The Greek real estate market is showing signs of cooling in 2026 following an eight-year period of price growth, according to the Bank of Greece.
According to preliminary data from the Bank of Greece, annual growth in apartment prices in the country slowed to 5.7% in the first quarter of 2026. By comparison, housing prices rose by an average of 8.1% in 2025, and growth stood at 9.1% in 2024.
Despite the slowdown, Greek real estate continues to rise in value and remains one of the most active markets in Southern Europe. Demand is supported by tourism, foreign buyers, the investment residency program, limited supply of quality housing, and economic recovery following the debt crisis.
According to the Greek publication Proto Thema, the market is already showing the first signs of stabilization: sellers are becoming more willing to negotiate, price growth rates are slowing, and in certain segments, owners are adjusting their expectations. In 2026, there was also a slight decline in land prices across the country—by 1.7% year-over-year.
Demand remains strongest in Athens, Thessaloniki, on the islands, and in popular coastal areas. At the same time, the market is becoming more selective: buyers are evaluating location, property condition, rental potential, and renovation costs more carefully.
One factor contributing to the cooling trend is the change in the terms of the “Golden Visa” program. Greece has raised investment thresholds in the most sought-after areas, including Athens, Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100 people. This has partially reduced demand for standard apartments in expensive locations and increased interest in renovation and redevelopment projects, as well as alternative regions.
At the same time, the market is facing a problem with housing affordability for local residents. Price and rent increases in Athens and other major cities in recent years have outpaced household incomes. Reuters previously noted that the housing shortage in Greece’s major cities is estimated at approximately 180,000 units, while short-term rentals and foreign investment are putting further pressure on the market.
According to Global Property Guide, the market’s recovery began after Greece exited its bailout program and continued following the pandemic, as demand was supported by economic growth, tourism, the return of mortgage lending, and foreign capital.
Foreign buyers remain a key factor in the Greek market. According to RE/MAX Greece, in Attica—including Athens and the Athenian Riviera—Israelis lead the pack among foreign buyers, followed by Turks and Lebanese; there is also a notable presence of buyers from China and Ukraine.
In Thessaloniki, Israelis also rank first among foreign buyers, while the top five includes citizens of Bulgaria, Germany, Turkey, and Albania. In the rest of Greece, Germans constitute the largest group of foreign buyers, followed by Bulgarians and French, as well as buyers from Israel and Turkey.
