Explore the shifting investor interest in Greece’s real estate market, highlighting standout regions poised for growth and lucrative opportunities.

The Greece’s real estate market is experiencing a robust renaissance, characterized by a notable upward trajectory in sales prices and an expanding demand across both traditional and emerging locales. This burgeoning interest presents a plethora of investment opportunities at a national scale. 

Historically favored regions, such as the Southern Suburbs of Athens, continue to captivate investors; however, a palpable shift is occurring towards regional hotspots like Chania and Lefkada. These areas are not merely picturesque; they are distinguished by their breathtaking natural landscapes, burgeoning tourism infrastructure, and promising yield prospects, rendering them particularly alluring to discerning investors.

Recent data indicates a steady ascent in real estate sales prices, underscoring the dynamic nature of the domestic market. This upward momentum can be attributed to a confluence of factors, including heightened demand from both domestic and international buyers, constrained supply in select areas, and the overarching enhancement of the real estate landscape through strategic investment initiatives and public infrastructure projects. In stark contrast, the rental market exhibits relative stagnation. While rental prices remain elevated in certain locales, the broader trend suggests a stabilization, attributable to both saturated demand and an influx of rental properties, particularly in less central areas.

These evolving trends underscore the diversification of the Greece’s real estate market, which is no longer confined to urban epicenters but is increasingly permeating more remote regions, with tourist and coastal zones gaining prominence on the investment radar. According to Spitogatos data for the fourth quarter of 2024, property sales prices in Greece are on a pronounced upward trajectory, while the rental market reflects stabilizing trends. The most significant price surges are observed in the southern suburbs of Attica, Piraeus, and their adjacent areas, with Lefkada and Chania emerging as standout regions.

The average increase in asking sales prices reached an impressive 7.9% compared to the same quarter in 2023, alongside a 2.2% rise relative to the third quarter of 2024. In the rental sector, average prices have escalated by 5.8% year-on-year, maintaining a steady pace in comparison to the preceding quarter. The confluence of heightened buyer and investor demand, coupled with the anticipated rollout of the housing initiative “My House 2,” is poised to further bolster the market’s resilience.

The continuous upward trajectory of the real estate sector is underpinned by several pivotal factors, chief among them being the surging interest from both domestic purchasers and foreign investors. Properties situated in strategic locales, particularly within the major urban centers of Attica and Thessaloniki, as well as sought-after tourist destinations, are garnering the lion’s share of attention. Concurrently, the impending implementation of the housing program “My House 2” is expected to amplify demand, particularly for properties that align with the program’s criteria.

When examining the most expensive regions for property acquisition in Greece, the Southern Suburbs of Attica reign supreme, followed closely by the Cyclades and the Northern Suburbs of Athens. Lefkada has also witnessed a significant uptick in prices, fueled by its burgeoning status as a tourist magnet, while Chania has ascended to the ranks of the five most expensive areas. In the rental domain, the Southern Suburbs again lead the pack with the highest average asking prices, trailed by the Cyclades, the Northern Suburbs, the heart of Athens, and Piraeus. The allure of these regions can be attributed to their strategic locations and the superior quality of available housing.

Conversely, for those in pursuit of more economical options, the Prefectures of Kastoria, Kozani, Karditsa, Florina, and Kilkis emerge as the most affordable locales for property acquisition. In the rental market, the lowest prices are predominantly found in Kilkis, the remainder of the Thessaloniki Prefecture, as well as in Pella, Imathia, and Kastoria.

Focusing on Attica and Thessaloniki, Vouliagmeni stands out as the priciest area for property purchases, boasting an average asking price of €7,216 per square meter, followed by Voula, Glyfada, Kolonaki-Lycabettus, and Elliniko. The rental landscape mirrors this trend, with Vouliagmeni commanding the highest average price at €19.9 per square meter, while Filothei, Kolonaki-Lycabettus, and Vari-Varkiza complete the list. In Thessaloniki, the most expensive areas for home purchases include Kalamaria (€2,917 per square meter), the city center (€2,778 per square meter), and Pylaia (€2,634 per square meter). The rental sector in Thessaloniki sees the highest prices in the city center (€10.5 per square meter), followed by Vardaris-Lahanokipoi and Ano Poli.

Remarkable increases in average asking sales prices have been recorded in areas such as Tampouria-Agia Sofia (+27.6%), Ano Patisia (+25.5%), and Drapetsona (+23.2%) in Attica. In Thessaloniki, Menemeni has experienced a 22.0% increase, while the Voulgari-Depo-Martiou area has seen a 20.0% rise. Collectively, these trends affirm the strengthening of the Greek real estate market, which is evolving into an increasingly competitive and attractive landscape for investment. The interplay of price increases and dynamic demand positions the Greece’s real estate market as a focal point for both domestic and international investors, thereby propelling the nation’s economic growth.