Greece’s housing market continues its extraordinary ascent, defying expectations and solidifying its position as one of Europe’s most dynamic real-estate environments. According to the latest report by the National Bank of Greece, residential sale prices recorded another strong increase in 2025, extending an already historic rally that began after the market bottomed out in the third quarter of 2017.
From that low point, sale prices nationwide have now surged by an astonishing +86%, underscoring the sector’s resilience, investment appeal, and structural transformation over the past eight years. With this trajectory, Greece has decisively left behind the prolonged downturn of the fiscal-crisis era—and has now surpassed even the highs of 2007–2008.
The National Bank’s data reveals a clear trend:
Greek housing prices in Q3 2025 stand 7.1% higher than the pre-crisis peak of 2008.
This marks a symbolic and structural shift. Despite inflationary pressures, geopolitical disturbances, rising construction costs, and higher interest rates across Europe, the Greek property market continues to strengthen.
Demand is buoyed by:
Domestic buyers returning to the market after a decade of hesitation
Foreign investors drawn to Greece’s Golden Visa scheme, lifestyle appeal, and tourism performance
Rising interest in short-term rental income
Limited supply of new developments in major urban centers
The combination of high demand and constrained supply has pushed prices to historical records.
Athens was the first city to break through its historic ceiling, surpassing the “golden decade” valuation peak as early as late 2023–early 2024. Its rapid appreciation, driven by urban regeneration projects, foreign investment inflows, and renewed local demand, set the tone for the nationwide rally.
In 2025, Thessaloniki has officially reached its highest real-estate valuation in history, following Athens’ lead. The momentum has now spread beyond the major metros:
Urban centers across the country
High-growth regional cities
Tourism-driven coastal and island markets
All have now surpassed their pre-crisis peaks. This means that no geographic area in Greece remains below its 2007–2008 valuation levels—a first since before the fiscal crisis.
The year-on-year increase in Q3 2025 reached 7.7% nationwide, marking an acceleration compared to earlier quarters and reinforcing the market’s upward trajectory. This growth is even more noteworthy given the broader European context, where many countries are experiencing stagnation or price declines.
One of the most striking findings of the current report is the divergence between price trends for different age categories of housing.
Older properties (over 5 years old): +8.5% y/y
Newly built homes: +6.6% y/y
This reversal of the typical pattern—where new builds often lead price growth—highlights the market dynamics in Greece:
Limited construction activity in the past decade has created scarcity.
Renovated older homes, especially in central locations, are in high demand.
Investors increasingly seek value opportunities in pre-existing housing stock.
The faster appreciation of older homes signals both the strength of the buyer pool and the lack of adequate supply.
Several structural factors contribute to the continuing rally:
New construction volume remains significantly below pre-2008 levels, creating chronic shortages in high-demand areas.
Greece has become a hotspot for American, European, Middle Eastern, and Asian investors seeking lifestyle properties and asset diversification.
Short-term rental platforms continue to amplify demand in urban centers and tourist destinations.
Major redevelopment projects in Athens and other cities are pushing surrounding property prices higher.
Improved economic stability and greater bank lending activity have reactivated Greek buyers.
The Greek housing market of 2025 is fundamentally different from the pre-crisis era. It is more international, more diversified, and increasingly positioned as a premium Mediterranean destination for investment and lifestyle.
The remarkable +86% cumulative growth since 2017 is not merely a rebound—it reflects a structural realignment of real-estate values, driven by long-term demand and limited supply.
With Thessaloniki, Athens, and now most regional markets reaching their historical highs, the rally shows no signs of fatigue. If demand continues at current levels and supply constraints persist, prices are likely to remain on an upward path in the coming years.