If everything you've heard about Greece and its financial situation has you slightly disheartened, worry not: you are unlikely to encounter any problems finding accommodation in Greece. Even with a spike in rental and property prices, Greece remains a significantly cheaper place for expats. Chances are you'll be able to find a reasonably priced apartment even in the center of Athens or in some of the traditionally “posh and expensive” suburbs. As for the pricing in the rest of the country? Even more affordable if you avoid the extremely “touristy” islands like Mykonos or Santorini.
Overview of the property market in Greece
Initially, the financial crisis was a game-changer for the Greek real estate market. Not only did it increase taxation, but it made it significantly less appealing for Greeks to own property and rent it out because people were on such low wages. Even now, Greece's minimum wage only just increased to 780 euros in April 2023. Between 2017-2018 the market halved. However, in the last few years, the market has bounced back, and Greece has seen an influx of foreign property investment, which increased rent.
Still, with these changes in Greece, the situation is advantageous for expatriates looking to rent. In 2016, you could find an apartment in Athens for about 5.25 euros per m²; in 2023, this has considerably increased. From the tail end of the financial crisis in 2016, the property market in Greece has recovered significantly, and rental prices have soared. Essentially this is a result of an increase in properties being bought by foreigners (usually for the purpose of Greece's Golden Visa), who then offer these properties out as short-term rentals to tourists on websites like Airbnb, etc. Naturally, and unfortunately for ordinary Greeks, this has caused rental prices to spike; this is coupled with the lack of new housing being built in Greece and its major cities, especially Athens. Yet because of the disparity in general finances (wages and savings) between expats and Greeks, the rental market is still attractive and fairly cheap for expats.
It helps if you know how to negotiate properly; there is always a chance of getting a good deal. Many apartment owners in Greece will quote you a starting price of 300 or 350 euros for a small studio (1 living/kitchen space/ bedroom) in Athens, and this is without household bills which can range from 70-120 euros per month.
You can expect to pay around 500 euros at the low end for a one-bedroom apartment in the city center of Athens. In comparison, looking outside the city center, it is possible to find a one-bedroom apartment for 475 euros, and many of these neighborhoods on the outskirts of Athens are well connected to the city center by buses and also have the advantage of more green spaces, such as the neighborhood of Zografou. On the flip side, if you were looking at something bigger, such as a three-bedroom apartment in the city center of Athens, you would be looking at a price of around 915 euros (without monthly bills). Outside the city center of Athens, you can expect to pay around 875 euros for the same size apartment.
In other big cities, like Thessaloniki, Volos and Patra, and some islands, the prices are slightly lower than in Athens. But beware, the same 40 m² apartment that would cost 450 euros in Thessaloniki, Volos, or Syros island could reach up to 1,300-2,000 euros in Mykonos or Santorini. That's because the market there caters to a different audience: affluent tourists who either want to prolong their vacations or retire.
House hunting in Greece
The first thing to be aware of is that most property owners tend to be older, which means they will be less likely to speak English (plus, many of them are still wary of strangers). It will go a long way if you can speak Greek or get a Greek friend to negotiate on your behalf.
Most classified ads are in Greek as well, so knowing a few basic terms will facilitate your search process. Generally, most properties in Greece are apartments known as diamerisma (διαμέρισμα), the most common being apartments in an apartment complex known as polikatikia (πολυκατοικία). In some cases, you will see Studios labeled as garsoniera (γκαρσονιέρα), while larger apartments are not necessarily categorized by the number of bedrooms but by their number of rooms in general. So, you may see a 1-bedroom referred to as a 'dyari' (δυάρι) meaning 'two rooms', and a 2-bedroom called a 'triari' (τριαρι) meaning 'three rooms' etc.
Using a property search website can make knowing the exact number of rooms easier, as you can filter the number of rooms you need. If you are using an agent, make sure the property you are interested in has the number of bedrooms you need and has separate rooms. Quite often, owners will list their property, for example, with two bedrooms, but the second bedroom is another room that has been repurposed or is part of an existing room that has been divided. Most accommodation in Greece is non-furnished — furnished apartments are either more expensive or available for shorter periods.
There are several dedicated websites where you can find options for both rent and purchase of property throughout the country, and all of them clearly state whether the property is listed with a real estate agent or whether you'll be communicating directly with the owner. The two best websites to find properties in Greece are Spitogatos (Σπίτογατος) and Xrisi efkeria (Χρυσή Ευκαιρία). If you find a property you like on one of these property sites, you will see the real-estate company's number, which you will have to call to arrange a viewing. Again, if you can speak Greek, this is a huge advantage, as it makes the process with agents more seamless. However, due to the number of foreigners who delve into the Greek property market, most agents will be able to speak in English.
In general, real estate agencies in Greece are more expensive than if you choose to go the direct route — as a rule of thumb, they will ask for an extra month's rent beforehand to cover their fees. But, in the same way, if you find a real estate agent who understands your needs and budget, then they can be invaluable in helping you find a property that ticks all your boxes.
Greece also offers a more analog way of house-hunting: yellow or white stickers with red letters placed on the entrance doors of buildings indicate that there's a property for rent or sale nearby — you'll find a contact number on the sticker, along with some basic info about the property (how many m², which floor, whether it's renovated, etc.). These signs are often just written in Greek with enikiazete or ενοικιάζεται (for rent) or πωλείται (for sale). Don't discount this method: it's the locals' preferred method of finding an apartment, and it works.
What you need to know about the lease in Greece
Greeks have never been very strict with lease contracts. The standard duration for a lease in Greece is three years, but some might be willing to make a yearly renewable contract. They're not too strict about a security deposit, either: usually, they will ask you for one month's rent in advance — but keep in mind that most people do not necessarily get their deposit back when they leave. What you need to remember, though, is that the lease contract is there to protect you, not them: no Greek owner will ever ask you to pay a fine if you decide to break your contract and leave early, unless you're renting a business space and this was specifically stated on the lease. They will ask you to give them a month's notice before you leave, though, so that they can put the house on the market.
Before you sign a lease contract in Greece, check the house carefully for anything that needs fixing, as many owners will claim they have renovated a property when in reality, they haven't. Also, make sure to ask how much the shared utility bill is (koinoxrista or κοινόχρηστα). The koinoxrista, as mentioned, are the shared expenses that you would typically pay and might cover cleaning, heating and maintenance fees for your building. Thus, it is worth knowing how much and how often you have to pay for it, as they can end up adding quite a lot to your monthly budget. Joint expenses for a three-bedroom house can sometimes be upwards of 110 euros, especially if your apartment has a joint central heating system. Many properties in Greece now offer the option for natural gas versus petrol for heating, which will be cheaper for you in the long run.
Similarly, when searching for a property in Greece, look out for any solar features, as many homes in Greece now have solar water heating, which can save you lots of money instead of constantly having to heat your water. With a solar heater, you'll have hot water consistently between March and October.
How to find a house on a budget in Greece
If you have friends in Greece, it is a good idea to ask what neighborhoods they would recommend that are nicest and the most budget-friendly.
Never tell the agent your maximum budget because they will likely tell the owner, and you'll ruin your advantage in getting a good deal when you negotiate.
If you find a property that fits your Greece profile, cross-reference it and check other property websites. Frequently owners in Greece will list their properties on two different websites, with different agents, in order to get the highest price. Therefore, it is worth double-checking if your property is listed elsewhere but cheaper.
When hunting for a property in Greece, make sure you have several options. Then when you put in an offer, you can be in a stronger position to negotiate because you have other options to compare to and a backup if you ultimately need it.
Important:
You might not be the only one looking for property in Greece! If you find an apartment you want, especially in a popular place like Athens or Crete, you probably are not the only party interested in the property. Of course, your bid size comes into play in deciding who gets the property, but first impressions are equally important. With the agent, you might be asked to meet the owner, which is quite common in Greece, as they want to know the character of their potential tenants. Do not be shocked if you are asked what you do for a living, as owners and agents will want to know this to understand that you will be able to fulfill your monthly rent.
Documents needed to rent accommodation in Greece
If your bid was accepted, you need to collate your documents to sign the lease contract. In any case, you will usually require the following documents:
- A valid passport and digital copy
- A valid Greek residence permit and a digital copy
- A Greek tax identification number, AFM (ΑΦΜ), if you are renting as a family or group, at least one person should have a tax number
- Proof of funds (to show that you can pay rent)
- Employment contract (indicating role and monthly salary)
- Introduction letter to the landlord (where applicable)
Popular neighborhoods in Athens
There is a mix of areas in Athens ranging from expensive, to mid-range, to cheap. Your budget and the type of area you get are intrinsically linked, but as long as you research the area beforehand, you can usefully find somewhere that ticks all the relevant boxes.
Ano Patisia is a great area if you are looking for something on a small budget, and it is only 20mins from the center by bus, with the area characterized by its 1950s art deco apartments. Large Green parks to the north in the Arxanes region, such as Nea Filadelphia Park, can easily be reached from Ano Patisia via bus or overground metro.
Likewise, Kypseli is a laid-back, family-friendly, and student neighborhood close to Athens University of Economics and Business (AUEB). The center has some picturesque green park areas sandwiched between cafes and tavernas where you will find the locals relaxing with friends.
As mentioned above, both are well connected to the city center by the electrikos (ηλεκτρικός), the above-ground metro with stations at Ano Patisia and Viktoria closest to Kypseli.
Petralona and Tavros, Kallithea, which can all be accessed by the electrikos are good midrange budget options. Petralona and Tavros are both cozy and quiet residential areas with a mix of families, pensioners and students. There are many cafes and restaurants that further reflect the close-knit and relaxed vibe of the neighborhoods. Zografou is the perfect compromise if you seek nature but also want to be close to the city. It has large green parks and the beautiful campus of the National and Kapodistrian University of Athens (Πανεπιστημιούπολη), backed by the mountains, ideal for a stroll on a sunny day. What's more, you can be in the Syntagma (the center of Athens) in 20 minutes by bus.
For those who want a well-connected area to the city center but also want to be close to the sea, then Neo Kosmos or Kallithea are great options. Both are very family-friendly areas with children's playparks and a good selection of gyms, restaurants, and supermarkets. Furthermore, in the south of Kallithea, there is the advantage of being close to the sea, as well as the expansive Stavros Niarchos Park, which is a great place to explore and is also home to opera in Athens and hosts many other musical and cultural events.
The classy area of Kolonaki is in the city center of Athens, near all the amenities and close to Mount Lycavettus. It is best suited for those with a large budget. It is characterized by its neoclassical architecture and is home to many museums, such as the Benaki and the Museum of Cycladic Art. The area has a multitude of cafes, tavernas, and bars. Pagrati is another area with laid back feel, scenic with a plethora of eateries, bars and cafes, and winding streets sandwiched between apartment buildings. You can even find some impressive local farmer's markets there at least twice a week.
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