Published on and written by Cyril Jarnias
Investing in Real Estate in Greece in 2026, for a French person, is no longer an exotic whim. The Greek market has gone from a “post-crisis” fire-sale status to a true engine of returns and capital appreciation in Southern Europe, with prices still far below those in France, sharply rising rents, and a tax and residency framework that is particularly attractive to foreign investors.
This guide explains, with supporting figures, why Greece has become a favorite playground for Europeans, especially the French, and how to position yourself wisely in 2026.
A Foreign Surge with French Investors Now Leading the Pack
The Greek market has regained its luster, and this is first visible in international demand. In 2024, Greece topped the charts in cross-border real estate demand. Among the most active nationalities are Germans, Dutch… and the French, who occupy the top spots.
Real estate purchases by French nationals in Greece jumped 79% in one year.
The movement is significant enough that specialized platforms now rank several Greek islands and regions among the best destinations for French real estate investment in 2026, with a top 10 dominated by Crete, Rhodes, Kea, Andros, Paros, Syros, Naxos, Tinos, Corfu, and Kos.
Prices Much Lower than in France – a Difference You Notice Immediately
For a French investor, the first surprise is prices. On a European scale, Greece remains one of the most affordable markets, while already having embarked on a solid upward cycle since 2018.
Nationally, the gap with France is clear:
| Indicator | Greece (National Average) | France (National Average) | Approximate Difference |
|---|---|---|---|
| Average price per m² (all zones, 2025-2026) | ~€2,540 to €2,727/m² | ~€4,415 to €6,900/m² | France ≈ +70% to +170% |
| Average apartment price in city center | €2,747.59/m² | €5,876.51/m² | France ≈ +113.9% |
| Average apartment price outside city center | €2,258.08/m² | €3,985.09/m² | France ≈ +76.5% |
If we zoom in on certain neighboring countries, the conclusion still favors Greece: average prices are lower than in Spain (≈ €2,990/m²), Italy (≈ €4,000/m²), or Portugal, with a difference of about 27% in city centers compared to Portugal. For a French person used to €10,000/m² in central Paris, seeing values of €2,500 to €3,000/m² in regional capitals or on quality waterfronts changes the equation completely.
In practice, most Greek residential transactions fall within a range of €70,000 to €350,000, with a “typical” price around €140,000 for a standard home of about 85 m² outside ultra-prime areas, allowing French investors to diversify their assets with a lower entry ticket than a rental property in a major French city.
A Rising Market, but Still Far from a Bubble
Contrary to what some might fear, these low prices do not mean Greece is still stuck at the bottom of the post-crisis pit. Quite the opposite. The Bank of Greece has observed a continuous price increase since 2018, with prices now exceeding their 2008 peak.
From the 2017 low point to the end of the third quarter of 2025, home prices have risen by about 86% nationally. Compared to the pre-crisis peak, they are about 7% higher. In 2024 alone, the average increase was close to 8.7%, then 7.8% in 2025, with a further rise of about 7.6% year-on-year in the first quarter of 2026.
Apartment prices have risen by more than 60% in Athens (up to 94% in some suburbs), by 46% in Thessaloniki, and by 42% nationally since 2019.
For 2026, projections from major players (Bank of Greece, banks, real estate analysts, European observatories) converge around price growth of 4% to 7% nationally, with Athens and Attica in a 4% to 6% range. Over 2025-2030, some bodies forecast an average pace of about 3% per year, with higher peaks on premium islands. On these highly sought-after island markets, five-year scenarios mention cumulative increases that could reach 20% to 30% by 2031.
In other words, the upward train is clearly underway, but it’s not yet at full speed, especially compared to what France experienced in some metropolitan areas after 2010.
Rents Significantly Higher Than in Greece… in France
For a French person, the other shock relates to rents. Not in absolute value, but relative to the purchase price. In France, rents are more expensive, but purchase prices are even more so, which flattens gross yields. In Greece, rental levels, though lower, are supported by rapid increases in major cities, while prices remain below Western European standards.
Some revealing comparisons:
| Type of average monthly rent | Greece | France | Difference France / Greece |
|---|---|---|---|
| 1 bedroom, city center | €486.63 | €774.31 | France ≈ +59.1% |
| 1 bedroom, outside center | €394.52 | €598.07 | France ≈ +51.6% |
| 3 bedrooms, city center | €811.74 | €1,422.93 | France ≈ +75.3% |
| 3 bedrooms, outside center | €678.94 | €1,119.89 | France ≈ +64.9% |
At the same time, rental demand in Greece is exploding. Between 2021 and 2026, long-term rental demand has increased by about 32%. In Athens, the average rent for a two-bedroom apartment has surged by 45%, from about €650 to €950. In the first months of 2026, listed rents rose another 4.8% in Athens, 12.5% in Thessaloniki, and more than 11% in the rest of the country. The Bank of Greece emphasizes that rent increases are significantly outpacing inflation and are putting increasing pressure on households.
For an investor, this rental tension is both a signal of social risk and a guarantee of occupancy and rent-setting power, as long as legislation remains favorable.
Attractive Rental Yields, in Long-Term and Short-Term Rentals
By combining still-moderate prices and sharply rising rents, Greece offers gross yields often higher than those observed in France, especially in large urban areas.
Nationally, studies converge around average gross yields of 4.4% to 5.6% for long-term rentals, with higher local peaks.
Based on 2025-2026 data, we can summarize as follows:
| Location / Market Type | Typical Gross Rental Yield (Long-Term) |
|---|---|
| National average for apartments | ~4.4 – 5.6% |
| Athens (center + metro area) | ~5.0 – 5.5% |
| Athens, working-class neighborhoods | ~6.0 – 7.5% |
| Piraeus / Faliro | ~5.0 – 6.5% |
| Patras, Heraklion, Volos, etc. | ~4.2 – 4.8% |
| Student housing in Patras / Thessaloniki | up to ~6.5% |
In some micro-urban markets, particularly studios and small one-bedroom apartments around €100,000 to €130,000, gross yields regularly climb to 6-7%, sometimes more. A studio in central Piraeus, for example, can generate more than 7% gross yield with occupancy rates near 97%, according to 2026 data.
Net yield after expenses, taxes, and maintenance represents 75% to 85% of gross for long-term rentals (i.e., 3.2% to 4.5% net). For short-term rentals, net drops to 55-70% of gross despite gross yields of 6% to 10%, due to management fees, vacancies, and seasonality.
Nevertheless, it’s enough to aim, on well-chosen products, for a gross yield pair of 6-8% and annual price appreciation of 4-6%, i.e., a total potential annual return of about 9% to 13% combining rental income and capital appreciation, in central scenarios.
Athens, Thessaloniki, and Major Urban Areas: The Market Drivers
For a French person seeking a “readable,” liquid investment backed by solid local demand, Athens remains the natural entry point.
Central Athens concentrates intense activity, supported by residents, students, workers, and booming urban tourism. Average prices range from about €2,900 to €4,000/m² in central neighborhoods, with premium pockets exceeding €4,500/m². Rents are among the highest in the country, with levels above €11/m².
Historic neighborhoods like Plaka and Koukaki are adapting to regulatory restrictions by shifting from short-term tourist rentals to year-round leasing, while preserving their heritage and tourist appeal.
Historic neighborhood once dedicated to short stays, now turning toward year-round rentals despite restrictions.
Another short-stay stronghold following the same trend as Plaka, adapting to new rules.
The famous Athens Riviera (Glyfada, Voula, Vouliagmeni, Alimos) forms the most expensive coastline in the country, with values generally ranging between €4,250 and €12,000/m² for high-end properties, and even more for some ultra-luxury new developments. But these markets offer:
The market is characterized by high rents, low vacancy rates, and a solvent international clientele seeking second homes or Mediterranean bases for digital nomads and executives.
Thessaloniki, on the other hand, has established itself as the champion of price growth in 2025, with an increase of about 9.6% to 11% for the year. The city benefits from major projects (metro, logistics development around the port) and prices still below those of the capital, with average values between €2,300 and €3,000/m². For a French investor, it’s a very credible alternative to Athens, both more affordable and better positioned in the student segment and new urban professionals.
The Islands: Between International Luxury and Quieter Opportunities
For many French people, investing in Greek real estate rhymes with island. However, the landscape is far from homogeneous: price differences between micro-locations are considerable.
The major icons, Mykonos and Santorini, are global brands, with prices reflecting that status:
| Island / Region | Indicative Average Price per m² (2025-2026) |
|---|---|
| Mykonos | ~€7,500 to €12,000/m² |
| Santorini | ~€4,500 to €7,500/m² |
| Athens Riviera | ~€4,200 to €12,000/m² |
| Corfu (portal snapshot) | ~€2,222 to €2,770/m² |
| Crete | ~€1,900 to €2,105/m² |
| Rhodes | ~€2,370/m² |
Mykonos and Santorini clearly sit in a “lifestyle & luxury” zone. They focus on multi-million-euro villas, high-season yields that can climb to 18% on villas with pools, but also an extremely high entry price. These areas are also among those where, for the Golden Visa, the investment threshold has been raised to €800,000, changing the game for clients solely seeking a residence permit.
Conversely, Crete, Rhodes, or Corfu offer a more pragmatic balance between:
Greece presents several key advantages for investing in rental real estate: still accessible purchase prices, a long tourist season (almost year-round in some areas like Crete or Rhodes), solid infrastructure, and diversified clienteles (families, retirees, tourists, remote workers).
Purchase prices remain affordable, offering good yield potential.
The season lasts a long time, nearly year-round in Crete or Rhodes, maximizing rental opportunities.
The country has reliable infrastructure to support rental activity.
Families, retirees, tourists, and remote workers ensure varied demand.
Crete, in particular, is often described as the most rational choice for combining quality of life, personal use, and rental exploitation over a large part of the year. Average prices there are around €1,900 to €2,100/m², with values as low as €1,500/m² in some regional areas. In the capital city of Heraklion, prices average around €1,800/m², after an increase of about 15% in one year.
This amount illustrates the accessible price for acquiring approximately 100 m² in some areas of the Corfu prefecture, with prices varying from €500 to over €2,200/m² depending on the type of property and location.
For a French person looking for a compromise between budget and appreciation potential, these “second-tier” islands like Corfu, Naxos, Paros, Syros, Tinos, or Kos are prime study grounds, especially since they all appear in the top 10 French destinations for 2026.
Emerging Regions: Peloponnese, Western Macedonia, and Mid-Sized Cities
Greece is not limited to Athens and the islands. Several mainland regions show rock-bottom prices and strong catch-up potential.
The Peloponnese, for example, benefits from:
– New road infrastructure;
– Proximity to Athens (Nafplio is less than a two-hour drive away);
– Highly sought-after architectural and landscape appeal (Nafplio, Kalamata, Parga, Preveza);
– A growing international clientele, particularly from Northern Europe.
Prices per square meter in many Greek coastal localities range from €1,500 to €1,700, well below the Cyclades or Attica.
At the other end of the spectrum, Western Macedonia and several northern cities offer price levels that would seem almost unreal to a Parisian. In some localities, average values are around €650/m². In a city like Kastoria (often misspelled in some reports), you can find €500/m², with 100 m² apartments for €60,000. The flip side: more local demand, more uncertain appreciation prospects, and the need for careful management (vacancy, renovation, tenant quality). For a hands-on investor seeking high value-add through renovation, however, these markets are hidden gems.
A Tax Environment Gentler than France, Especially for Real Estate Assets
This is a crucial point for French investors: Greek real estate taxation, while not a paradise, remains significantly milder than the French tax stack (high transfer taxes, rising property tax, wealth tax on real estate (IFI), etc.).
On acquisition costs, in Greece you need to budget for:
– A transfer tax of 3% on the taxable value of the property, with a small municipal surcharge bringing the effective rate to about 3.09%;
– Notary fees generally around 1% to 1.6% of the price, depending on the bracket;
– Attorney fees commonly around 1% (often negotiable, sometimes flat fees between €2,500 and €6,000);
– A real estate agent commission of about 2% to 3% plus VAT;
– Land registry registration fees between 0.5% and 1%.
Overall, non-negotiable costs often fall between 6% and 10% of the price, sometimes 4.5% for a very “minimalist” buyer on optional services. In France, for reference, notaries charge 7% to 8% on old properties and 2% to 3% on new ones, plus transfer taxes around 5.8% to 6% on resales, plus 20% VAT on new builds.
Annual ENFIA property tax in Greece for an 80 m² apartment in an average area.
In addition to ENFIA, a small municipal tax (TAP) of 0.025% to 0.035% of the cadastral value is included in the electricity bill, again with a limited impact.
There are also some notable incentives:
– A 20% reduction in ENFIA for properties insured against certain risks (fire, earthquake, flood) subject to a value ceiling;
– A 50% reduction starting in 2026 for certain primary residences in small villages, subject to value and tax residency conditions;
– An extension of the VAT exemption of 24% on new homes until December 31, 2026, with buyers then paying only the 3% transfer tax.
As of 2026 income, taxed in 2027, Greece applies a specific progressive scale for rental income.
– Up to €12,000 in rents: 15%;
– From €12,001 to €24,000: 25%;
– From €24,001 to €36,000: 35%;
– Over €36,000: 45%.
A flat deduction of 5% of gross rents is applied in lieu of actual expenses. Furthermore, to encourage the return of properties to the long-term rental segment, a very significant benefit exists: landlords who bring back onto the traditional rental market properties that were vacant or used for short-term rentals benefit from a full tax exemption on those rents for three years, provided the lease is for at least 36 months and signed before the end of 2026, and the floor area does not exceed 120 m².
Finally, on capital gains, the situation is particularly attractive until the end of 2026: the 15% tax normally due on real estate sale profits is suspended. In practice, a French person who buys and sells a property in Greece before this deadline is not taxed on the gain in Greece (the question of taxation in their country of tax residence remains, of course). This suspension has been renewed several times since 2020.
The Greek Golden Visa: An Asset for Non-EU Residents (But Not Required to Buy)
Even though it does not directly concern French nationals for access to the territory (France being an EU member), the Greek Golden Visa remains a key element of the real estate landscape, as it structures a large part of non-European foreign demand and influences the market segments targeted by developers.
A non-European investor can obtain a renewable five-year residence permit by purchasing real estate in Greece, provided they retain ownership. This permit grants access to the Schengen area with no minimum annual stay requirement and includes the spouse, dependent children, and parents.
Since the reform governed by Law 5100/2024, the thresholds are structured by zones:
– €800,000 for ultra-prime zones: Attica region (Athens, Piraeus, Riviera), Thessaloniki metropolitan area, Mykonos, Santorini, and generally islands with more than 3,100 inhabitants in high-pressure areas;
– €400,000 in most other regions, including parts of Crete, Peloponnese, many islands, and mainland areas;
– €250,000 for specific cases of converting commercial premises into homes or renovating listed buildings, regardless of location, provided the work is completed at the time of the application.
The ‘€250,000 ticket’ still exists, but its use is now limited. Although it is generally not relevant for the French investor, it indirectly influences the market by directing non-European foreign demand toward certain properties such as entire buildings or large spaces. This supports property values in several neighborhoods of Athens, Thessaloniki, Crete, and Rhodes.
Important point: it is absolutely not necessary to obtain a Golden Visa to buy a property in Greece, even for non-EU citizens. The right to own property is open to foreigners, with some localized administrative restrictions in border or military zones. The buyer must, however, obtain a Greek tax number (AFM) and, ideally, a local bank account.
Practical Mechanics of a Purchase for a French Buyer
In practical terms, the acquisition process for a French person is fairly well established:
1. Obtain a Greek tax number (AFM) from the local tax office or through a representative (possible in one day, often remotely via a power of attorney). 2. Open a Greek bank account, which generally requires: ID, AFM, proof of address, proof of income. 3. Select the property, often through agencies, specialized portals, or a property finder, with physical or video visits. 4. Sign a reservation agreement or preliminary contract with a deposit (often 5% to 10% of the price) to secure the transaction. 5. Legal due diligence by an independent lawyer: verification of cadastral status, absence of mortgages or irregularities, compliance of building permits, etc. 6. Technical due diligence by a civil engineer, who must certify the absence of unregularized illegal constructions – a prerequisite for the transfer. 7. Sign the notarial deed of sale, in the presence of the buyer… or their lawyer with a power of attorney. The notary authenticates the deed but does not replace the lawyer for checks. 8. Register the deed with the Land Registry or Cadastre by the lawyer. 9. Declare the property on the E9 form in the Greek online tax system (TAXISnet) for the ENFIA assessment.
Most of these steps can be done remotely, making it easier for French people who cannot make multiple trips.
Financing in Greece or France: Trade-Offs to Consider
On rates, France still holds a relative advantage: the average rate for 20-year fixed-rate mortgages is around 3.66%, compared to about 4.57% in Greece according to some recent averages. However, the Bank of Greece indicated, at the end of 2025, a downward trend with average rates around 3.5% for new home loans, down from the previous year.
For non-resident foreigners, most Greek banks apply stricter conditions:
The minimum down payment required is 35% to 50%, and loan-to-value (LTV) ratios are often limited to 50-65%, even for Europeans. Banks conduct thorough checks on income, total debt, and credit history. Loan terms are shorter than for residents, typically 15 to 25 years, sometimes up to 30 years on certain products.
Rates offered to foreigners generally range between 3% and 5.5% depending on the term, profile, bank, and fixed/variable option. Some banks (Eurobank, Piraeus, Alpha Bank) stand out with targeted offers for international buyers and partially digital processes.
For a French person, the question is therefore not just “can I borrow in Greece?” but “is it relevant to borrow there rather than finance through my French bank or with my own funds?”. In many cases, borrowing remains possible, but the deciding factors will be cost, speed, and flexibility of banks on each side.
Pressure on Supply, Tension on Rents: A Supportive but Selective Environment
The Bank of Greece continues to highlight a structural imbalance between new supply and demand, both domestic and foreign. Building permits have certainly rebounded after the crisis, but construction has not yet filled the deficit, especially in sought-after neighborhoods of Athens, on the Riviera, in major regional cities, and on the most dynamic islands.
The institution estimates a shortfall of about 5,000 homes relative to annual market needs, driving up both purchase prices and rents.
For the French investor, this tension translates into:
– Rapid occupancy of well-positioned properties;
– Rent increases outpacing inflation in many areas;
– Increased government attention on short-term furnished rentals in certain specific neighborhoods (local moratoriums, stricter rules for Golden Visas, etc.).
It therefore becomes essential to buy with a clear strategy: long-term rental in a high-demand residential area, student rental, seasonal tourist residence on a highly attractive island, or heavy renovation in an undervalued region. Purely speculative opportunistic plays, like very short-term flips betting on a rapid price explosion, are becoming riskier.
Why 2026 Remains a Relevant Window of Opportunity for a French Investor
In light of these elements, why consider that 2026 is a good year to take a position?
Several factors converge:
Summary of the Greek market’s strengths for foreign investors: competitive prices, growth prospects, favorable taxation, and attractive legal framework.
Prices have caught up some of the post-crisis lag but remain far below those in France and several European neighbors, especially outside ultra-prime areas.
Forecasts of 4-7% increases in 2026, then about 3% per year, driven by foreign demand, record tourism (37 million visitors in 2025), and major projects (Ellinikon, metro Line 4).
Favorable spread vs. Western markets: gross yields of 4.5-5.5% on average, peaks at 6-8% on certain segments, well above major French cities.
Moderate transfer taxes, no wealth tax on real estate (IFI), measured property tax, capital gains exemption until end of 2026, incentives for renovation and long-term rentals.
Regime accessible to foreigners without mandatory residency, well-established procedures for non-residents, near-total remote management via a lawyer.
Numerous testimonials, active word-of-mouth, established network of French-speaking agencies, bilingual lawyers, and local property managers.
On the flip side, 2026 is no longer the time for real estate “fire sales” in Greece. Making lowball offers to sellers as if the country were still in the depths of an economic slump no longer reflects market reality. Quality properties in good locations sell quickly, with a slight margin but rarely spectacular discounts. Discipline in analysis (yields, renovations, costs, personal taxation) therefore becomes central.
In Summary: What Can a French Investor Look for in Greece in 2026?
Without compiling an exhaustive list, we can outline some typical investment profiles for a French person:
Four typical investment profiles: an apartment in Athens (Sepolia, Kypseli, or Piraeus) for long-term rental with gross yield above 5%; a property on the Athens Riviera or in a prime neighborhood of Thessaloniki for mixed use (second home and rental to expats); a house or small building in Crete, Rhodes, or Corfu intended for partial personal use and seasonal rental; or a renovation project in a low-price region (Peloponnese, Western Macedonia) for experienced investors.
In any case, investing in real estate in Greece in 2026 is no longer simply about buying a “vacation home.” It is a comprehensive trade-off between yield, capital appreciation, geographic diversification, French tax pressure, and lifestyle projection. For many French people, this equation now clearly tilts toward the Hellenic side.
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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.
