The housing market in Athens is entering a new phase of maturity, with prices continuing their upward trajectory but at notably more restrained rates. At the same time, four key investment trends are emerging that are expected to shape the direction of new residential developments in the coming years. According to Savills Hellas’ annual analysis of the capital’s housing market, the momentum of recent years is beginning to meet the limits of demand resilience, as asking prices now approach levels that test the purchasing power of many interested buyers.
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As characteristically noted, “asking prices are beginning to test the upper limits of demand resilience,” leading to a gradual normalization of the market’s growth rates. This picture is reflected in price trends over the past four years, based on a typical 90 sq.m. newly built apartment with two bedrooms and parking space.
In Piraeus, after an “explosive” rise of around 37% during 2021-2023, the increase was limited to approximately 20% for the 2023-2025 period. In the southern suburbs, the growth rate slowed significantly, from 26% in the 2021-2023 biennium to about 10% in the 2023-2025 period, with the market entering a phase of greater waiting and evaluation. In this area, where price levels for new properties are now particularly high, demand is mainly limited to high-income buyers, while the completion of the first residential phases of the major redevelopment at Hellinikon is expected to play a significant role. Even greater deceleration is recorded in the northern suburbs, where prices appear to have approached their upper limit after the sharp rise of previous years.
Demand – traditionally coming from domestic buyers and higher income brackets – now shows signs of fatigue, affected by increased price levels and reduced attractiveness of new purchases. Conversely, western suburbs and other Attica regions maintain their momentum, mainly because prices remained lower in previous years. This has led to greater spatial dispersion of demand, as more and more buyers seek newly built homes at more affordable price levels.
Meanwhile, central Athens continues to be a timeless attraction pole, ensuring market resilience in 2026 as well. Particular activity is recorded in the luxury housing category, where the chronic lack of quality stock is gradually beginning to meet consistently strong demand. In the most sought-after areas, prices remain on an upward trajectory and interest from international investors continues to strengthen. Indicatively, premium newly built properties in Kolonaki average 10,500 euros per square meter, in Vouliagmeni they reach 15,000 euros per sq.m., while in Paleo Psychiko they move around 10,000 euros per sq.m.
To the west, the most expensive area is Galatsi, at about 4,200 euros per sq.m., while in the east Nea Makri reaches 4,900 euros per sq.m. In Piraeus, prices for newly built properties are around 5,100 euros per sq.m., while in other Attica areas, such as Sounio, they reach about 8,000 euros per sq.m.
The new landscape in Athens housing market
Despite the market’s momentum, the biggest challenge for 2026 remains the persistent imbalance between supply and demand. Strong demand for new homes meets a limited volume of new developments, a situation worsened by uncertainty surrounding the New Building Regulation (NOK). Within this environment, Savills Hellas identifies four key investment trends shaping the new landscape in Athens’ housing market.
1) The shift to “green” properties
Sustainability is evolving from a secondary criterion to a key factor affecting property values. Energy-efficient, “green” buildings show significant premiums in both selling prices and rental yields. Conversely, older and unrenovated properties face the risk of value depreciation, accelerating the repurposing of old building stock through renovations and conversions to high-specification homes.
2) Build-to-Rent model development
The Greek housing market is gradually transitioning from fragmented private ownership to more organized investment schemes that develop homes exclusively for rental. The Build-to-Rent model offers investors stable cash flows and lower vacancy risk, while introducing a more professional housing management model, bridging the gap between luxury homes and old secondary stock.
3) The emergence of the “silver” economy
Another significant opportunity emerging by 2030 is developing residential products targeting the so-called “silver economy.” Greece is becoming an attractive destination for European retirees, yet the market still lacks specialized housing for this demographic group. Creating organized senior communities and wellness projects could constitute a significant development field for institutional investors, offering long-term and relatively stable returns.
4) Urban regeneration and transport infrastructure
Finally, urban regeneration of areas connected to major infrastructure projects plays a decisive role in market evolution. Piraeus has already evolved into one of the most dynamic residential destinations, functioning as a more affordable alternative to the Athenian Riviera. Meanwhile, Metro Line 4 projects create new investment interest in areas that until recently were outside the investment map, such as Kypseli.
Published in the Money pro supplement of Parapolitika
