Apartments in Greece are 5.5% more expensive than a year ago — and the fastest growth isn't in Athens

Every quarter I wait for the Bank of Greece data. For me it is the most reliable guide to home prices in the country: the index is built on data from banks, not on asking prices in listings, where a seller can write any number they like. The new figures for the second quarter of 2026 came out in mid-September, and I want to go through them calmly.

The main point: prices are rising, but more slowly

• In the second quarter of 2026, apartments in Greece cost on average 5.5% more than in the same period last year.
• In the first quarter, growth was 5.7%.
• And the average for 2025 was 8.3%.

So prices keep rising, but at a noticeably calmer pace. To me that is good news: the market is not overheating, it is settling into a steadier rhythm. When prices run ahead of wages, everyone gets nervous. Moderate growth is simply a market living a normal life.

Where prices are rising fastest

The most interesting part of the report is the regional breakdown. In the second quarter:

• Athens: +5.0%
• Thessaloniki: +4.7%
• Other large cities: +5.4%
• The rest of Greece (small towns, the coast, villages): +7.1%

So prices are growing fastest where homes are still cheaper — outside the big cities. I think that makes sense: prices in Athens are already high, and buyers are increasingly looking at the coast and smaller towns. People don't want a prestigious address in the capital; they want the sea, peace and quiet, and a sensible budget.

New builds and older homes

New apartments (up to five years old) went up by 6.2%, older ones by 5.0%. There aren't many new builds in Greece, and buyers are willing to pay more for them: energy efficiency, a lift, parking and no renovation.

But an older home is by no means a bad option. You just need to add the renovation to its price straight away. I bought a house in Greece myself and I am restoring it, so I know: the low price of an old house is not the final cost. Greek analysts warn about the same thing: sometimes the renovation costs more than the difference compared with a good, ready home.

What about rentals by the sea?

If you are buying to rent to tourists, it's worth looking at short-term rentals too. The Hosthub platform analysed more than 17,000 properties for January–September 2026:

• the average nightly rate in Greece is €121.5, 7.9% higher than a year earlier;
• average occupancy is about 35%;
• Thessaloniki has the highest occupancy — 46.7% — with an average night at €65;
• in Crete it's €145 a night with occupancy of about 30%.

The analysts' conclusion: in 2026, income is growing mainly because of price, not because there are more guests. So when I calculate yield, I wouldn't assume the apartment will be booked all summer, let alone all year.

What this means for buyers

1. No bubble, no panic. Growth of 5–6% a year is a calm market. But judging by these figures, there's little reason to wait for prices to fall either.
2. The nicest prices are outside Athens. But that is exactly where they are rising fastest now, so I wouldn't put off a purchase for long.
3. Count the full cost. For an old house — the renovation; for any purchase — tax, notary and lawyer. And if you are from outside the EU, keep in mind that Greece plans to raise the property purchase tax from July 2027 — I wrote about it yesterday.
4. Be careful with rental yield. Use the real occupancy for your area, not the best month of the season.

My take

The Greek market is growing up: prices are rising, but without last year's race. For buyers this is probably a comfortable time — you can choose calmly, negotiate and check the documents instead of grabbing the first thing that comes along. If you are looking at Northern Greece or the coast, write to me — I'll put together options for your budget.