The upward trajectory of prices in the housing market continues unabated into 2025. According to data from the Bank of Greece for residential properties, the second quarter of the year saw prices across the country post a new 7.3% increase compared to the same period last year. Particularly dynamic was the rise for older homes, which recorded an increase of 7.6%, compared to 6.8% for new builds. The shift of buyers toward properties over five years old is attributed both to their lower prices compared to new builds and to the restrictions imposed by the “My Home II” program.
Real estate: Older home prices soar with 7.3% increase in Q2 2025
According to reporting by Dorotheus Logothetis in the “Apogeumatini” newspaper, this year’s picture represents a reversal compared to previous years. In 2024, the average annual rate of price increases for new apartments was 10.2%, compared to 12.9% in 2023, while for older apartments it was 8.2% in 2024, down from 14.5% in 2023. Despite the slight deceleration, the price rally – for both new and older homes – continues almost uninterrupted for a decade now, resulting in prices having essentially doubled.
Although Greece continues to rank among Europe’s cheapest property markets, this primarily benefits foreign buyers in practice, who have higher incomes compared to Greeks. Indicatively, apartment prices alone increased at an average annual rate of 9% last year, while in 2023 the increase reached 13.9%.
Housing price surge in Thessaloniki and major cities – More restrained growth in Athens
According to second-quarter data, Thessaloniki emerges as the “champion” in housing price increases, with prices posting an 8.8% rise. Other major cities follow with 8.5% and other regions with 8.8%. In Athens, the growth rate is slowing, as prices increased by 5.9% from 8.5% last year, possibly indicating they have reached levels that most buyers struggle to follow, approaching the highs of 2007-2008.
Meanwhile, demand is strengthening for first homes in Northern Greece and vacation homes in the rest of the country. On an annual basis, price increases compared to 2023 were 8.5% in Athens, 11.6% in Thessaloniki, 7.5% in major cities and 10.7% in other regions.
