Gross yields in Greece average about 4.4%, with small Athens flats near 6-8% and big or island units far lower. Net is roughly 1.5-2 points below gross, and short-let rules can change the maths.
Investment property in Greece averages about 4.4% gross a year, and roughly 1.5 to 2 percentage points less once costs and tax are taken out. The spread is wide: a small flat in a working-class Athens district can show 6% to 8% gross, while a large flat in an upmarket area or an island villa can fall to 3% to 4%. Prices have been rising about 5% a year, so much of the return comes from capital growth rather than rent. This guide shows what the numbers look like by city and type, what eats the return, and how the short-term rental freeze and the tax scale change the picture. Figures are indicative as of October 2026 and are not a promise for any single unit. For what you pay to buy, see Greece property prices and buying costs.
Gross yield by city and district
Gross yield is annual rent divided by the purchase price, before any cost or tax. Global Property Guide put the average gross yield in Greece at about 4.4% in the second quarter of 2026. Its city figures from late 2025 are about 5.4% for Athens and about 4.4% for Thessaloniki. All of these are gross.
By district, the pattern is the same as in most cities: small units in cheaper districts yield more than big units in prime districts.
- Athens, one-bedroom in Patisia: up to about 8% gross
- Athens, one-bedroom in Kypseli: about 7.3%
- Central Athens: about 6%
- Athens, three-bedroom in Kolonaki-Lykavittos: only about 3.8%
- Thessaloniki, one-bedroom in the Voulgari-Ntepo-Martiou area: about 6%
- Thessaloniki, three-bedroom in Toumba: about 3.2%
The bigger and more expensive the property, the lower the percentage. You are then buying for lifestyle, location and capital growth, not for rent.
Crete, Corfu and the Cyclades
Island numbers are harder to pin down and depend on holiday letting. One market summary puts long-term gross yield at about 3.4% in the Cyclades and about 6.5% in Heraklion, but the original source is unclear. Agents quote 4% to 8% for holiday homes in Crete and in Corfu, with most Corfu properties at 5% to 6%. Treat these as agent claims, not market data.
Trade press reports that in 2026 national short-let occupancy stands at about 41%, up 7% on the year, while the average nightly rate slipped to about 104 euro from 109. Top island areas such as Mykonos Chora, Ornos, Oia and Fira run at about 53% to 54% occupancy. The season is short, so annual occupancy is far below the peak-month figure that listings tend to show.
Short-term lets: the freeze and the licence
In Greece a short-term let needs a registration number (AMA) from the tax authority, and the property must qualify. The practical rules, fines and standards are in short-term rental rules in Greece.
For yield, the key point is the freeze on new registrations in central Athens (municipal districts 1 to 3, covering Plaka, Kolonaki, Koukaki, Syntagma, Monastiraki and Exarchia) and in the first municipal district of Thessaloniki. It was set to run to the end of 2026, and on 7 September 2026 the prime minister announced an extension to the end of 2027. That is an announcement; confirm what has actually been legislated. Reports also say a registration is tied to the owner and ends on a sale, so a flat bought in a frozen zone may not be usable as a holiday let at all. Before you pay for a flat on the strength of Airbnb income, check the zone and the licence.
Tax on rental income
For income from the 2026 tax year, rent is reported to be taxed on a four-step scale:
- 15% up to 12,000 euro
- 25% from 12,000 to 24,000 euro
- 35% from 24,000 to 36,000 euro
- 45% above 36,000 euro
A standard deduction of 5% of gross rent is reported to apply in place of actual expenses, and to keep it the rent must be paid through bank accounts. Whether the 5% deduction works the same way for platform short-let income and for non-residents is not confirmed here, so ask a Greek accountant and check how Greek tax interacts with the rules in your home country. Short-term hosts also collect the climate resilience fee per night. Tax on a later sale is a separate topic: Greece capital gains tax on sale.
ENFIA and other running costs
ENFIA is the annual property tax. The base amount runs from about 2 euro per square metre in the cheapest zones to 16.20 euro per square metre in zones valued above 5,000 euro per square metre, adjusted for age, floor and use. For a 70 square metre flat that is roughly 140 euro at the bottom and about 1,130 euro at the top before adjustments, and larger holdings can attract a supplementary tax. Add building service charges, repairs, vacancy and, if you use one, a management company.
An illustration: from gross to net
Take a 200,000 euro one-bedroom flat in Athens at a 5.4% gross yield, so 10,800 euro of rent a year. Our assumptions: one month vacant, 600 euro of building charges, 300 euro of ENFIA, no management fee, the 5% deduction, and the scale above.
- Rent actually received: 9,900 euro
- Taxable after the 5% deduction: about 9,400 euro, taxed at 15%, so about 1,410 euro
- Net after charges, ENFIA and tax: about 7,590 euro, or about 3.8% on the price
- Including roughly 8% purchase costs, about 3.5% on the total outlay
This is our illustration on stated assumptions, not market data. Your numbers will differ.
What to buy for which goal
- Highest rental yield: a one- or two-bedroom flat in a mid-priced Athens or Thessaloniki district, rented long term, ideally with a tenant demand base such as universities or transport
- Holiday income: only where a registration is available and realistic occupancy supports it, and with a conservative season length
- Capital growth and lifestyle: prime Athens, the Athens Riviera and the islands, accepting a lower yield
- Golden visa buyers: thresholds push you toward larger, higher-priced property, which usually means a lower yield. See Greece golden visa
- Non-EU buyers: an announced 15% transfer tax from July 2027 would raise the entry cost, see the prices guide above
Risks that apply to every option are in Greece property investment risks and the checks in the Greece resale checklist. To compare locations, see best areas to buy in Greece.
FAQ
What is a realistic rental yield in Greece? Roughly 4% to 5.5% gross on a typical apartment, 6% to 8% on small flats in cheaper Athens districts and lower on big or prime units. Net is usually 1.5 to 2 points lower.
Can I run an Airbnb in central Athens? New registrations are frozen in districts 1 to 3 of Athens and district 1 of Thessaloniki, with an extension to the end of 2027 announced. Existing registrations are grandfathered but may not pass to a buyer. Check before you buy.
How is rental income taxed? On a scale from 15% to 45%, with a reported 5% standard deduction. Confirm how it applies to your case with a Greek accountant.
Are golden visa properties good for yield? Often not, because the thresholds push buyers to pricier units. Compare yield with the residency benefit.
How we help
We shortlist properties to your goal, check whether a flat can actually be registered for short lets, model gross and net returns with your numbers and coordinate local lawyers and accountants. See also our Greece country page. Informational only, not legal, tax or investment advice; figures are indicative, as of October 2026, and rules and prices change.