In February 2026, Greece saw the average interest rate on mortgage loans with fixed terms up to five years drop to its lowest level in nine years, according to data from the European Central Bank (ECB). Specifically, it fell to 2.95% from 3.13% in January, breaking the 3% barrier for the first time since early 2017, when ECB lending rates were zero (currently 2.15%).
Read: ECB: Keeps interest rates unchanged at 2% due to Middle East war – “Upward risks for inflation”
Greece is the fifth cheapest country in the eurozone in this loan category, according to the same data, a category that is among the most popular choices for mortgage borrowers during the current period.
Banks: Fixed mortgage rates at 9-year low, Greece among eurozone’s cheapest countries
European Central Bank data shows an average mortgage interest rate, fixed up to five years in the eurozone at 3.37%, with Greece ranking among the five cheapest countries. The top five comprise Malta with 1.71%, Portugal with 2.72%, Bulgaria with 2.90%, Croatia with 2.92%, and Greece with 2.95%.
On the opposite end, the most expensive countries in this loan category include Latvia with 8.41%, Estonia with 6.34%, Lithuania with 5.94%, the Netherlands with 3.73%, and Belgium with 3.73%. In the three largest eurozone economies, the average fixed mortgage rate up to five years was 3.63% in Germany, 3.53% in Italy, and 3.31% in France in February 2026.
Mortgage credit in Greece, after several years of negative net flows, turned positive from October 2025, and according to the latest available data from the Bank of Greece, the twelve-month change in mortgage loans in February 2026 reached +1.1%.
Furthermore, according to converging bank estimates, the average mortgage loan amount in Greece exceeds €100,000, while the high approval rate for mortgage loan applications is particularly noteworthy, exceeding 85% in recent months and reaching 90%. This development reflects both the improved quality of applications and a more mature and conscious approach by borrowers toward mortgage credit.
Source: APE-MPE
