Real estate prices are projected to reach new peaks in both this year and 2025, though the growth is expected to be less dramatic compared to the rapid surges of previous years, with key drivers including increased interest from foreign buyers through the Golden Visa program, growing demand for homeownership, and the rising appeal of property as an investment.

The outlook for the Greek real estate market remains positive, with factors such as tourism, infrastructure upgrades, and the renewal of building stock contributing to the sustained rise in prices. It is also important to note that data from the Golden Visa program and other indicators reflect the market’s momentum in 2023 and early 2024. In the first quarter of 2024, foreign direct investment in Greek real estate reached €520 million, a 4.6% increase over the same period in 2023.

The five most expensive areas in Greece for home purchases are the Southern Suburbs, Cyclades, Northern Suburbs, Lefkada, and Piraeus. Construction activity, based on ELSTAT data, surged during January-February 2024, with a 47.3% increase in buildable volume and a 60.9% rise in permits issued.

The Bank of Greece (BoG) forecasts further price growth in its Monetary Policy report, citing positive expectations for the real estate market, driven by tourism, infrastructure, and the renewal of housing stock. Even if the pace of price increases slows in the coming quarters, the upward trend is expected to continue due to supply-demand imbalances.

Real estate prices today are notably higher than in 2017, with the gap widening in 2024. Prices in popular Attica neighborhoods have more than doubled, with southern suburbs being the standout, attracting significant foreign investment, especially with the ongoing Ellinikon project, driving prices above €3,800 per sq.m. in the first quarter of the year. Major increases have been observed in areas like Ellinikon, Alimos, P. Faliro, Glyfada, and Voula.

Piraeus has also seen significant growth, largely due to the Metro expansion. The average sale price in Piraeus is now €2,556 per sq.m., with central Piraeus experiencing a 36% rise, and nearby areas like Tambouria-Agia Sofia and Drapetsona seeing increases of 33.8% and 31.6%, respectively.