Opportunity for Profit

In Athens and the Greek Real Estate Market

Greece is one of Europe’s strongest-performing property markets: capital gains tax on property sales is currently suspended, running costs are low by European standards, and it is one of the last EU countries where buying property still leads directly to residency. Urban City 44 sits at the centre of it — 210 fully serviced apartments on Pireos Street, built to be lived in, let out, or both.

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The case

Why Invest in Greece

Greece spent a decade as the cautionary tale of the eurozone. It is now one of the few European property markets where the fundamentals and the entry price still point in the same direction.

The country regained an investment-grade credit rating in 2023 after more than ten years of downgrades. Tourism has run at record levels, with over 40 million arrivals a year. Athens property values have risen steadily since 2018 without reaching the levels of Lisbon, Madrid or Milan — which means the growth has happened, and there is still room for it to continue.

For a foreign buyer, three things make the market unusually workable. There is no general restriction on foreign ownership. The purchase can be executed almost entirely from abroad through a Greek lawyer acting under a power of attorney. And the market is liquid: Athens has deep, year-round rental demand and an active resale market — which matters as much on the way out as on the way in.

Location

Where to Invest in Greece: The Case for Athens

The islands sell themselves, and they are priced accordingly. They are also seasonal — a villa on Mykonos earns for four months and sits empty for eight.

Athens does not have that problem. The capital fills year-round: business travellers, professionals on assignment, students, medical visitors, and the international workforce that has followed the country’s recovery. Demand is not weather-dependent, and neither is your income.

Within Athens, the centre is where the two curves cross. Prices are still below the affluent northern and coastal suburbs, while the regeneration of the historic core — Omonoia, Metaxourgeio, the commercial triangle — is visible and funded. Urban City 44 sits on Pireos Street, in that centre. Our location page sets out the neighbourhood honestly, with walking distances measured from the door, and does not pretend Omonoia is something it isn’t.

What numbers say

About Greece

Regained investment-grade credit rating in 2023, after a decade of downgrades
Capital gains tax on property sales suspended until 31 December 2026 (15% if reinstated)
Among the more affordable of Western Europe's major capitals
Running costs low compared with other EU capitals
Annual property tax (ENFIA) is modest by European standards — typically €2–€16.20 per m²

Wish to know

what you can be earning?

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7 more reasons

To invest in Greece

A Market Open to Foreign Buyers

There is no general restriction on foreign ownership of Greek property. A non-resident buyer needs a Greek tax number (AFM) and a Greek bank account, and the purchase is executed before a notary. Most of the process can be handled remotely through a power of attorney, which makes Greece unusually accessible compared with several of its neighbours.

Economy Rebound

After a prolonged economic downturn, Greece has made progress in implementing structural reforms and fiscal consolidation measures. These efforts, along with financial assistance from international organizations, have helped stabilize the economy and improve investor confidence.

Schengen Zone Membership

The Schengen Area consists of 29 European countries*, excluding Cyprus. Holders of the Greek residency permit enjoy the same travel privileges as a Greek citizen in the Schengen Area. This means they can travel directly from their country of origin to any Schengen country Travel freely within the Schengen zone without lengthy customs checks.

Reside in any other Schengen country up to a period of three months in every six month period, with the right of multiple entries.

*Schengen Area countries: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland

European Union Membership

Greece is a member of the European Union (EU), which provides certain benefits and rights for EU citizens, including residency and travel privileges within the Schengen Area.

Strategic Location

Greece is strategically located at the crossroads of Europe, Asia and Africa, a great plus for a country, as it is possible to reach any of these continents within 1 hour via airplane, while in 3 hours max any part of Europe is within reach. Greece is connected via direct flights to all major cities in the world, like New York, London, Dubai, Moscow, Beijing, Shanghai, Singapore and a lot more.

Healthcare

In a 2000 report by the World Health Organization, the Greek healthcare system was ranked 14th worldwide (out of 191 members), surpassing other richer countries such as Germany (25) and the United Kingdom (18), while ranking 11th at the level of services offered.

Safety

Greece, including Athens, is generally considered safe for residents and visitors, with a low crime rate compared to other major cities. Additionally, Athens has a relatively safe public transportation system, including the metro, buses, and trams.

International Press

on the Greek Success Story

The numbers that don’t appear in brochures

Greece Property Investment: The Tax Position

Most marketing about Greek property is vague about tax, or simply wrong about it. Here is the actual position, as at July 2026.

Transfer tax: 3.09% of the property’s assessed value on most purchases (3% to the state, 0.09% municipal), paid by the buyer at the notary.
VAT on new builds: suspended. The 24% VAT that technically applies to newly built property has been suspended since 2020 and the suspension has been extended through 2026. In practice most purchases pay only the 3.09% transfer tax. Confirm the status of your specific property with your lawyer before signing — it is a suspension, and suspensions end.
ENFIA (annual property tax): it exists. Greece levies an annual tax on property ownership, typically between €2 and €16.20 per square metre depending on the zone, floor, age and surface of the property. Anyone telling you Greece has no property tax is either misinformed or hoping you are.
Capital gains tax: 15%, currently suspended to 31 December 2026. This is a suspension, not an abolition. It has been extended repeatedly and is expected to be revisited in the 2027 budget cycle. If you are modelling an exit after 2026, model it with the tax in place.
Rental income is taxed on a progressive scale. Costs such as maintenance and management may be deductible. Your home country may also tax the income — Greece has double taxation treaties with more than fifty countries.
Purchase costs beyond the price: notary, land registry and legal fees. As a planning figure allow roughly 5–10% in total, and get a precise number from your lawyer for your specific transaction.

None of this is unusual for Europe and none of it is prohibitive. It is simply worth knowing before you buy rather than after.

Next

To see what you would actually be buying, the apartments page covers the eight unit types, and our guide to serviced apartments in Athens explains how the model actually works. If the apartment is an investment, the managed rental programme runs it for you. If you want the market context rather than the building, we wrote about why Athens is Europe’s hidden gem for property investors and about rental demand in Athens. The FAQ answers the questions our sales team gets most, and if yours isn’t there, ask us.

Reflects Greek law and tax as at July 2026. General information only — not legal, tax or investment advice. Tax rules change; the capital gains suspension and VAT suspension are both time-limited. Yields are not guaranteed and property values can fall as well as rise. Seek independent Greek legal and tax advice before investing.