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Greek Islands: Property Market 2009 - Typical Prices


A whole gamut of things go to make up property prices on the islands, the main one of which is location. Sea views and luxury builds obviously push up the price, whereas a house requiring renovation will not. Prices can vary from cheap to the 'sky's the limit', depending upon what you are looking to buy.

Average prices, in euros, are:

One Bed Apartment - 50,000 to 150,000
Two Bed Apartment - 100,000 to 190,000
Old Property for Renovation - 35,000 to 120,000
Renovated Home - 100,000 to 300,000
New Houses - 150,000 to 250,000 (with pool)
Top end - 300,000 plus

There are large differences in prices from island to island. On Crete you can buy a large new home on a good size garden for about 200,000 euros.  

Away from the coast, inland properties are significantly cheaper. Old houses are plentiful in most islands and can be had for as little as 35,000 euros - but be aware that renovation costs can be substantial. As a rough guide, allow twice as much as you are paying for the house to complete a renovation. Again prices of renovation differ between the islands.

In Summary

The Greek Island property is stable without the large fluctuations in prices that you see in some other countries. Property prices tend to rise slowly. This is good news for property buyers as it acts as a deterrent for those with the calculators at the ready who just wish to make a quick buck. Although the isles are seeing new developments, the rigid planning legislation means that the islands remain unspoiled.

Flights from the UK and other countries to the main holiday islands of Crete, Rhodes and Corfu are very good with several flights a week to some destinations.

On the main islands nearly everyone speaks English so communication is not a barrier and the cost of living is significantly less than the UK. On the Greek Islands you can manage on just 16,000 euros a year. 

The future for Greek Island property is very positive. The cost of living is low and properties are affordable. It may not be as cheap as some countries but it never has been. It is always the case with the Greek Islands as they carry prestige and cachet with an ultimate lifestyle.