Review of the Greek property market 2024

2024 was yet another dynamic year for the Greek property market, with marked shifts, diversified demand and a continuation of the upward trajectory of prices. Despite international challenges, such as high inflation and geopolitical uncertainty, the Greek market showed remarkable resilience and attracted investment interest, both from domestic and from foreign buyers.

Prices and Trends

The housing market across the country recorded a significant rate of increase according to data from the Bank of Greece, with the result that apartment prices strengthened by 8.7% compared with 13.8% in 2023. In terms of geographical distribution, according once again to the same source, Thessaloniki recorded an average annual rate of increase of 11.2%, Athens 8.2% and the rest of the country 10.6%. Newly built homes (up to 5 years old) saw an increase in the average annual rate of 10.1%.

In 2024, 42,745 contracts were posted in the Property Transfer Values Register, compared with 39,107 in 2023.

Who is buying and what they are looking for

Demand is focused mainly on:

• Newly built apartments with energy efficiency and modern infrastructure.
• Renovated properties in urban centres, with the aim of generating income through long-term or short-term rentals.
• Homes in seaside areas and tourist destinations purchased by foreign investors, particularly from EU countries, the Middle East and the USA.
• The interest of foreign investors remains particularly active and is confirmed by the applications for the GOLDEN VISA through the data of the Ministry of Migration Policy. The residence permits issued and pending reached 9,381, compared with 8,426 in 2023.

Construction

Building activity continued to recover, but it does not yet fully meet demand. Delays in licensing, the increased prices of raw materials and labour costs remain obstacles to accelerating construction.

Newly built homes (up to 5 years old) saw an increase in the average annual rate of 10.1%. A shift can be observed towards the regeneration of existing properties and investments in old buildings with the aim of converting them into energy-efficient homes or tourist accommodation.

Foreign Investors & Tourism Real Estate

Greece remained an attractive destination for foreign real-estate investment, particularly in sectors such as:

• Luxury homes and villas.
• Hotel units and tourist complexes.
• Airbnb and short-term rentals.

Tourist areas, such as Mykonos, Santorini, Paros and Crete, continue to attract strong investment interest, with prices recording impressive increases.