Published on and written by Cyril Jarnias
Arta is attracting a growing number of real estate investors seeking a Greek market that remains affordable, with growth potential and steadily rising rents. Far from the hustle and bustle of Athens or Thessaloniki, this Epirus city offers an interesting compromise between security, reasonable profitability, and moderate entry prices.
The Greek real estate market, now more mature, is experiencing selective price increases depending on region and property type. Investing in Arta represents a relevant strategy, provided a structured and patient approach is adopted.
The National Context: A Greek Market with Controlled Growth
To understand the opportunities in Arta, the city must first be placed within the current Greek real estate dynamic. National figures show a solid market, but less euphorically bullish than a few years ago.
Apartment prices in Greece increased by 13.9% in 2023, by 8.9% in 2024, and by 6.8% year-on-year in the first quarter of 2025. In other words, the rise continues, but at a pace that is normalizing. The Bank of Greece, in its financial stability report, detects no signs of a sharp downturn: prices continue to rise as long as demand remains strong and the housing supply remains limited.
Projections for 2026 anticipate annual growth in residential values of between 3% and 6% nationally.
This progression relies on several well-identified drivers: a local demand fueled by a catch-up of the Greek middle class, persistent interest from international buyers from Europe, the United States, Israel, or the Middle East, and tourism which has become a pillar of the economy. The country welcomed 40.7 million tourists in 2024, generating €21.6 billion in travel receipts, directly supporting seasonal rents and, indirectly, property values.
This is the percentage increase in new mortgage loan issuances in the first ten months of 2025 compared to the same period in 2024.
Arta: A Local Market Still Affordable but Clearly Trending Upward
Arta is not part of the club of Greece’s most high-profile markets, which, paradoxically, makes it an interesting study ground for an investor looking for more reasonable prices and catch-up potential.
In January 2026, the average asking price for residential properties for sale in the municipality of Arta stood at €1,087/m². This is well below major metropolises and the most touristic islands, although the trend remains clearly upward: year-on-year, this average increased by 7.20% compared to January 2025, when it was around €1,014/m².
The rental market follows a similar trajectory. The average asking rent reached €6.54/m² per month in January 2026, an annual increase of 5.48% compared to €6.20/m² in January 2025. These simultaneous movements in sale prices and rents reflect a dynamic market, but one still far from the levels that are beginning to pose serious accessibility problems in other regions.
A Price Structure Revealing Micro-Opportunities
Available data for January 2026 allows for an initial mapping of values within Arta. The table below summarizes the differences between neighborhoods for sale and rental.
| Zone in Arta | Average Sale Price (€/m²) | Average Rent (€/m²/month) | Relative Position |
|---|---|---|---|
| Kostakioi | 1,314 | 4.54 | Most expensive for sale, lowest rent |
| Limini | 556 | n.a. | Cheapest for sale |
| Center | n.a. | 6.51 | Highest rent |
| Municipal Average | 1,087 | 6.54 | Overall reference |
A classic phenomenon is observed: the most expensive areas to buy are not necessarily those that offer the highest rents per square meter. Kostakioi thus has the highest average sale price (€1,314/m²) but the lowest rents (€4.54/m²), while the Center, where sale prices are not detailed in the data, has the highest rents (€6.51/m²).
For an investor, distinguishing between a property’s acquisition price and the level of rent it can generate is essential. This distinction allows for strategic trade-offs: either prioritizing neighborhoods with high rental demand and still moderate purchase prices to maximize current yield, or opting for areas with high resale value and a more long-term investment character, even if gross yields there are generally a bit lower.
A Market in Steady Rise Since 2024
In two years, Arta has experienced a measured but continuous evolution in its values. The average price for sales hit a low of €971/m² in June 2024, before gradually climbing to a temporary peak of €1,088/m² in December 2025. The level in January 2026 (€1,087/m²) confirms this high plateau, with no real decline.
In Montpellier, the rent per square meter rose from a low of €5.77 in March 2024 to a peak of €6.54 in January 2026. This uniform progression, without extreme fluctuations, illustrates well the dynamic of so-called ’emerging’ regional real estate markets: positive and steady growth, but without speculative frenzy.
This relative stability in trajectories allows for more readable investment scenarios than in the heart of Athens or Thessaloniki, where tourist dynamics and pressure from foreign investors can produce more abrupt movements.
Arta in the Greek Market Ecosystem: A Regional City with Catch-Up Potential
Nationally, the areas with the strongest recent increases are concentrated around Thessaloniki (nearly +10% for apartments in Q1 2025), in other urban centers outside Athens and Thessaloniki (+8.91%), and in certain major tourist hubs (Crete, Cyclades, etc.). Regional markets, particularly those less exposed to foreign buyers, experienced more stagnation in 2025.
The city is not an international hotspot like Mykonos or Santorini, nor is it a hyper-market for students or tourists like Thessaloniki. It is closer to those ‘second-tier’ cities on the mainland that have not yet experienced the price inflation linked to international capital flows.
Arta
This situation can be seen as a limitation for an investor seeking quick gains, but also as a form of protection against overvaluation. National forecasts, moreover, suggest slower but still positive growth for these secondary urban markets, especially in a context where demand is shifting slightly from the islands to the mainland, partly due to the new Golden Visa program rules that raise the entry price in the most sought-after areas.
A Growing Rental Market and a Changing Fiscal Environment
Investing in real estate in Arta is not just about betting on future capital gains. Rental profitability plays a central role, especially in a country where, on a national average, gross residential yields range around 4.4% to 5.6%.
Although Arta lacks detailed statistical history, the average price of €1,087/m² and average rent of €6.54/m² allow for an estimated theoretical gross yield of about 7.2% for a property purchased in the average range and rented long-term. This figure, to be interpreted with caution as it excludes fees, vacancy, and local variations, indicates a yield potential above the national average, supported by still moderate per-square-meter prices.
New National Rules Impacting Landlords
The Greek regulatory environment is also evolving in a direction that directly affects property management. Starting in March 2026, cash payments for rent are prohibited and subject to heavy fines. Landlords who exclusively use bank transfers benefit from an automatic 5% discount on ENFIA, the annual property tax.
Authorities are offering a temporary exemption from income tax on rental income to owners who convert a short-term rental property into a lease of at least one year. This measure aims to rebalance the rental market in favor of permanent residents, especially in large cities, by increasing the supply of long-term housing.
Even though Arta does not face the same degree of housing market tension as Athens or some islands, these national fiscal incentives also benefit local investors who opt for classic leases rather than intensive seasonal rentals.
Financial Approach: Real Costs of an Investment in Arta
One of Arta’s major advantages lies in its purchase price level, but it would be illusory to only look at the apparent entry price. Between taxes, additional fees, and possible renovation work, the total cost can easily increase by 15% to 35% compared to the listed price.
Acquisition Costs and Purchase Tax
As everywhere in Greece, the investor must pay a set of taxes and fees related to the acquisition. For an older property (or a new one benefiting from the VAT suspension), the property transfer tax is set at 3% of the taxable value, to which is added a municipal supplement of 3% of this tax amount, resulting in an effective rate of 3.09%. Then come notary fees, typically between 0.5% and 1% of the purchase price, land registry registration fees (0.5% to 1%), lawyer fees (often 1% of the price), and the real estate agent’s commission (frequently around 2%, sometimes shared).
This percentage of the purchase price represents fees and taxes for a standard real estate purchase in France.
Renovation: A Key Variable in a City with Older Buildings
Real estate in Arta includes a significant proportion of older buildings, which opens up great opportunities for value creation through renovation, but also imposes strict budget discipline. Renovation experts in Greece distinguish three main levels of work: basic, intermediate, and premium.
For an 80 m² apartment, the cost of an intermediate renovation, considered the best compromise for an investor, ranges between €500 and €700 per square meter.
At the other end of the spectrum, a high-end renovation, with luxury materials, home automation, underfloor heating, and custom finishes, climbs to €700 to €1,200/m², or €56,000 to €96,000 for 80 m², excluding VAT. On the mainland, Arta benefits from a relatively contained cost environment compared to the islands, where artisan shortages and transport costs can increase budgets by 25% to 40%.
The following table summarizes these orders of magnitude for an 80 m² apartment.
| Renovation Level | Indicative Budget (€/m²) | Total Cost 80 m² excl. VAT |
|---|---|---|
| Basic | 300 – 400 | €24,000 – €32,000 |
| Intermediate | 500 – 700 | €40,000 – €56,000 |
| Premium | 700 – 1,200 | €56,000 – €96,000 |
To these amounts is added VAT at 24% and specific items like quality exterior joinery (up to €6,000 – €9,000 for 80 m²), possible structural engineer intervention, architect fees, not forgetting a contingency reserve estimated at 15% to 20%. An empirical calculation rule used by professionals is to multiply the area by a per-square-meter cost suited to the targeted renovation level, add VAT, then include a margin for contingencies. For an investor considering buying a property to renovate in Arta, this framework allows for testing the overall viability of the project.
Ongoing Costs: Property Taxes, Maintenance, and Charges
Once the property is acquired, the investor must assume each year the ENFIA, the national property tax, calculated based on the property’s objective value, location, size, and age. For a medium-sized apartment (60 to 90 m²), the amount typically ranges between €200 and €600 per year. To this is added the municipal tax (TAP), around 0.025% to 0.035% of the objective value, levied via the electricity bill, as well as various municipal fees (lighting, roads).
Rental income in Arta follows the national progressive scale: 15% up to €12,000 in annual rent, 35% between €12,001 and €35,000, and 45% above that. A new 25% bracket will soon be introduced for the €12,001 – €24,000 range. It is possible to deduct certain expenses, such as a 5% allowance for maintenance, as well as part of renovation and energy improvement costs, within established limits.
Yield Profile: Between Relative Security and Patient Growth
To assess the real interest of an investment in Arta, one must integrate both the rental yield, the prospect of capital gains, and the overall risk compared to other Greek regions.
The maximum gross yield observed in Greece for short-term rentals, a particularly high-performing segment.
Starting from current price and rent levels, an investor buying near the municipal average range can expect a theoretical gross yield above the national average, provided acquisition costs and, where applicable, renovation costs are controlled. The trade-off is a lower probability of high short-term capital gains, but also less exposure to bubble risk in over-sought-after areas.
Energy and Environmental Performance: A Lever for Value Not to be Overlooked
The energy issue has become central in the Greek market. Properties rated A+ sell at a premium of 12% to 18% compared to older properties of the same size. Those considering buying older properties must therefore integrate an energy upgrade cost estimated between €600 and €800/m² to reach modern standards, particularly in terms of insulation, joinery, heating, and air conditioning.
In Arta, where many homes date from before 1990, anticipating energy renovation work is a major asset. It improves rental attractiveness, reduces costs for the tenant, and ensures better liquidity upon resale. The correlation between a good energy rating, market value, and a shorter transaction time is indeed proven at the national level.
Furthermore, public programs to support energy renovation exist, with grants that can cover a large part of the expenses for modest properties. A scheme launched in early 2026 provides for up to 90% grants for homes under 120 m² built before 1991, with a ceiling of €300/m². Even if these subsidies require administrative work, they significantly reduce the effective cost of modernization.
Purchase Procedure in Arta for a Foreign Investor
The legal and administrative mechanics for investing in real estate in Arta are the same as in the rest of Greece. They remain relatively standardized, even if the bureaucracy can surprise a foreign buyer.
Obtaining a Greek tax number (AFM) is the first indispensable step. It is done at the local tax office (DOY) upon presentation of a passport and a form, and can generally be obtained within a day. For a non-resident, it is advisable to appoint a Greek lawyer by proxy, who can handle this process, open a local bank account, and sign certain documents.
Opening a bank account in Greece simplifies the payment of the price, taxes, and the receipt of rents and charges. Banks generally require the AFM, a passport, proof of income, and proof of address. In parallel, a lawyer specialized in real estate law conducts the usual checks: verification of property titles, absence of debts and mortgages, compliance with building permits, cadastral status.
The preliminary contract, often accompanied by a deposit of 10% of the price, commits the parties. If the buyer withdraws without valid reason, they lose this deposit. If the seller backs out, they must repay double the amount. The sale is finalized by signing the deed of sale before a notary, who authenticates the transaction, ensures payment of the transfer tax, and registers the new owner in the land registry (Ktimatologio).
For a foreign investor, the entire procedure typically takes between four and eight weeks for an existing property, longer for a new project or off-plan purchase. The total cost of formalities (lawyer and notary fees, registration duties, etc.) must be integrated from the outset into the project’s budget.
Golden Visa: Arta, a Complementary Bet Rather Than a Residence Permit Tool
The Greek Golden Visa program, which grants a five-year renewable residence permit to non-EU nationals in exchange for a real estate investment, long relied on a minimum threshold of €250,000. The country has now introduced a zone system with three main tiers: €800,000 in the most sought-after regions (Athens, Thessaloniki, Mykonos, Santorini, islands with more than 3,100 inhabitants), €400,000 in other regions, and €250,000 for specific projects converting commercial buildings into housing or restoring listed buildings.
For a standard residential property of at least 120 m², the investment threshold in Arta is €400,000. This mainland city is therefore not the most optimal choice for a non-European investor seeking solely the residence permit, except in the specific case of a conversion or restoration project eligible for the reduced €250,000 threshold.
On the other hand, for a European investor, or for a non-European who is not looking to couple their property purchase with a residence permit, the city remains attractive for building a rental portfolio or a secondary residence at a lower cost compared to the country’s star markets.
Risks and Challenges: What to Anticipate Before Investing in Arta
Investing in real estate in Arta does not mean investing in a bubble disconnected from the risks weighing on the entire Greek market.
The first obstacle concerns local accessibility: despite still contained prices, the purchasing power of Greek households remains limited, and the gradual rise in interest rates could slow the ability of domestic buyers to keep up with rising values. This element is important for an investor considering a medium-term resale in a market primarily fueled by local demand, unlike Athens or the islands where international clientele plays a more structuring role.
Construction cost indices reached historically high levels in 2025 due to rising material and labor prices. In Arta, although less exposed than the islands to logistical overcosts, a poorly calibrated budget can quickly spiral, especially due to structural surprises common in older properties (roof structures, corroded reinforced concrete, etc.).
Regulatory-wise, Greece is not exempt from frequent changes in taxation and urban planning. The suspension of 24% VAT on new constructions until the end of 2026, the implementation of incentives for long-term rentals, and the regulation of tourist rentals in certain Athens neighborhoods illustrate this fluidity. An investor in Arta must therefore keep in mind that the fiscal and legal framework of their investment may evolve, even though the current general direction aims more at stabilization than penalization of the sector.
As elsewhere in France, the bureaucratic dimension can be a hindrance. It is important to allow for additional time for procedures such as registering a property, obtaining a building permit, activating renovation subsidies, or regularizing urban planning elements. These procedures can indeed lengthen your project timelines and tie up your capital longer than initially planned.
How to Structure an Investment Strategy in Arta
In this context, a pragmatic approach helps reduce risks and leverage Arta’s particularities.
A first approach involves targeting medium-sized properties in or near the center, where rental demand shows the highest rents per m². Apartments of 60 to 90 m² in good condition or wisely renovated meet the needs of a broad audience (young professionals, couples, small families) and rent more easily. Potential gross profitability there is generally higher than in more expensive purchase areas like Kostakioi, where the sale price per m² is already on a high plateau.
A second investment approach is to target sectors where sale prices are already above average, but where rental pressure remains moderate. The objective is not to maximize immediate yield, but to bet on long-term capital gains. This can be done by acquiring properties with strong improvement potential, especially in energy and aesthetics, to make them stand out in a still heterogeneous local market.
The third approach concerns properties to renovate in up-and-coming areas, at prices near the lower end of the municipal range. It involves accepting a renovation phase, managed by professionals, ensuring that the sum of purchase price + renovation + fees would remain sufficiently below the price levels observed for similar already-renovated properties. Combining potential subsidies, an energy upgrade, and repositioning the property in a more qualitative segment can then generate significant added value.
For a rental investment in Arta, it is essential to analyze three key factors: the rents actually charged in the local market, local rental vacancy rates, and the projected evolution of value per m² over 5 to 10 years, aligning it with national forecasts that anticipate moderate increases.
Conclusion: Arta, a Long-Term Market Rather Than a Speculative Play
Investing in real estate in Arta means choosing a Greek regional market still far from the excesses of the country’s star destinations, but solidly anchored in a national real estate catch-up dynamic. Average prices around €1,087/m², steadily rising rents, the relative stability of curves since 2024, and the possibility of interesting gross yields for a moderate entry price argue for a long-term investment strategy.
Unlike booming Greek tourist destinations or rapidly gentrifying Athens neighborhoods, the city of Arta does not attract massive influxes of tourists or international capital likely to explode property valuations in a short time. This example illustrates a market suited to the investor seeking regular rental income and capital preservation with long-term growth, rather than the speculative investor seeking quick capital gains.
By integrating from the outset all acquisition, renovation, and holding costs, by being assisted by a local lawyer and engineer, and by relying on objective price and rental data, it is nevertheless possible to build a balanced real estate portfolio in Arta, capable of combining reasonable yield and progressive capital gains in a Greek macroeconomic environment that has once again become attractive to investors.
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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.
