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This is due to the country’s active residency programs and access to other European markets while diversifying against currency volatility.
“The latest analysis from international property consultancy Astons showed that Greece’s property market is in the middle of an extraordinary growth period,” the firm said.
It highlighted that the past decade has seen transaction numbers climb year after year. “In 2023, there was a total of 122,120 sales across the country, an annual increase of 8.8% and the largest volume since 2009, when sales reached 135,970.”
Astons added that, apart from the pandemic slump in 2020, the Greek property market has expanded every year since 2015. A sharp rebound followed in 2021 with a 40.1% rise in transactions, and the momentum has not slowed since.
Forecasts suggest that this trend will continue. Astons expects 2024’s data to show a further 3.4% increase in sales, while 2025 is projected to end with 134,518 transactions, just shy of the pre-debt crisis peak of 2009.
“This would suggest that Greece’s property market and economy have accomplished a complete recovery,” the consultancy explained.
For foreign investors, Greece’s appeal extends beyond property price growth. The country’s Golden Visa programme has proven to be one of the most affordable entry points into Europe.
Earlier this year, Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty, emphasisedthe opportunity it presents.
“With a Golden Visa threshold of just €250,000, set to rise to €500,000 in prime areas like Athens and Mykonos, Greece is a budget-friendly gateway to Europe,” she said.
The residency-by-investment programme grants residency for the entire family in exchange for property investment, and is widely credited as a driver of the country’s luxury market growth.
Why wealthy individuals are buying property in Greece
Suzanna Uzakova, senior consultant for residency and citizenship programmes at Astons, said the benefits are far-reaching.
“Investors should be jumping on this opportunity to claim a part of a market that is going from strength to strength with no signs of slowing down,” she said.
“Greek residency offers a Mediterranean lifestyle, top-tier education, easy access to EU markets, and free movement of the Schengen Area.”
Uzakova added that the programme has fuelled demand among wealthy individuals worldwide.
“We have seen a noticeable surge in HNWI investors coming to Greece since the nation increased its entry threshold in 2004, many of whom are keen to gain residency amidst rumours that the programme might soon close,” she said.
For South Africans, Greece offers a strategic opportunity to preserve and grow wealth abroad. Geffen noted that the weakness of the rand has made offshore property a necessity for high-net-worth individuals.
“The rand’s instability has made offshore property investment very attractive for wealthy individuals,” she said.
“Europe, in particular, offers a combination of capital appreciation, lifestyle appeal, and in some cases, residency or tax advantages, making it a strategic choice for investors.
She pointed out that Islands like Mykonos, Santorini, and Corfu offer high rental demand and steady passive income, while Athens provides urban investment potential.
“For South Africans, it’s a smart way to diversify into the eurozone without the premium of France or Switzerland.”
Astons also highlighted Piraeus in the Attica region as a standout performer, with average property prices rising by 27.8% between the third quarter of 2023 and the same period in 2024.
Prices increased from €2,000 (R41,236) per square metre to €2,556 (R52,700), meaning the average 120-square-metre home now costs €306,720 (R6.3 million).
However, as a Tier A location, Piraeus requires a minimum investment of €800,000 (R16.5 million) for Golden Visa applicants.
Other regions offer more accessible options. In Kavala Prefecture, Eastern Macedonia and Thrace, prices rose by 20.9% in the past year, climbing from €1,348 (R27,800) per square metre to €1,630 (R33,600).
With an average home now costing around €195,600 (R4 million), and the area classified as Tier B with a €400,000 (R8.2 million) investment requirement, it has become attractive for international buyers.
Strong price growth has also been recorded across Chios Prefecture (20.6%), the Sporades (19.9%), Grevena (17.5%), Lakonia (14.6%), Chalkidiki (14%), Messina (13.4%), Achaia (13.2%), and Zakynthos (11.5%).
“South Africans are increasingly looking beyond local shores to preserve and grow wealth amid currency volatility. For these individuals, offshore property is no longer just a luxury; it’s become an essential part of future planning,” said Geffen.
Issued on BusinessTech by Malcolm Libera | https://businesstech.co.za/news/property/835523/more-wealthy-south-africans-are-buying-houses-in-one-of-europes-small-coastal-countries/
