionia Odos, which allow reaching Athens in about 3h30 and Thessaloniki in about 2h. The Aktion airport (Preveza) and Ioannina national airport provide air links, notably from London, Berlin, or Vienna at certain times.

Several road projects are underway:

– Extension of the Ionia motorway from Ioannina to Kakavia, at the Albanian border, to strengthen cross-border exchanges.

– Completion of the city’s great ring road, with a key section between the Panhellenic Stadium and the Vogianos junction.

Ioannina “smart city” and green city

The municipality has launched a “smart city” program with a budget of about €3 million, largely funded by the European recovery plan. On the agenda: environmental sensors, parking management systems, electric vehicle charging stations, smart meters, civil protection cameras, digital platforms for citizen requests or geospatial data.

The city is also developing a self-service electric bike system (55 bikes, including some adapted for people with disabilities, spread across 8 stations), with the broader goal of achieving carbon neutrality and significantly reducing CO₂ emissions. Projects for a continuous lakeside promenade, zero-emission river transport, and the redevelopment of green axes complete this agenda.

The interest for an investor is twofold:

Technology park and innovation ecosystem

Ioannina already hosts offices of major international players like TeamViewer, Deloitte, PwC, or P&I. The city is sometimes presented as a kind of Greek “Silicon Valley”, on a regional scale.

A major project for a high-tech and research park is in preparation, with a total cost of about €41 million, supported by the European Investment Bank. Objective: attract innovative companies, develop the ICT ecosystem, and connect students, researchers, and the business world more closely.

This type of project is decisive for upscale rental demand: tech executives, engineers, and expatriate researchers are looking for modern housing, often higher-end than the current supply, creating a deficit of “premium” products that the savvy investor can capitalize on.

Tax and legal framework: what an investor needs to know

Investing in Greece, and therefore in Ioannina, involves taking into account a certain number of tax and legal rules. The country has modernized its real estate law and its tax system, while retaining some specificities.

Access for foreigners and purchase procedure

All foreigners, whether EU nationals or not, can buy real estate in Greece, without major distinction from Greek citizens, except in a few very specific border areas (with no particular impact for Ioannina).

The procedure follows several main steps:

– Obtaining a Greek tax identification number (AFM), essential for any purchase.

– Recommended opening of a Greek bank account to manage payments, expenses, and taxes.

– Power of attorney possible to delegate the entire process to a local lawyer, including remotely.

– Legal audit (verification of titles, mortgages, charges, planning compliance).

– Technical audit by an engineer (structure, building permit compliance, energy certificate).

– Signing of the notarial deed, then registration with the land registry / cadastre.

Typical fees are around 1–2% of the price for the lawyer, 0.8–1.2% for the notary, plus registration fees (0.5–1%), agency commissions (around 2% per party, negotiable) and acquisition taxes.

Taxation on purchase and holding

For a resale property (not subject to VAT), the buyer pays a transfer tax of 3% on the taxable value, plus a municipal surcharge of 0.09%, giving an effective rate of 3.09%.

The 24% VAT on new constructions is currently suspended until December 31, 2026 for most programs, which in practice means most new sales fall under the 3.09% regime.

In addition to this transfer tax, you need to account for: An additional transaction tax.

– Notary, lawyer, agent, and registration fees.

– Ancillary costs (translations, technical certificates, etc.).

Then, the owner is subject to the annual property tax ENFIA, calculated on the property’s taxable value, with a rate per square meter depending on location, size, building age, floor level, and number of facades. For a standard apartment, ENFIA amounts in practice to a few euros per square meter per year, with a supplementary tax system for aggregate real estate holdings above a certain threshold (thresholds and calculation methods have been recently reformed).

Add to that a municipal fee (TAP) of 0.025 to 0.035% of the taxable value, collected via the electricity bill, and a contribution for street lighting and cleaning, also linked to the surface area.

Taxation of rental income

Collected rents are subject to income tax, based on a progressive scale specific to property income. Until December 31, 2025, the brackets for individuals are as follows:

– €0–12,000: 15%

– €12,001–35,000: 35%

– Over €35,000: 45%

From 2026, the scale is slightly adjusted, with the introduction of an intermediate bracket at 25% between €12,001 and €24,000 and an adjustment of the upper thresholds. However, property income benefits from a few deduction and allowance mechanisms, notably:

Furthermore, a temporary incentive regime exists for long-term rentals of primary residences (up to 120 m²) under certain conditions (three-year lease, property previously vacant or rented short-term, etc.), with a rental income tax exemption for 36 months, but this scheme mainly targets Greek landlords on certain property types.

For furnished short-term rentals (like Airbnb):

– Up to two properties, without para-hotel services, the income remains treated as standard rent.

– Beyond two properties or in the case of hotel-type services (daily housekeeping, breakfast, etc.), the activity becomes a professional activity, taxed under business profits, possibly with 13% VAT.

An investor in Ioannina must therefore, from the outset, clearly decide between a long-term rental strategy (simpler, more predictable) and a mixed or short-term strategy (more profitable but more complex and more exposed to future regulations).

Capital gains: temporary window of opportunity

In theory, capital gains for individuals are subject to a tax of 15% if the property is resold within five years, based on the difference between the selling price and the adjusted purchase price. However, this capital gains tax is suspended until December 31, 2026. In practice, an investor who buys in Ioannina today and sells before then, without conducting so many transactions as to be considered a property dealer, will not be taxed on the capital gain.

Golden Visa: Ioannina, an alternative to overpriced areas

Greece offers a residence by investment program – the Golden Visa – for non-EU nationals. The new, tightened rules distinguish several thresholds:

– €800,000 minimum for a single property of at least 120 m² in highly sought-after areas (Athens, Thessaloniki, Mykonos, Santorini, certain islands or very touristy regions).

– €400,000 minimum for a single property of at least 120 m² in the rest of the country.

– €250,000 minimum for properties converted from commercial to residential, or for certain fully restored historical properties.

Assets eligible for the €400,000 and €800,000 thresholds can no longer be used for seasonal rentals like Airbnb; only personal occupancy or standard leasing is permitted.

Ioannina, located outside the overheated areas, falls into the €400,000 category. For a non-European investor primarily seeking a long-term Schengen residence permit, the city therefore offers an interesting combination:

– A Golden Visa threshold lower than in major metropolises and premium islands.

– A market where this budget allows acquiring a very comfortable property (or even a small portfolio of properties through a company, depending on structure), in a dynamic and less volatile city.

The Golden Visa should not be the sole driver of a decision, but the combination of a reduced threshold, an undervalued market, and structural rental demand strengthens Ioannina’s appeal to this clientele.

How to position yourself in Ioannina: target products and strategies

In practice, what types of properties should you prioritize in Ioannina, and with what investment logic?

Small apartments for students or young professionals

This is the most obvious asset class. Studios and 1-bedroom units of 25–45 m², well renovated, furnished, in the center or near the university and hospital, benefit from:

– Nearly unlimited demand (Greek students, Erasmus, young workers).

– Rents 20–40% higher than standard housing of equivalent size.

– Very limited vacancy risk thanks to the constant rotation of students.

Aggregated data on student investment in Greece shows gross yields that can climb to 6–8%, or even higher, for very well-calibrated products. In Ioannina, still moderate acquisition prices, combined with student rents already considered “expensive” locally, create a window of opportunity.

2-bedroom and 3-bedroom units for families, doctors, and executives

Apartments with two or three bedrooms in good locations, near the center, schools, and healthcare facilities, are sought after by:

These properties rent for around €500–700/month in the city center, sometimes more for high standard. They offer gross yields generally slightly lower than small units but a more stable rental relationship, with longer leases and often more solvent tenants.

Mixed-use buildings and properties for conversion

For larger budgets, the city holds potential in: real estate, technology, tourism, infrastructure, and environmental services.

– Small apartment buildings to renovate for long-term rental or co-living.

– Mixed-use buildings (ground-floor retail, offices or studios upstairs) to convert into more profitable residential uses.

“Premium” housing for tech executives and urban tourists

With the rise of the technology park and the establishment of large corporations, a high-end demand segment is emerging: international executives, consultants, subsidiary directors. These profiles are often looking for:

– Recent or fully renovated apartments, well designed, with good energy performance.

– Lake views or premium locations in the old town.

– Features close to Northern European standards.

Current supply is limited, creating a deficit of suitable products. An investor who renovates a character building or develops a small high-standing residential complex can fill this gap, with above-market rents as a result.

Ioannina in the Greek dynamic: a long-term bet

At the country level, Greece remains on an upward trajectory: 27 consecutive quarters of urban price increases, expected GDP growth of around 2–2.3% in 2025–2026, tourism at record levels, and sustained foreign capital inflows (notably via the Golden Visa, despite the tightening of conditions).

In this context, Ioannina checks several boxes:

– Stable university, administrative, and economic city.

– Market still well below levels of Athens, Thessaloniki, or premium islands.

– Continuous strengthening of infrastructure and urban policies (smart city, soft mobility, greening).

– Development of a tech ecosystem that supports solvent, non-seasonal rental demand.

For the investor, the challenge is no longer to find the “next Athens” – the capital has already largely caught up – but to position yourself in solid secondary cities, with a real economic fabric, universities, and an attractive living environment. Ioannina is part of this select group of Greek cities that combine these ingredients, alongside certain regional metropolises and university destinations.

In summary: why Ioannina deserves a place in a Greek investment strategy

By cross-referencing all the data on the Ioannina market and the national context, several elements clearly emerge:

Investing in real estate in Ioannina is neither a speculative bet on a trendy seaside spot, nor a simple search for maximum gross yield. Rather, it is a choice to position yourself in a secondary urban market in the catching-up phase, with high rental security, a quality living environment, and a series of economic and infrastructure transformations already underway.

For an investor ready to work with local professionals (lawyer, engineer, agent, manager), to integrate Greek tax realities, and to aim for a medium to long-term horizon, Ioannina appears as one of the few remaining accessible markets in Greece where reasonable prices, stability, and growth prospects go hand in hand.

Advice for an investor in Greece

Cyril Jarnias

Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.

On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.

Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.

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