The Greek real estate market has declined considerably during the economic crisis. Estate agents say property prices have fallen to 1980s level, with some houses being sold for 100 euros per square meter. As for newly built houses, buyers can find great deals on the market or achieve a substantial discount on the original price.
Property taxes and additional charges have doubled in recent years, and in many cases, owners have to sell their properties as they can no longer pay their dues.
According to official figures, property prices in many Greek regions have fallen 10%–30% below objective valuations, and as much as 70% in rare cases.
However, this major decline has created great opportunities for those who can afford to move. A 25 square meters apartment in downtown Pagkrati is on the market for 5,500 euros while a studio in Amerikis Square fetches just 5,000 euros. A basement apartment in Neos Kosmos can be found at 6,000 euros and a recently renovated apartment in Kypseli is yours for 4,800 euros.
Regions in Athens where buyers can benefit from low property prices are Exarcheia, Ilion, Nea Ionia, Piraeus and Pagkrati. In Thessaloniki, some bargain regions are Neapoli, Sykies and Polichni, while buyers can also find good opportunities in Kalamata, Karditsa, Lamia and Larisa.
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