The Greek real estate market is booming. In 2024, property prices throughout Greece continued their upward trend, showing an average increase of 6.5 percent compared to the previous year, according to data from RE/MAX Hellas, the largest real estate network in the country. This rise was consistent across all property categories, irrespective of their construction year.
The robust growth of the real estate market is underscored by RE/MAX Hellas‘s report of a 35.6 percent increase in total sales for the year, alongside a 28.7 percent rise in transaction volumes. This momentum was fueled by strong demand and constrained supply dynamics.
Breaking down the data further, newly built properties (less than five years old) saw prices surpassing 3,000 euros per square meter on average, reflecting a 6.1 percent annual increase. Older properties also saw significant gains, exceeding 2,000 euros per square meter with a 6.8 percent rise.
This positive trend extended beyond major cities to popular tourist destinations, driven by sustained demand from both domestic buyers, who view real estate as a secure investment, and an increasing number of foreign investors seeking vacation homes, retirement properties, or business opportunities in Greece.
Regionally, in Attica, prices for older properties rose by 6.5 percent, while new properties increased by 6 percent. In the Athens-Piraeus area specifically, newly built properties averaged 3,706 euros per square meter, with older properties averaging 2,460 euros per square meter.
Thessaloniki, Greece’s second-largest city, experienced similar trends, with newly built properties averaging 2,597 euros per square meter (up 6.1 percent) and older properties reaching 1,798 euros per square meter (up 6.4 percent). The rest of Greece also saw significant price increases, with older properties averaging 1,759 euros per square meter (up 7.6 percent) and new properties averaging 2,723 euros per square meter (up 6.3 percent).
Overall, these figures highlight the dynamic growth and attractiveness of the Greek real estate market in 2024, driven by a combination of local and international demand amid limited supply conditions.
While Greeks complain about house prices and rentals going through the roof, there is great interest from foreign buyers in several parts of Greece.
Foreign investors, digital nomads, and Golden Visa seekers constitute a burgeoning niche in the housing market.
Based on Bank of Greece research, the main driving force behind increasing house prices is rising construction costs. Simultaneously, the Golden Visa program and annual increase in tourist arrivals also correspond to a growth in the construction sector and hence housing prices.
Related: Eight Good Reasons to Invest in Real Estate in Greece
