Greek real estate rises amidst shifting buying patterns
Greece’s property market continues to move upward, but the dynamics that defined its rapid growth in recent years are beginning to change. Prices are still rising and foreign investment remains a key driver, though several indicators suggest that the market is gradually stabilising.
The pace of price increases is easing, transaction volumes appear to be softening and buying patterns, among local and foreign investors, are evolving. At the same time, demand remains resilient as experts increasingly point to signs that the market is entering a more balanced phase following several years of sharp growth.
Fewer property transactions in 2025
One of the clearest signs of a slowdown can be seen in the number of property transactions completed last year.
According to figures from the Greek Ministry of Finance, state revenues from real estate transfer taxes dropped to 608 million euros in 2025, compared with 656 million euros in 2024. The decline of 48.5 million euros, or 7.4%, suggests that fewer property sales were recorded during the year.
The drop does not necessarily signal weakening demand across the board but rather indicates that the market may be cooling after a particularly active period. Higher property values, strict financing conditions and changing investment strategies are all contributing to a more cautious environment for buyers.
At the same time, parental property transfers remain a prominent feature of the Greek real estate landscape. Greece maintains a relatively generous tax-free threshold of 800,000 euros for transfers between parents and children, encouraging families to pass on property assets to younger generations.
This policy has led many parents and grandparents to transfer homes and other real estate holdings to their children and grandchildren. The trend has supported activity in the broader property market, even as traditional sales transactions have slowed, helping ensure that the country’s housing stock is best used.
Milder pace for real estate price hikes
On the price front, values are expected to continue rising, though at a slower pace.
In its Interim Monetary Policy Report 2025, the Bank of Greece forecasts that the upward trend in property prices will persist but gradually moderate.
“Investment interest, as well as the upward trends in property prices, are expected to continue in the coming period as well, but at a milder pace,” the central bank noted. It added that international macroeconomic and geopolitical developments could play a significant role in shaping the trajectory of the market.
Despite the signs of moderation, Greece’s real estate sector continues to benefit from several supportive factors. Strong tourism performance, an attractive lifestyle, improving macroeconomic indicators and the ongoing upgrade of infrastructure across the country all help sustain investor confidence.
Foreign buyers remain particularly influential in the higher-end segment of the market, where demand for luxury homes, seaside villas and premium urban properties continues to support prices.
Buyer preferences shifting in housing
Although the rate of increase is slowing, property prices are still rising at a healthy pace.
Data from the Bank of Greece show that apartment prices increased by 7.7% year-on-year in the third quarter of 2025. This followed a 7.6% rise in the second quarter and a 7.1% increase in the first quarter of the same year.
These figures demonstrate that the market remains robust, even if the pace of growth has eased compared with previous years. In 2024, prices rose by an average of 9.1%, while in 2023 they surged by 13.9%, reflecting the rapid recovery of Greece’s housing market after the economic crisis of the previous decade.
Affordable options
The data also reveal shifts in buyer preferences.
Older properties are currently leading the market, largely because many local buyers are seeking more affordable options. Renovation projects have become increasingly attractive, particularly in urban areas where newly built homes can be significantly more expensive.
Prices for new apartments (defined as properties up to five years old) increased by 6.6% year-on-year in the third quarter of 2025. In contrast, older apartments recorded a stronger rise of 8.5%, highlighting the growing demand for more budget-friendly housing.
Regional trends also vary across the country. During the third quarter of 2025, apartment prices increased by 6.6% in Athens, 9.6% in Thessaloniki, 8.9% in other cities, and 8.5% in the rest of Greece.
New homes market begins to balance
The market for newly built homes is also showing signs of stabilisation.
Despite ongoing inflationary pressures affecting construction costs, prices for new homes steadied during the early months of 2026 and even showed mild corrections in certain parts of the Greek capital.
Market data shows that price adjustments were recorded in neighbourhoods such as Voula, a seaside district in the southern suburbs of Athens, and Marousi, located in the northern part of the metropolitan area.
Diversity of Athens market
Elsewhere in the capital, prices for newly built homes have largely stabilised.
Average prices vary widely depending on location. In the western suburb of Peristeri, new homes are selling for roughly 3,300 euros per square meter, while in coastal areas such as Voula prices can reach around 8,100 euros per square meter.
The differences reflect both the diversity of Athens’ property market and the strong demand for homes near the coast, also known as the Athens Riviera, which are particularly popular among foreign buyers and high-income domestic investors.
Demand for Golden Visa normalizes
At the same time, demand for Greece’s residency-by-investment program is returning to more typical, pre-pandemic levels. In January, applications from non-European Union nationals moderated following the surge recorded last year.
In early 2025, Golden Visa submissions spiked as investors rushed to secure permits under the previous investment thresholds before regulatory changes took effect. The latest figures from the Greek Ministry of Migration and Asylum indicate that this temporary surge has now stabilized. Applications in January 2026 fell 63% year-on-year, with 398 submissions compared with 1,088 in January 2025.
Nevertheless, the overall number of permits issued in recent years remains substantial. From January 2022 to January 2026, a total of 12,626 permanent investor residence permits were granted. This figure includes 10,626 initial permits and 2,000 renewals, based on the decision issuance date for applications submitted during that period.
Lifestyle attracts foreign buyers
Investors from Turkey, Israel, China, Iran, and the United States continue to dominate the program.
Foreign buyers remain attracted by Greece’s climate, lifestyle and relatively competitive property prices compared with other Mediterranean destinations.
However, in some parts of the Greek market the gap between property prices in the country and those in other southern European states is narrowing, which could gradually reduce the price advantage that once made the Greek market particularly attractive.
Conversion projects reshape the housing supply
Another notable shift in the market relates to the types of properties attracting foreign investors via Greece’s Golden Visa program.
Under the updated framework of the the residency for investment plan, investors can still obtain a residence permit with a minimum investment of 250,000 euros if the property is part of a project converting commercial or industrial buildings into residential units or restoring listed historic buildings.
This option has become increasingly popular among non-European Union investors, as it allows them to access the program at a lower investment threshold than the other real estate purchase route. Alternatively, the investment minimum needed to clinch the residence permit stands at 800,000 euros in areas such as Athens and Thessaloniki.
Urban regeneration
Beyond attracting investors, the 250,000-euro lower limit is also contributing to urban regeneration. Many underutilised office buildings, warehouses and former industrial facilities are now being transformed into residential developments.
The impact is particularly visible in Piraeus, Greece’s largest port city near Athens. In several neighbourhoods around the port, older commercial properties are being redeveloped into modern apartments, adding new housing supply to the market.
A market entering a new phase
Overall, Greece’s real estate sector remains on a positive path.
Prices continue to rise, tourism supports demand for properties on both a short and long term basis, while foreign investors still play a central role in many segments of the market.
Yet the latest data suggest that the rapid expansion phase seen earlier in previous years is moderating. Transaction volumes are easing, price increases are becoming less steep and investment patterns are evolving.
Stable, more sustainable growth
Rather than signalling a downturn, analysts say these developments may indicate that Greece’s housing market is moving toward a more sustainable and balanced phase of growth.
For buyers, investors and developers alike, the next stage of the market will likely be shaped not only by domestic economic conditions but also by global trends, ranging from interest rates and geopolitical developments to international investment flows.
What appears certain is that Greek real estate, after years of dramatic recovery, is now entering a more mature stage, where growth continues but with greater stability and shifting opportunities across different segments of the market.
Please contact our team for any inquiries about the Greek Golden Visa and how you can start your process.
