Renovating Properties in Greece in 2026: Costs, Regulations, and Tips

Brief summary:

Renovating a property in Greece can improve its yield and value, but requires careful consideration of regulations, the property’s condition, labor costs, contractors, and timelines. Before purchasing, it is important to determine whether the renovation is an opportunity for appreciation or a hidden financial risk.

Renovating Properties in Greece: Costs, Regulations, and Tips

The Greek real estate market has been undergoing a fascinating transformation in recent years, as investors from Israel and around the world discover the potential of properties in this beautiful country. Attractive prices, combined with the familiar Mediterranean atmosphere and the relatively short distance from Israel, make Greece a particularly attractive destination for Israeli investors. 

Many people choose to purchase properties in need of renovation, with the aim of increasing their value so they can be rented out or sold at a profit. Renovations affect property values throughout Greece: starting fromapartment prices in Athens to apartment prices on the islands known for their tourism. Furthermore, a renovated property can attract better tenants who pay on time and stay for the long term.

Rising renovation costs are making life difficult for local property owners

Greece has recently seen a significant increase in the volume of real estate renovations, a trend that has gained momentum in the wake of the COVID-19 pandemic and lockdowns, against the backdrop of 2.3% economic growth in 2025 and a forecast of continued growth of 2.2% in 2026.

Alongside economic growth, renovation costs have also risen in recent years. As a result, many property owners are struggling to finance the necessary renovations and are forced to rely on government assistance. The Greek government operates several assistance programs, including the “Save Energy” program, which provides subsidies and favorable financing terms based on criteria such as income and household size.

Given the shortage of skilled labor and the sharp rise in construction material prices, renovations in Greece have become a difficult undertaking for private investors to carry out without the help of a company specializing in the field. As a result, property owners are now tending to undertake smaller projects using less expensive materials. 

Regulations and Regulation

The regulatory environment in Greece poses challenges for foreign investors, especially if they choose to navigate the renovation process on their own. 

The process is complicated for those who aren’t familiar with the regulations and don’t work with professionals who know how to navigate the procedures. The bottom line is that the approval processes in Greece are faster than in Israel—while in Israel a building permit for renovation can take several years, in Greece the permit can be obtained within a month—as long as you do it right, strictly following the regulations and guidelines and with the help of an expert professional.

In historic districts, restrictions on changes to building facades are particularly strict and must be taken into account as early as the planning stage. In recent years, the Greek government has placed special emphasis on green building and energy conservation, which influences the choice of materials and technologies used in renovations.

With regard to the division of properties into multiple units, a ministerial decision that defined the required documents and eligible cases for obtaining a secondary permit was replaced in 2020 by a new decision—No. 43266/1174/2020.

In cases where the property’s designated use is changed (for example, from commercial to residential), the guidelines are set forth in Section 40 of Law No. 4495/17. The process involves submitting detailed documents and plans, obtaining approval from the municipality, and conducting the required surveys.

Upon completion of the renovation, and also at the time of signing the final contract during the property purchase process, a supervising engineer must be present to oversee the topographic survey, architectural plans, plumbing, electrical, mechanical, and structural (frame) plans, an inspection certificate, an energy certificate, legal documents as needed, supervision during the renovation, obtaining an insurance number in accordance with the permit from the relevant government authority, paying for workers’ insurance cards, closing the permit and insurance number, signing the permits, and receiving Form E9 authorizing use of the property. 

It is important to note that regulations may vary across different regions of Greece; therefore, it is advisable to consult with local professionals, such as architects and lawyers who specialize in real estate and construction in Greece.

Renovation costs – the range is wide and depends on many factors

Renovation costs in Greece vary significantly from one region to another. On the popular tourist islands, prices are significantly higher than on the mainland.

• All prices are exclusive of VAT and additional furnishings
• Costs vary depending on the specific location, the condition of the property, and the quality of the materials.
• The installation of air conditioners is considered a separate upgrade and may require disconnection from the building’s existing central heating system.
• Additional costs, such as building permits and approvals from local authorities, should be taken into account, especially for significant structural changes.

Selecting Professionals

Choosing the right professionals is one of the keys to the success of a renovation project in Greece. It is important to understand that Greek business culture differs from that of Israel and is based largely on personal connections and trust. Therefore, it is highly recommended to work with a reliable development company that collaborates with the best professionals. It is possible and advisable to ask to see the company’s completed projects to assess the quality of their work.

When hiring a local contractor, it is important to choose a professional with experience working with foreign investors and to ensure that they have all the necessary licenses and insurance. Hiring a local construction supervisor can save you a lot of trouble and ensure that the work is carried out in accordance with local standards.

Other important considerations when selecting professionals for real estate investments in Greece include obtaining recommendations from other property owners in the area and signing a detailed contract in English or Greek. 

Climate Considerations

The climate in Greece presents unique challenges when planning to renovate a property there. The hot summers and high humidity require special consideration when selecting building and finishing materials. It is important to invest in high-quality insulation and efficient air conditioning systems. Greek winters, especially in northern regions, can be quite cold, so a suitable heating system must be planned. Selecting materials that are resistant to humidity and extreme temperature fluctuations, along with the installation of heating or cooling systems, are critical components for the long-term success of the renovation.

Language and Cultural Barriers

Language and cultural barriers pose a significant challenge when managing a renovation project in Greece. While English is widely understood in many tourist areas, knowledge of English is limited in smaller towns and rural areas. 

While it is certainly possible to manage a renovation project on your own, choosing to partner with a company that specializes in this field—one with a team on-site that handles the entire process from start to finish—will save you headaches and unnecessary expenses.

It is also important to understand the local pace of work, which may be slower than what Israelis are accustomed to, and to take local holidays and vacations into account when planning schedules.

Tips for Managing a Renovation Budget

Managing the budget for a renovation project in Greece requires special attention. It is recommended to set aside a contingency fund of at least 15% of the planned budget for unforeseen circumstances. The cost of transporting materials, especially to the islands, can be significant and must be taken into account. It is advisable to carefully compare prices from various local suppliers and consider importing certain items from other countries if it is economically viable.

Leveraging the Renovation to Bring the Apartment in Line with Market Demands

Renovation is an excellent opportunity to adapt the property to local tastes and market demands. If the goal of the renovation is to rent to tourists, it’s worth focusing on creating spacious and inviting spaces, with an emphasis on balconies and outdoor areas, which are an integral part of Greek life. It is also important to take into account the local architectural style and building traditions, especially in historic areas.

Important Tips

Ensuring payment based on progress

• In many cases, property owners pay contractors without a work order and on a progress-based basis, which leads to accelerated cash outflow and a halt in construction. Therefore, it is important to follow a work order based on the agreed-upon capital expenditures, with an initial down payment and subsequent payments based on the value of the work completed on-site.

Proper timing

• Spring and fall are better seasons for renovations. The mild temperatures make the work easier and allow building materials to dry more effectively.
• Avoid renovating during the region’s tourist season (this is especially true for the islands).
• Check the availability of professionals during the planned time frame.

Cost savings

• Purchase materials from local suppliers.
• Plan ahead when ordering items from other countries.
• Compare prices among different suppliers.
• Consider using recycled materials.

Legal Aspects

• Make sure all permits are valid.
• Keep detailed records of all changes, plans, permits, and invoices.
• Make sure to have written contracts with all contractors.
• Be sure to obtain the necessary insurance for the building and employees.
• Make sure you receive a warranty from the contractor and suppliers.

Quality Control and Future Maintenance

• It is recommended to plan in advance for the routine maintenance that will be required after the work is completed.
• Design systems that are easy to maintain.
• Make a list of emergency contacts.
• Consider hiring a local management company.
• Quality control must be carried out on an ongoing basis throughout all stages of the renovation.

In summary, renovating a property in Greece is a challenging project that requires meticulous planning, patience, and an understanding of the local culture. However, when managed properly, the result can be rewarding, both financially and in terms of the residents’ quality of life. Success depends largely on the ability to tailor the property to its intended purpose—for example, is the building intended for long-term rentals? For tourism? For families? Along with the ability to build a reliable professional team and manage the project with flexibility and consideration for local conditions. Investing in careful planning and selecting the right professionals will pay off in the long run and help create a high-quality property that will retain its value over time.