Cheap properties in Northern Greece – real offers up to €50 000 by the sea

The dream of having your own place under the Greek sun, with access to the turquoise waters and the authentic Mediterranean way of life, is very much alive for many Bulgarians. And while the islands and southern regions of Greece are often associated with high prices, northern Greece offers surprising opportunities for cheap property, including beachfront properties that can be found for under €50,000. This article will guide you through the reality of these offers and what to expect from properties under €50,000 in this picturesque region.

Why Northern Greece?

Northern Greece is an extremely attractive destination for Bulgarians for several main reasons:

• Geographical proximity: the region is right next to the border with Bulgaria, making it extremely accessible by car.
• EU membership: as EU citizens, Bulgarians enjoy the same rights when buying property as Greek citizens, without any restrictions.
• A variety of landscapes: from golden beaches and crystal clear waters to mountains and historical sites.
• More affordable prices: in general, property prices in northern Greece are lower than in southern Greece and the islands, which opens doors for investors with a more limited budget.
• Rental Potential: Strong summer tourism provides short-term rental income opportunities.

Where to look for cheap properties up to €50 000 by the sea?

Finding a property under €50,000, especially “by the sea”, requires patience, flexibility and often compromise. Focus on lesser-known towns and villages, or properties that are not on the waterfront.

1. Kavala and region (Eastern Macedonia and Thrace):
   
   • Characteristics: the town of Kavala is a picturesque port town with a rich history. The surrounding areas, such as Nea Peramos, Nea Heraklica, Keramoti (key link to Thassos island), offer a combination of urban amenities and beautiful beaches.
   • What to expect: For under €50,000 you can find studios or small 1-bedroom apartments in older apartment blocks, often built before 1990. They may be 500 metres to a few kilometres from the beach, rather than on the seafront. They will probably need renovation or refreshing. In Kavala town itself, prices for older apartments can fall to €30,000 – €50,000. Smaller villages near the coast, such as those around Keramoti, also have similar options.
   • Reality: beachfront properties in popular resorts like Nea Peramos and Nea Heraklica will rarely fall into this price range.

2. Pieria– Paralia Caterini and surroundings:
   
   • Characteristics: situated at the foot of Mount Olympus, the area is famous for its long sandy beaches and lively summer resorts such as Paralia Katerini and Olympiaki Akti. It is popular among Bulgarian tourists.
   • What to expect: Here you will also find mostly studios or small 1-bedroom apartments, mostly in older blocks built for summer tourism. Prices can start from €35,000 – €50,000 for properties in need of refreshing, located 500m to 1.5km from the beach.
   • Reality: On the waterfront or in new construction prices are significantly higher.

3. Halkidiki (Halkidiki) – The interior of the sleeves or smaller settlements:
   
   • Characteristics: Halkidiki is an extremely popular destination with three arms – Kassandra, Sithonia and Mount Athos. It is famous for its beautiful beaches, crystal clear waters and developed tourism.
   • What to expect: Finding a property under €50,000 directly on the sea in Halkidiki is extremely challenging. The opportunities are limited to:
     • Many small studios (20-30 sqm) in older complexes that need major renovation.
     • Properties located inland (not on the coast), in small, lesser known villages that are a few miles from the beach.
     • Some may be parts of houses or apartments without many extras.
   • Reality: This is the hardest region to find deals in this budget, but not impossible for many compromise properties.

4. Smaller settlements inland, close to the coast:
   
   • Features: If you are willing to live in a traditional Greek village that is a 10-20 minute drive from the beach, the possibilities increase.
   • What to expect: old houses (very often for major renovation) that can be bought for €15,000 – €40,000. In these cases, the renovation investment can exceed many times the purchase price.
   • Reasons for affordability: less demand from international buyers looking for direct proximity to the sea.

What can you realistically expect from a property for up to €50 000?

• Size: small – usually a studio or 1 bedroom apartment (30-50 sqm).
• Age: Older, built before 1990.
• Condition: Likely to need renovation, bathroom/kitchen refresh, replacement of windows, plumbing and electrics.
• Location. Usually a few hundred meters to a few kilometers from the beach, in older neighborhoods or complexes.
• No extras: usually no pool, security or other luxury amenities. You will have monthly condominium fees (κοινόχρηστα – kinohrista) for the common areas of the building.

Hidden costs and budget

The price of €50 000 is only the purchase price. You should always allow for additional costs, which can amount to around 8% to 15% of the purchase price.

• Transfer tax (Φόρος Μεταβίβασης Ακινήτων – FMA): 3.09% of the tax or sales value.
• Notary fees: about 1.2% – 1.5% (+VAT).
• Solicitor’s fees: around 1% – 1.5% (+VAT), but may be a fixed amount for cheap properties.
• Civil Engineer/Architect Fees: Approximately 1% – 2% (+VAT), for verification of legality and energy certificate.
• Estate agent commission: usually 2% – 3% (+VAT) payable by the buyer.
• Fees for entry in the Property Register: small fees.
• Renovation costs: for a €50,000 property, you may need to invest another €10,000 – €30,000 (or more) in renovations to make it modern and habitable.

Total budget: for a property listed for €50,000, the actual investment with fees and basic renovations can easily reach €60,000 – €85,000.

Important tips for Bulgarians:

1. Work with professionals: make sure you hire an independent Greek lawyer, notary and civil engineer. They will verify the legality of the property and protect your interests.
2. AFM and bank account: get a Greek tax number (AFM) and open a Greek bank account from the start.
3. View the property in person: always visit the property and the area in person before making a decision.
4. Budget for everything: Include all one-time and ongoing expenses.

Conclusion

Finding cheap properties in Northern Greece by the sea for up to €50,000 is possible, but requires realistic expectations and a willingness to compromise on size, age, condition and exact proximity to the beach. Regions such as Kavala, Pieria and parts of Halkidiki offer possibilities. With careful research, expert help and an adequate budget, your dream of owning your own Greek retreat can become a reality.