
House prices in Greece are “running” at the fastest pace in Europe. The rapid increase in prices in Greece has caused a great impression and disturbance to the interested public, as the cost of real estate far exceeds the budget of the average Greek household.
According to a Bloomberg analysis, the increase in real estate prices is a Greek phenomenon. The rise is partly due to the effects of the Greek debt crisis which are affecting supply. In Athens, property prices rose by 12.2% in October, while in Paris and Stockholm, prices fell.
London, Paris and Berlin saw year-on-year declines in their latest monthly figures, however, most of the markets tracked by Bloomberg City Tracker are growing, with Milan, Madrid and Stockholm posting increases of more than 3 %.
Athens prices come from a Spitogatos index, which Bloomberg used to calculate monthly asking prices in the city’s five districts and then averaged those to calculate citywide prices.
“There are no properties on the market,” said Lefteris Potamianos, president of the Athens-Attica Real Estate Association, who also attributed the rise in prices to demand fueled by the Golden Visa program.
Athens has become one of the most sought-after real estate markets, with “forgotten” or run-down areas being “revived” and coming on an equal footing with pricey European cities.
Thus, areas such as Gazi have turned into a sought-after neighborhood, while in Glyfada, luxury complexes are being built aimed at wealthy investors from abroad, especially from China.
In Ellinikon, the redevelopment of the old airport will include approximately 10,000 luxury beachfront homes and apartments upon completion in 2026.
The real estate rally
The prices of apartments (in nominal terms) increased in the second quarter of 2023 by 13.9% on an annual basis, compared to an increase of 11.8% in 2022, according to the financial stability report published by the Bank of Greece.
The prices of new apartments (up to 5 years old) in the second quarter of 2023 increased at an average annual rate of 13.8%, while the prices of old apartments by 14.1%.
In the short term, it is estimated that investment interest, mainly from abroad, will remain intense especially for specific privileged positions in the Attica basin and for areas with tourist characteristics.
In the medium term, initiatives related to supporting specific categories of households (e.g. youth, vulnerable social groups) through the “My Home” program for the acquisition of housing are expected to contribute to stimulating demand, while corresponding initiatives to renovate old housing (e.g. .eg “Renovate” – “Save” program) are expected to contribute to the improvement of the building stock.
However, it is pointed out that the residential real estate market in many countries of the European Union is already undergoing a significant correction in terms of the number of transactions, prices and yields.
Still far from the all-time high
In addition, it is reported that house prices in Greece are still far from the historic high recorded before the financial crisis.
Based on the apartment price index compiled by the Bank of Greece for the entire country, the highest value of the index was observed in 2008 (101.7) and then followed a steady downward trend, to record the lowest value in 2017 (59 ). Since then, the apartment price index has been on a steady upward trajectory, reaching 90.6 in Q2 2023, down 11.1% from its all-time high.
The evolution of the level of rents is similar, with the relative index being 98.5 based on the data of the third quarter of 2023, against 94.8 in the fourth quarter of 2022.
The rent index, unlike the housing price index, remains significantly lower than the highest value it has reached historically (124.3, Q3 2011).


Latest News

Greece Faces Renewed Fears of Water Crisis Ahead of Summer 2025
Following a prolonged drought that began in 2024, fears of a water crisis highlight the urgent need for infrastructure improvements

Harvard, Yale, Columbia, and More Seek Collaboration with Greek Unis
Greece's former Minister of Education Kyriakos Pierrakakis announces an €82 million funding boost to support the partnerships

Greek Government Reshuffle Brings in More Young Technocrats
Greek PM Mitsotakis has brought in younger leaders and technocrats in a bid to accelerate the government's efforts at modernization and efficiency, according to New Democracy insiders

Greece’s New Government Members Sworn in at Presidential Mansion
Greece's new government members were sworn in on Saturday morning and head straight to work through the first meeting of the new cabinet.

Moody’s Upgrades Greece to Investment Grade, Ending Crisis Era
The rating agency raised Greece’s long-term credit rating to Baa3 from Ba1, with a stable outlook.

EFET on World Consumer Day: Humanity Faces New Challenges
This year’s message emphasizes the need for a transition to sustainable lifestyles while safeguarding consumers’ legally recognized rights. This means ensuring access to essential goods such as food and energy, as well as health and safety.

Athens Hotels Lead Europe in Value Growth for Third Year
Over the entire period from 2015 to 2024, the average annual increase in hotel value was 6.1%.

Unemployment Rate in Greece Down 8.9% in January: IOBE
The unemployment rate in Greece recorded a further decline in January 2025, reaching 8.9%, according to the latest Foundation for Economic & Industrial Research (IOBE) report.

Demand for Short Term Rentals in Greece Surges Ahead of Easter
Among the most popular Easter destinations from Good Friday to Easter Monday are Corfu, Hydra, the Peloponnese, Ioannina, Patmos, Loutra Edipsou, Kavala, Thassos, and Pelion

Opposition Reacts Strongly to Greek Government Reshuffle
PASOK's spokesperson, Kostas Tsoukalas, characterized the reshuffle as a clear indication of Mitsotakis' "strategic deadlock."