Greek Residential Property Prices Up 7.7% in Q3 2025, With Thessaloniki Outperforming Athens

Residential property prices in Greece continued to rise in the third quarter of 2025, with apartment prices increasing 7.7% year-on-year, according to provisional data from the Bank of Greece. Although the pace has slowed compared with the strong growth of 9.1% in 2024 and 13.9% in 2023, the market remains resilient and demand continues to support prices.

Old Apartments Driving Growth

Price increases were stronger in older apartments, continuing a trend that has emerged in 2025:

• Old apartments (over 5 years): +8.5%

• New apartments (up to 5 years): +6.6%

This comes after two years where new apartments generally recorded higher or comparable growth, highlighting a shift in buyer preferences and market dynamics.

Thessaloniki Leads the Regional Market

The regional breakdown shows that Thessaloniki is now the fastest-growing urban market:

• Thessaloniki: +9.6%

• Other cities: +8.9%

• Other areas of Greece: +8.5%

• Athens: +6.6%

Athens, traditionally the main driver of housing price increases, posted the most moderate growth in Q3 2025. By contrast, Thessaloniki has shown strong momentum for the second consecutive year, following an 11.7% rise in 2024.

Data Foundation

The Bank of Greece index is based on 950,900 property valuations collected from credit institutions, covering apartments, houses, maisonettes and land plots. These valuations include both market prices and detailed property characteristics, offering a comprehensive picture of the real estate market.