New dynamics are taking shape in the Greek real estate market in the early months of 2025, as interest from investors and buyers is shifting away from the traditionally pricey neighborhoods of Athens and the southern suburbs toward the western districts and Piraeus. Data from the Independent Authority for Public Revenue (AADE) and the Real Estate Transfer Registry depict a new reality, in which the commercial value of properties remains comparatively affordable, drawing both domestic and foreign investors. This shift applies both to owner-occupation and to exploitation through rentals or programs like the Golden Visa.

The year 2024 marked a milestone for the real estate market, with sales reaching 42,745 transactions worth a total of €4.07 billion. Taxes collected from property transfers soared to €656.49 million, a 26.2% increase compared to 2023—proof of the market’s vitality and strong investment activity. Foreign investors played a dominant role, channeling over €2.5 billion into the market, with the highest prices recorded in areas such as Glyfada, Vouliagmeni, Voula, Kifisia, Palaio Psychiko, and Filothei. At the same time, the Municipality of Athens saw the most transactions, with 5,903 sales totaling €514.5 million.

A Shift in Interest
As 2025 begins, trends clearly indicate a shift in interest toward more affordable markets. The western suburbs of Athens and Piraeus have become new protagonists, as property prices—while higher than in previous years—remain lower than those in the northern and southern suburbs. Rising demand for family housing is reinforcing this change. Foreign investor interest remains steady, particularly from the United States, the United Kingdom, and Germany.

Investment preference is particularly strong for properties located near public transportation hubs such as metro and tram stations, making areas with good accessibility especially attractive.

Piraeus is showing the greatest increase in sale prices, with average asking prices up by 84% since 2019.

Major investments in upgrading the coastal zone, changes in the Golden Visa program, and growth in the tourism and commercial sectors are fueling the rapid price increase. In the western suburbs, areas such as Aigaleo, Peristeri, and Ilion are also seeing steady property price growth. For instance, in Peristeri, where the average sale price in 2019 was €1,200 per sq.m., prices now approach €1,900 per sq.m.

Thessaloniki is also experiencing significant changes, with the operation of the metro having a decisive impact on property values in areas near stations.

Demand for real estate in Greece’s second-largest city is clearly on the rise, with particular interest recorded in neighborhoods near universities and commercial hubs. Investors prefer small apartments in the city center, as well as properties suited for short-term rentals. Recent data from the Bank of Greece shows double-digit increases in apartment prices during the third quarter of 2024, with hikes reaching 12.1%.

A study by Kapa Research for the Panhellenic Federation of Property Owners (POMIDA) confirms that investors are focusing on apartments and single-family homes, while plots of land and commercial properties are drawing less attention. Regionally, Attica remains the top preference, though coastal locations throughout the country and major urban centers are gaining ground.

Rental Market
At the same time, demand for rental properties remains high, which continues to drive rent prices upward. The most expensive areas for renting remain Vouliagmeni, Glyfada, Palaio Psychiko, and Filothei, with prices exceeding €15 per sq.m. On the flip side, the most affordable rental areas are Perama, Acharnes, Kryoneri, and Agioi Anargyroi, where prices range from €6.9 to €7.3 per sq.m.

According to POMIDA, renovating and utilizing properties is key to stabilizing prices and increasing supply. Moreover, the study shows that short-term rentals via Airbnb are losing ground, as investors now assess the returns from long-term leases.

Also noteworthy is the forecast for property prices. The study reports that 75% of participants expect prices to continue rising over the next two years. But what does the market data say?

According to figures from indomio.gr for February, the average asking sale price reached €2,543 per sq.m., marking a 1.64% increase compared to the same month in 2024 (€2,502 per sq.m.). The peak of the past two years was recorded in November 2024, when the average price hit €2,569 per sq.m.

Market Variability by Region
The property market shows significant variation depending on the area.

The Aegean Islands record the highest asking sale prices at €3,329 per sq.m., while Thessaly holds the lowest in the country at €1,246 per sq.m. Similarly, in the rental market, the Attica region is the most expensive at €11.94 per sq.m., while Central Greece shows the lowest average price at €5.99 per sq.m.