Is Buying a Home in Thessaloniki a Good Idea?
Written by: Marcus M. Araz, MBA, PhD · Updated:
Yes, for EU residency through the Golden Visa and a second home close to Turkey; not for a high rental yield. According to the Bank of Greece, apartment prices in Thessaloniki rose 4.7% year on year in the second quarter of 2026. The average rent is €7.7 per m² per month, about 16% cheaper than Athens. Golden Visa thresholds are the same as in Athens: €250,000 for conversion projects. What sets Thessaloniki apart is that the same budget buys a more central location closer to the sea.
Thessaloniki in numbers, 2026
| Indicator | Thessaloniki | Athens and Attica |
|---|---|---|
| Annual change in apartment prices (Q2 2026) | up 4.7% | up 5.0% |
| Average monthly rent per m² | €7.7 | €9.2 |
| Annual change in rents | up 3% | up 4.3% |
| Most expensive rental area | old waterfront, €14 per m² | Vari and Varkiza, €13 per m² |
Rents in Thessaloniki are highest on the old waterfront (€14), in the historic centre (€11.4) and on the new waterfront known as Nea Paralia (€10). In Thessaloniki, closeness to the sea directly sets the rent.
What makes Thessaloniki attractive
- Close to Turkey: about an hour’s flight from Istanbul, and reachable by road. As Atatürk’s birthplace, the city also has a special tie for Turkish buyers.
- Students and hospitals: Greece’s largest university, Aristotle University, is in Thessaloniki, and there are many public and university hospitals in the east of the city. Demand for small flats is constant.
- New metro: the metro line opened at the end of 2024 links the city centre with the eastern districts. Because the line is new, the transport advantage around its stations is not yet fully reflected in prices.
- Price: cheaper than Athens; a €250,000 Golden Visa budget buys a flat within walking distance of the seafront.
Points to watch
- Low yield: on 35 to 40 m² flats priced at the Golden Visa threshold, the gross rental yield is around 3%. The developer’s rental guarantee fixes the first years.
- Liquidity: Thessaloniki is a smaller market than Athens; finding a buyer can take longer when you sell.
- Short-term letting: a home bought under the Golden Visa cannot be let short term (Airbnb style).
Thessaloniki in our portfolio
Our Thessaloniki project is Thermae View Residences: a five-storey, 37 apartment conversion in the east of the city, 300 metres from the Nea Paralia seafront and 700 metres from Analipsi metro station. All flats are one bedroom; as of 18 September 2026, 32 are on sale from €256,000. Flats on the upper floors have sea views. The developer offers a 3% rental guarantee for 3 years, and completion is 30 June 2028. As a conversion project, it qualifies for the €250,000 Golden Visa tier.
Who it suits and who it does not
Suits
- Families who want EU residency with a €250,000 budget
- Buyers looking for a second home close to Turkey that they can visit often
- Those who want steady income from a long-term tenant in a flat near the sea
Does not suit
- Investors whose priority is a high yield
- Golden Visa buyers planning to run the flat on Airbnb
- Anyone planning to sell within a few years
buying costs
Conversion projects pay 3.09% property transfer tax instead of 24% VAT; with notary, lawyer and registration costs, the total is about 6.7% of the price plus €684, roughly €17,900 on a €256,000 flat. For details, see our page Cost of buying a home in Greece .
Frequently asked questions
Are house prices rising in Thessaloniki? Yes. According to the Bank of Greece, Thessaloniki apartment prices rose 4.7% year on year in Q2 2026, close to Athens but slightly slower.
Does buying a home in Thessaloniki give you residency? Yes, if the conditions are met. Thessaloniki is in the same Golden Visa group as Athens: €250,000 for conversion or restoration projects, and €800,000 in a single home of at least 120 m² for other property.
How much is rent in Thessaloniki? According to RE/MAX Greece’s 2026 rent map, the average rent in Thessaloniki is €7.7 per m² per month, and €10 to €14 on the waterfront.
Can Turkish citizens buy property in Thessaloniki? Yes. There are no restrictions on non-EU buyers in the city of Thessaloniki. Border areas (such as Thrace) require a separate permit; the city of Thessaloniki is not one of them.
Thessaloniki or Athens? Thessaloniki is cheaper, closer to Turkey and offers a location nearer the sea for the same budget. Athens has a wider tenant pool and more liquidity. For Athens, see our page Is buying in Athens a good idea .
Sources
The apartment price index is Bank of Greece data. Rent figures are from RE/MAX Greece’s 2026 rent map data. For Golden Visa thresholds see the Greek Ministry of Migration and Asylum. Project details are taken from the developer’s price list dated 18 September 2026.
Legal notice
capital.works® (YATIRIM UK LIMITED) is a property consultancy; it does not provide legal, tax or immigration advice. In Greece, the title transfer, tax number and Golden Visa application are handled by a lawyer registered in Greece. Golden Visa conditions can change with new legislation; confirm the current rules with your lawyer before deciding to buy.
The next step
Tell us your budget and priority (Golden Visa, second home or rental income) and we will compare the options in Thessaloniki and Athens, including purchase costs: Contact us.