10 Myths and Truths About Buying Property on Greek Islands

Buying property on a Greek island is a tempting prospect, whether for a permanent residence or an investment. However, various myths can create confusion and discourage potential buyers. Below, we debunk ten of the most common misconceptions and uncover the real facts about the market.

1. Myth: Property prices on Greek islands are excessively high

Truth: While premium locations like Mykonos and Santorini command high prices, there are plenty of affordable options in other islands such as Crete, Naxos, and Astypalea, where properties are available at a much lower cost.

2. Myth: Foreign buyers face difficulties purchasing property in Greece

Truth: Foreign investors can freely buy property, with only a few restrictions in border areas requiring special permits. Additionally, the Golden Visa program offers attractive incentives for non-EU buyers.

3. Myth: The buying process is overly complicated and time-consuming

Truth: While some bureaucracy is involved, hiring a competent lawyer and notary can streamline the process significantly, often allowing purchases to be completed within a few weeks.

4. Myth: Property prices on islands are unstable

Truth: Although external factors can influence the market, the long-term trend has shown a steady increase in property values, especially on islands with strong tourism activity.

5. Myth: Investing in island properties is not profitable

Truth: Short-term rentals through platforms like Airbnb and Booking generate excellent returns, with annual rental yields reaching 8-10% of the property’s value in high-demand areas.

6. Myth: There are no newly built, modern, and energy-efficient apartments on most islands

Truth: Despite high demand, more newly constructed apartments are being developed, incorporating modern architecture and energy-efficient standards. Additionally, new residential projects in less touristy areas provide sustainable and eco-friendly housing options.

7. Myth: Properties in tourist areas are difficult to maintain

Truth: Numerous property management companies handle maintenance and rental services, minimizing the need for owners to be physically present.

8. Myth: Greece’s tax system is unfavorable for property owners

Truth: While property taxes exist (such as ENFIA), Greece has introduced incentives to attract real estate investors. Tax regulations for rental income have also become more favorable, especially for foreign buyers.

9. Myth: Greek islands are too isolated for permanent living

Truth: Many islands boast excellent infrastructure, including airports, hospitals, schools, and modern communication networks. Popular destinations like Crete, Rhodes, and Corfu offer all the necessary amenities for year-round living.

10. Myth: The best time to buy is during summer

Truth: The best deals are often available outside the peak tourist season, particularly in autumn and winter, when sellers are more open to negotiation.

Buying property on a Greek island remains a smart and secure investment, provided buyers are well-informed and do not fall for common myths. With the right guidance, investors can acquire a property that meets their personal needs while also serving as a profitable asset for the future.