What are the Residential Property Prices in Greece at the End of 2024? REALTING Analytics

Situated in the south of Europe and washed by three seas, Greece is a popular tourist country — its economy largely depends on tourism. Greece is also very attractive for real estate investments: real estate prices have been growing here for 7 years, and foreign investments are growing along with them.

In this article, we will take a detailed look at how Greek real estate prices have changed since 2007, analyze the current cost of housing in different regions of the country — from Athens to popular islands, and assess the scale of foreign investment in the local real estate market.

Dynamics of Greek Real Estate Prices

Until 2007, Greek residential property prices showed steady growth, but the World Economic Crisis that began in 2008 collapsed the Greek economy, causing housing prices to fall as well. Greece was in an economic crisis until 2015, during which time property prices fell almost twofold.

Since 2016, the Greek economy has gradually begun to recover, and with it, the real estate market has begun to revive. Based on the results of 2023 and 2024, we can say that housing prices have surpassed pre-crisis levels in almost all of Greece, and in popular tourist areas, prices have significantly exceeded the 2007 level.

According to data from the Bank of Greece, residential property prices in Greece have been rising for the seventh year in a row. The price increases were observed even during the pandemic. The Bank of Greece provides the following house price indices:

• In Athens, the residential property price index for the third quarter of 2024 was 106.7; over the year, prices have increased by 7.7%.
• Thessaloniki’s house price index stands at 99.9; the annual growth rate was 12.1%.
• The residential property price index for other cities in Greece (excluding Athens and Thessaloniki) for Q3 2024 was 93.2, up 4.9% from Q3 2023.

Along with the general housing price index, the Bank of Greece publishes an index of apartment prices by age:

• The overall apartment price index for Q3 2024 was 100.9, up 7.8% from Q3 2023.
• The price index for new apartments less than 5 years old was 106.9, a year-on-year increase of 9.8%.
• The price index for apartments older than 5 years was set at 97.2 in Q3 2024; the annual growth rate was 6.6%.

Foreign Investments in Greek Real Estate Over the Last 8 Years

As the Greek economy began to recover from a deep economic crisis in 2016, foreign investment in real estate began to grow at a rapid pace. The Golden Visa program played a significant role in this: it is worth noting that the program was launched back in 2013, but it was in 2016 that interest in it began to actively increase.

Thus, if in 2016 foreign direct investment in Greek real estate amounted to 222.4 million EUR, then in 2017 it was 414.7 million EUR (an increase of 1.9 times over the year), and in 2018 investments amounted to 1128.2 million EUR, which is 2.7 times more than in 2017.

According to the Bank of Greece, in 2023, foreign direct investment in real estate in Greece amounted to EUR 2,133.1 million (almost 10 times more than in 2016). For Q1—Q3 2024, real estate investment amounted to EUR 1,925.8 million; data for Q4 2024 is not yet available, but it is already safe to say that 2024 will overtake 2023 in terms of real estate investment.

Cost of housing in different regions of Greece

Based on residential property listings posted on the Realting platform, we have analyzed the average prices in different areas of Greece by the end of 2024.

Thus, the analysis of the Greek real estate market at the end of 2024 shows significant regional differences in prices — from USD 1,368 per square meter in the municipality of Katerini to USD 3,909 in the Aegean Islands. The highest prices are recorded in tourist regions and on the islands, as well as in the suburbs of Athens, where a square meter of an apartment costs an average of USD 3,886.

The steady growth in prices, coupled with the increase in foreign investment, which in 2024 exceeded the previous year’s figures, demonstrates the high attractiveness of the Greek real estate market for international investors.