The Greek residential real estate market is showing clear signs of stabilizing after years of rapid growth. For the seventh consecutive quarter, the pace of property price increases has slowed—suggesting that the housing price rally is easing across Greece.

According to the Bank of Greece, property prices are now approaching the pre-crisis peak levels seen in 2008. However, growth has decelerated substantially—from a peak annual increase of 15.6% in Q1 2023 to just 6.6% in Q4 2024. Despite this slowdown, housing prices have cumulatively surged by 73% since their lowest point in Q3 2017.

A significant market trend in 2024 is the strong buyer preference for older properties. Nationally, over 66% of residential transactions involved homes more than 20 years old. In Athens, this figure is even higher at 82.9%, and in Thessaloniki, 80.6%. This marks a sharp pivot toward more affordable property options amid concerns over housing affordability and limited supply of new developments.

Why Older Properties Are Gaining Popularity—Especially Among Golden Visa Investors

As new build prices soar and inventory tightens—particularly in major urban centers—buyers are turning to older homes, which offer lower upfront costs and strong renovation potential. These types of investments are especially attractive to Golden Visa applicants, who are seeking properties that can be upgraded for value appreciation or short-term rental income.

In contrast, only 19.3% of all residential transactions in 2024 involved newly built homes (up to 5 years old). New properties are more commonly found outside of Athens and Thessaloniki, particularly in regions where construction activity is rising.

In Attica, new builds accounted for just 4% of home sales, while in Thessaloniki they made up 7.6%. However, in regional Greece, new developments represented 28% of all transactions—the highest share nationwide—indicating a growing appetite for modern housing solutions in secondary cities and rural areas.

Housing Affordability Remains a Key Issue

Although investment in housing construction increased by 29.1% year-on-year in Q4 2024, it remains relatively low as a share of GDP (just 2.7%). Limited availability of affordable, high-quality homes has elevated housing affordability to a pressing national issue.