Annual outlook: Greek real estate prices to rise in new growth phase
Greece’s real estate market is expected to show continued strength in 2026, though buying momentum will vary depending on the area, with the sector entering a new phase of maturity.
The latest data from the Bank of Greece, the country’s central bank, show that prices in the broader market jumped 7.7 percent in the third quarter of this year following a 7.6 percent in the previous three-month period. Prices in Athens advanced 6.6 percent in a trend likely to continue amidst strong demand from foreign and local buyers and tight supply levels.
Furthermore, the property industry is now seen entering a more mature growth phase, drawing increasingly sophisticated investors, developers, and construction companies. These are market participants with a more long-term view of Greek assets, rather than a speculative approach.
“We are seeing large investment groups from abroad going ahead with investments in residential housing, in a development that will contribute to an increase in supply and help ease upward price pressure on rents,” says our managing partner, Alexandros Varnavas.
Demand dynamics
A closer look at the market unveils some interesting demand dynamics.
Buying activity has been shifting increasingly to the mainland from the islands, while more investors are taking advantage of the lower investment threshold available to those who acquire apartments arising from a change of use.
Greek rules state that non EU nationals can qualify for the Golden Visa with an investment of 250,000 euros if the residential property they invest in arises from the conversion of a commercial building into a housing asset.
Alternatively, the investment minimum needed to clinch the residence permit stands at 800,000 euros in areas such as Athens and Thessaloniki.
Interestingly, data shows that those looking for a primary residence in Greece and relocating to the country are going for the 800,000 euro option.
Another key trend that has been emerging is that more investors are shifting toward stable long-term leasing models of the property due to evolving Golden Visa regulations and increased oversight on short-term rentals.
Helping add stability and transparency to Greek real investments are an increase in rental guarantees offered to investors by construction companies. However, buyers need to be aware that these offers must be carefully reviewed by an attorney before making a commitment.
Prices point upwards
On the price front, the signs are clear: values will remain on an upward trajectory, though the pace of hikes will vary.
In its recent Financial Stability Report, the Greek central bank highlighted that “the course of prices in the Greek housing market shows no signs of slowing down yet.”
“It is therefore expected that the upward trend will continue in the coming period, as long as domestic and foreign demand remains strong and housing stock stays limited,” the report pointed out.
“Low supply relative to demand is the result of the investment-oriented use of housing, the withdrawal from the real estate market of properties linked to non-performing loans and destined for auction, and the decline in the number of newly built homes during the 2010–2020 period,” it added.
Buying from non-EU nationals seeking Greece’s Golden Visa remains solid, with investment activity from US nationals particularly strong.
The relative affordability of property is adding to the appeal of Greece’s investment-for-residence program, along with the high standard of living offered by the country.
Many are also choosing to relocate to Greece, not just apply for the country’s residence plan, which provides visa-free travel through the Schengen zone.
Buying patterns among foreign buyers show that interest remains focused on the beachside areas of Athens, along with the city center and the northern suburbs.
Specifically, Glyfada and Alimos remain popular spots to invest in a home for Golden Visa investors, as are the areas of Kolonaki and Kifissia. Elsewhere in the country, buying activity is also targeting Nafplion, Patras, and Crete, among other spots.
Budget revenues
Meanwhile, at the country’s Finance Ministry, officials are getting ready for another busy year.
In the draft of the Greek government’s annual budget recently submitted to Parliament, total state revenues from properties are estimated to reach 900 million euros next year, compared with 830 million euros for 2025, representing an annual increase of 8 percent.
Additionally, taxes from real estate sales are seen climbing to 653 million euros, of which 539 million euros relate to the sale and purchase of buildings, up from 488 million euros in 2025 and 459 million euros in 2024.
Money stemming from Golden Visa investments is an important source of capital and jobs for the Greek economy.
First half figures compiled by the Bank of Greece show that foreign real estate investments account for a large chunk of total foreign direct investment in the country.
Specifically, in the first half of the year out of the 2.8 billion euros of total foreign investment seen in Greece, 938.3 million euros, or 33.4 percent, concern real estate investments.
Construction rebound
Those in the construction sector are looking forward to better times after a challenging year.
The implementation of the New Building Code (NOK) in early 2025 initially caused some adjustments, but clarity is steadily improving.
The Greek Environment and Energy Ministry has been providing helpful guidance on the new regulations, giving developers and investors the confidence to move forward. This supportive approach is expected to continue in the coming months, setting the stage for renewed activity.
Recent data are already encouraging: building permits in the private sector in August reached 1,914, representing 2,055,337 cubic meters of volume, a 14.7 percent increase year-on-year.
Looking ahead, economists anticipate strong growth in construction activity next year, with a projected increase of about 7 percent over the 12-month period.
Please contact our team for any inquiries about the Greek Golden Visa and how you can start your process.
