When searching for a place to live or invest in real estate in Greece, you may come across two terms—”flats” and “apartments.” While they may seem interchangeable, there are subtle differences in how these terms are used and understood in the Greek real estate market. Whether you’re buying or renting, it’s important to understand these distinctions to make an informed decision. This guide will clarify the differences between flats and apartments in Greece, helping you navigate the local market with confidence.

1. The Basics: Defining Flats and Apartments in Greece

Flats in Greece:
A “flat” typically refers to a self-contained unit within a larger building. Flats are often single-story and are used to describe units in multi-family buildings or apartment complexes. In Greek real estate, the term “flat” tends to have a more formal or traditional connotation, often associated with older buildings or specific types of residential units.

Apartments in Greece:
An “apartment,” on the other hand, is a more commonly used term in modern real estate markets and is typically associated with newer or contemporary buildings. Apartments may include larger or more luxurious units, and the term can refer to anything from a small studio to a multi-bedroom residence within a high-rise or low-rise building. Apartments often feature more modern amenities, such as built-in appliances, contemporary design, and sometimes concierge or security services.

2. Key Differences Between Flats and Apartments

Age of Construction:

• Flats: In Greece, the term “flat” is often used for older, traditional units in buildings that may date back several decades or even centuries. These flats may be found in older, historic buildings or traditional neighborhoods in places like Athens, Thessaloniki, or Corfu.

• Apartments: Apartments are generally associated with more modern, recently constructed buildings. They tend to have updated architectural designs and are often built with contemporary materials and technologies.

Size and Layout:

• Flats: Flats are typically smaller units with simpler layouts, often featuring a single floor. They may have fewer amenities and are usually straightforward in terms of design.

• Apartments: Apartments come in a wide range of sizes and layouts, from compact studios to expansive multi-bedroom units. Modern apartments are more likely to offer flexible floor plans and larger living spaces compared to flats.

Price and Market Position:

• Flats: Flats tend to be more affordable, especially in older buildings that may not have undergone significant renovation or updating. They can be an excellent option for first-time buyers, budget-conscious renters, or those seeking a classic Greek property.

• Apartments: Apartments, particularly in new developments, tend to be more expensive. This is due to the modern amenities, better construction quality, and sometimes premium locations they occupy. For buyers looking for luxury or high-end properties, apartments are usually the more expensive option.

Amenities and Features:

• Flats: Flats may lack some of the modern conveniences found in apartments. For example, they may not have elevators, air conditioning, or updated kitchen fixtures. Flats are often simpler and may require more maintenance.

• Apartments: Modern apartments generally come with a range of amenities such as elevators, secure access, air conditioning, fitted kitchens, and sometimes building facilities like gyms or shared gardens.

3. Location: Where You’ll Find Flats vs. Apartments in Greece

Flats:
Flats are commonly found in older neighborhoods in cities or towns with historical significance, such as the older parts of Athens, Thessaloniki, and smaller regional cities. They may also be found in more traditional areas of Greek islands or villages. Flats often offer a unique charm, with classic architectural elements, but they may not have the same proximity to new infrastructure.

Apartments:
Apartments, particularly modern ones, are more likely to be found in new developments or high-demand areas that have seen recent urbanization and infrastructure development. These could include bustling city centers, near commercial areas, or on the outskirts of towns where new real estate projects are being built. In popular tourist destinations like Corfu or Santorini, you’re likely to find luxurious apartments designed with vacation rentals or short-term stays in mind.

4. Practical Considerations for Buyers and Renters

Investment Potential:

• Flats: Flats, particularly those in older buildings, may have potential for value appreciation through renovations. However, they can require a larger upfront investment in terms of repairs and upgrades to make them suitable for modern living. They may also have limited potential for rental income unless they are located in an area with strong demand.

• Apartments: Apartments tend to hold higher investment potential in the short term, especially in new or highly sought-after areas. They are also more likely to attract tenants or vacationers looking for modern amenities. If you’re investing for rental income, an apartment in a prime location or tourist-heavy area may provide higher returns.

Maintenance and Upkeep:

• Flats: Older flats may require more ongoing maintenance, especially when it comes to plumbing, electrical systems, and overall infrastructure. However, they may be cheaper to maintain in terms of monthly costs.

• Apartments: Modern apartments, while often more expensive, generally have fewer maintenance issues in the short term. Their construction is up-to-date, and they often feature energy-efficient systems, which can reduce long-term costs.

Renting:

• Flats: Renting a flat can be a good option if you prefer a more traditional lifestyle or if you’re looking for something more affordable. However, flats may be harder to rent out due to the age and condition of the building unless they are located in a high-demand area.

• Apartments: Apartments are more attractive for renters due to their modern features, amenities, and convenience. They are easier to rent out, especially if they are located in prime areas close to schools, transport, or commercial hubs.

5. Which Should You Choose: Flat or Apartment?

The decision between purchasing a flat or an apartment depends largely on your personal preferences, budget, and long-term plans. Here’s a quick guide to help you decide:

• Go for a Flat if:

  • You have a limited budget and are looking for an affordable option.

  • You prefer a more traditional property with classic features and character.

  • You’re willing to invest in renovation and have the time and resources for it.

  • You’re looking for a property in a historical area or a quieter neighborhood.

• Go for an Apartment if:

  • You want a modern, low-maintenance property with up-to-date amenities.

  • You’re planning to rent out the property for short-term vacation stays or long-term tenants.

  • You prefer a location with access to city infrastructure, amenities, and new developments.

  • You’re looking for an investment property with potential for strong rental income and value appreciation.

6. Conclusion: Navigating the Greek Property Market

Understanding the difference between flats and apartments in Greece can help you make the right decision when purchasing a property. Whether you opt for a flat with historic charm or an apartment with modern amenities, both options offer unique advantages in the Greek real estate market. Consider your priorities—whether it’s budget, location, investment potential, or personal preferences—to ensure you make the best choice for your needs.

For more insights and to explore available listings in Greece, visit Chase Real Estate Corfu.