Top Real Estate Opportunities Off-the-Beaten-Path in Greece
For many international investors, Greece’s real estate market conjures images of houses on Santorini, chic villas in Mykonos, or restored neoclassical townhouses in Athens.
But beyond the glossy postcards lies a less obvious world of opportunity: abandoned stone villages in the mountains, small islands overshadowed by their glamorous neighbors, and sleepy coastal towns that may soon wake up to tourism and investment.
As affordability in Europe’s traditional hotspots dwindles, Greece offers adventurous buyers the chance to enter early in regions poised for growth. From forgotten hamlets reminiscent of Sicily’s €1 house schemes (roughly $1.10) to under-the-radar islands near rising tourism hubs, these are some of the most promising off-the-beaten-path markets.
Abandoned villages: The Sicilian real estate model—but Greece’s edition of it
While Italy’s Sicily gained global headlines by auctioning abandoned homes for €1 ($1.10), Greece has dozens of villages facing depopulation. There, entire clusters of stone houses stand nearly empty.
According to local real estate agents who spoke with Greek Reporter, properties in such villages can still be found for less than €20,000 ($21,800). The challenge lies in the cost of restoration and navigating local bureaucracy. Among such locations are:
- Vatheia, Mani Peninsula: On the rugged southern tip of the Peloponnese, Vatheia is a haunting village of tower houses overlooking the sea. Its dramatic landscape and historic architecture make it a prime candidate for boutique tourism investment, especially as the Peloponnese gains attention for its beaches and gastronomy.
- Old Perithia, Corfu: Nestled high on Corfu’s Mount Pantokrator, this semi-abandoned medieval village has already seen a handful of restorations on tavernas and guesthouses. With Corfu airport only 45 minutes away, investors who enter early may benefit as heritage tourism grows.
Old Town Corfu, Greece. Credit: Wikimedia Commons / Martin Falbisoner / CC BY SA 4-0 - Anavatos, Chios: Known as the “Mystras of the Aegean,” this fortified ghost village sits dramatically on a cliff. While currently more of an archaeological site than a settlement, Chios is slowly developing niche tourism, and future revitalization projects could change its trajectory.
Anavatos, Chios island, Greece. Credits: Wikimedia Commons / Vgargan / CC BY SA 4-0 These villages offer not only low entry prices but also the possibility to participate in cultural preservation, eco-tourism, and sustainable development initiatives.
Islands in the shadow: The next wave after the hotspots
Greece’s tourism growth tends to ripple outward. Once a single island becomes saturated, nearby islands—often with similar landscapes but lower prices—start to attract attention as well, as has been the case with:
- Kimolos, next to Milos: Milos has become one of the Cyclades’ trendiest islands, with property prices rising sharply. Local agents told Greek Reporter that houses on Kimolos can still be found for under €80,000 ($87,000), though prices are climbing as spillover tourism increases.
- Folegandros, near Santorini: Santorini may be bursting at the seams, but Folegandros, only forty minutes away by ferry, is still relatively quiet. With traditional whitewashed villages, cliffs, and sea views, it’s ripe for boutique hotel development.
Chora, Folegandros Island, Greece. Credit: Wikimedia Commons / Etienne Dallaire / CC BY 4-0 - Kea (Tzia), near Athens: Just an hour away by ferry from Lavrio Port (near Athens), Kea is emerging as an upscale weekend retreat for Athenians. Local agents told Greek Reporter that restored stone houses start at around €150,000 ($163,000), far lower than comparable properties on Mykonos or Paros.
Kea Tzia Island Greece, Credit: Wikimedia Commons, Michael Paraskevas CC BY SA 3-0 - Alonissos, Sporades Islands: Less known than Skiathos or Skopelos, Alonissos boasts Greece’s first marine park and unspoiled nature. Affordable homes here, starting at under €60,000 ($65,500) according to agents, make it appealing for eco-tourism projects.
Mainland opportunities: Where affordability meets accessibility in real estate markets in Greece
Not all opportunities lie offshore. The mainland is full of overlooked gems, especially on the Peloponnese and Northern Greece.
- Messinia, Peloponnese: With Kalamata’s international airport expanding, this coastal region is gaining momentum. Olive groves, sandy beaches, and authentic villages make it attractive to buyers seeking land or restoration projects. Real estate agents told Greek Reporter that rural homes still start at around €70,000 ($76,000).
- Evia: Greece’s second-largest island (technically connected to the mainland by bridge) offers an array of properties at low prices, often less than €50,000 ($54,500), according to local brokers. Its proximity to Athens gives it an edge for commuters and weekend tourism.
Petali, Evia, Greece. Credit: Flickr \ Tim Lipscomb CC BY 2.0 - Zagori, Epirus: Famous for its stone bridges and mountain villages, Zagori is growing as a hiking and nature tourism hub. Boutique hotels and restored mansions there are still reasonably priced compared to alpine destinations elsewhere in Europe.
Epirus, Greece. Credit: wikimedia commons / Ziegler175 CC BY 3.0 Things to keep in mind
For international investors, navigating the Greek property market requires patience and due diligence. Factors to consider are:
- Legal titles: Always confirm ownership and land registry status—some rural properties lack clear deeds.
- Restoration costs: Renovating a stone house may cost €1,000–€1,500 ($1,100–$1,600) per square meter, depending on materials and location.
- Infrastructure: Some villages lack year-round residents, services, or even reliable water and electricity.
- Tourism trends: Success depends on transport links (ferries, airports) and whether an area has a clear growth trajectory.
The investment horizon
For those willing to look beyond the obvious, Greece offers remarkable opportunities off-the-beaten track. Whether it’s an abandoned tower house in Mani, a seaside cottage on Kimolos, or a farmhouse in Messinia’s olive groves, the potential lies in spotting regions before they appear on the international radar.
- Messinia, Peloponnese: With Kalamata’s international airport expanding, this coastal region is gaining momentum. Olive groves, sandy beaches, and authentic villages make it attractive to buyers seeking land or restoration projects. Real estate agents told Greek Reporter that rural homes still start at around €70,000 ($76,000).
