Schools for Sale in Greece

Key Market
Athens / Thessaloniki
Indicative Valuation Range
5× – 8× EBITDA
Operating Currency
EUR
Market Stage
Recovering

Greece's private school market has shown resilience through the country's decade-long economic crisis and is now benefiting from the sustained economic recovery of the 2020s. Athens hosts a well-established international school market serving the Greek business community, diplomatic staff, and a growing number of expatriates attracted by the country's Golden Visa programme and Mediterranean lifestyle. The market is growing after years of constraint, and new acquisition opportunities are emerging.

Greek private schools serve two distinct markets. The first is the international school sector, where English-medium institutions offering IB, British, or American curricula serve expatriate families and Greek families with international career aspirations. The second is the domestic frontistiria market — private supplementary education centres that prepare Greek students for university entrance examinations — which represents a large and deeply embedded sector of Greek education that generates significant revenue.

School-sale.com advises on private school and education business transactions in Greece, with knowledge of both the international school market in Athens and Thessaloniki and the distinctive characteristics of the Greek supplementary education sector. Our team works with international acquirers and Greek proprietors to identify and structure transactions appropriate to the Greek market.

The Greek Private School Market

Athens is the centre of Greek private education, hosting established international schools that have served the capital's diplomatic and expatriate community for decades. The Athens College and Hellenic American Educational Foundation are among the country's most prestigious educational institutions, and several international school chains have established Athens campuses to serve the growing demand from internationally mobile Greek families. Thessaloniki, Greece's second city, has a smaller but established private school market.

Greece's Golden Visa programme, which grants EU residency to investors meeting a minimum property investment threshold, has attracted significant numbers of Chinese, Middle Eastern, and Russian families who relocate to Athens and require international education for their children. This programme has added a new and growing demand driver for premium international schools in Athens, supplementing the traditional diplomatic and corporate expatriate base.

Regulatory Framework for Private Schools in Greece

Private schools in Greece are regulated by the Ministry of Education and Religious Affairs under Law 682/1977 and subsequent amendments. All private schools must obtain an operating licence from the Ministry and are subject to periodic inspection. Private schools may deliver either the Greek national curriculum (in which case graduates can sit the Panhellenic Examinations) or international curricula (in which case they must maintain accreditation from the relevant international bodies). Operating a private school in Greece as a foreigner requires establishing a Greek legal entity.

Frontistiria (supplementary education centres) operate under a separate licensing framework — Law 1566/1985 — and are regulated differently from full private schools. These businesses typically require simpler licences and have lighter ongoing regulatory requirements, making them more accessible acquisition targets for buyers new to the Greek education market.

Types of Schools Available for Acquisition in Greece

International school acquisition opportunities in Athens range from established IB-accredited institutions with decades of history to newer English-medium schools targeting the growing Golden Visa investor family segment. Greek-English bilingual schools serving the domestic market — where English proficiency is seen as essential for career advancement — represent a growing mid-market segment accessible to buyers willing to invest in curriculum development and facilities.

Frontistiria — private tutorial and examination preparation centres — are widely available for acquisition across Athens, Thessaloniki, and other Greek cities. While these are not schools in the traditional sense, they represent significant revenue-generating educational businesses. Some investors use frontistiria acquisitions as an entry point into the Greek education market before pursuing full school acquisitions.

The School Acquisition Process in Greece

Greek school transactions are governed by Greek civil law. Buyers should engage a Greek dikigoros (lawyer) alongside specialist education advisors. Due diligence must address Ministry of Education licence status, curriculum accreditation, property ownership or lease under Greek tenancy law, employment contracts under Greek labour law, and any outstanding tax obligations — an important consideration in a market that has historically had significant issues with tax compliance. Financial due diligence should carefully verify cash flow and normalised earnings.

Property due diligence in Greece requires particular care — land registry records and planning permissions for educational use should be verified thoroughly by qualified Greek lawyers. Greece's land registry modernisation programme has made significant progress but specific issues with older properties can still arise. Our advisory team works with experienced Greek legal counsel to ensure robust property due diligence.

School Valuation in Greece

Athens international schools with established reputations and strong enrolment typically trade at 5× to 8× EBITDA, reflecting the recovery phase of the Greek economy and the residual country risk premium that remains in investor analysis. As Greece's economic recovery matures and investor confidence grows, multiples are expected to converge towards broader Southern European levels. Property values in premium Athens locations — Kifissia, Psychiko, Glyfada — have recovered strongly from crisis-era lows.

Greece's improved credit profile — upgraded to investment grade by all major rating agencies by 2023 — and its status as a Eurozone member provide a more stable investment framework than has existed at any point in the past fifteen years. For buyers willing to accept residual country risk, Greek private school assets may offer value relative to more expensive Western European comparators.

Official Resources & Regulatory Authorities