Greek Property Market Reaches New Heights Beyond Pre-Crisis Levels

The Greek real estate market has officially moved into a new era, as housing prices across the country have surpassed their pre-2008 financial crisis peak. This milestone signals a full recovery of the sector, but it also highlights growing affordability challenges for buyers.

Data from the Bank of Greece shows that by the end of the third quarter of 2025, residential property prices nationwide were 7.14% higher than in 2008. Even more striking is the long-term rebound since the market bottomed out in 2017, with prices rising by approximately 86% over that period. While this growth reflects renewed confidence in the Greek economy, it has significantly reduced purchasing power for many households.

Strongest Price Pressure in Attica and Major Cities

The sharpest increases have been recorded in Attica, where property values now stand 12.5% above 2008 levels and more than double (+103%) compared to 2017. Thessaloniki has followed a similar trajectory, with prices climbing close to 100% since 2017 and exceeding their pre-crisis peak by 5.7%.

Within Athens itself, several districts—including the city center as well as the southern and northern suburbs—have seen prices rise by 20% to 30% compared to 2008. This surge has been fueled by a combination of strong domestic demand, increased foreign investment, and sustained interest in short-term rentals and new developments.

Athens Joins Europe’s Top Cities for Residential Property Growth

Rising prices have placed Athens among the most expensive European cities when housing costs are measured against income. According to a recent Deloitte study, Athens ranks second in Europe in terms of the number of working years required to purchase a newly built home.

To buy a 70-square-meter apartment, an average buyer in Athens needs 15.3 years of wages, a figure nearly identical to Amsterdam’s 15.4 years. The average price for new properties in the Greek capital has reached €8,475 per square meter, reflecting an annual increase of 10.1%.

Across Attica, newly constructed homes are sold at an average of €4,100 per square meter, placing the cost of a typical 70-square-meter apartment at around €287,000. This price level is 2.28 times higher than the national average, which stands at approximately €1,800 per square meter.

A Market at a Crossroads

While the Greek housing market’s recovery is a positive sign for investors and property owners, affordability has become a critical concern. With wages struggling to keep pace with price growth, many potential buyers are being pushed out of the market, particularly in urban centers.

As demand remains strong and supply limited, the coming years will be decisive in determining whether Greece can balance continued investment appeal with sustainable housing access for its residents.