After a period of stagnation marked by Greece’s financial crisis, Greek banks have returned to a steadily growing pace of mortgage lending.

In 2024, according to converging estimates from banks, new mortgage disbursements reached €1.8 billion, an increase of approximately 38% compared to 2023, when €1.3 billion had been granted. This growth comes after the market had hit historic lows, with just €300 million disbursed annually during the height of the crisis, later rising to €600 million in 2020, marking the start of a gradual recovery in new disbursements.

The positive trend continued in the first four months of 2025, with disbursements exceeding €500 million. Bank estimates suggest that this year’s performance will surpass even last year’s figures, partly due to the boost provided by the “My Home II” program. Currently, the average mortgage ranges between €110,000 and €120,000, while the approval rate for new applications exceeds 70%. As banking officials have publicly stated, the banking system has upgraded its infrastructure and loan assessment units, employing trained personnel and modern systems that allow for faster and more reliable credit evaluations of prospective borrowers. However, officials acknowledge that the rapid return of mortgage lending faces the challenge of limited property supply relative to demand — a problem expected to ease gradually thanks to government interventions.

The average mortgage now stands at around €120,000, with an approval rate approaching 80%, as most applicants have no outstanding obligations that could negatively affect their evaluations. The typical borrower profile is someone aged 35-50, often with one or two children, seeking to purchase a primary residence between 80 and 120 square meters.

What Properties Did Buyers Choose in 2024?

So, what properties are Greeks choosing to buy? According to data collected by real estate agency RE/MAX Hellas for 2024, buyers continue to prefer older and more affordable homes over newly constructed properties. This conclusion is based on thousands of transactions conducted last year by its 86 offices across the country. Once again, residential properties dominated buyers’ choices, accounting for 77.1% of all nationwide sales. Plots and farmland followed with 18.2%, while commercial properties such as offices and shops represented just 4.7% of total transactions.

Regarding the age of properties, 66.1% of residential properties sold in 2024 were over 20 years old. This trend is attributed to buyers seeking affordable homes, where even after renovation, the total investment may yield significant added value in the future.

Meanwhile, newly built properties (up to 5 years old) accounted for 19.3% of total sales — a significant increase compared to 2023, indicating a gradual rise in demand for modern homes, particularly in areas with increased new construction activity.

In Attica, according to RE/MAX Hellas data, the dominance of residential properties was even stronger, making up 87.6% of all real estate sales. Commercial properties accounted for 6.7%, and plots for just 5.7% of total sales.

Regarding property age in Attica, 82.9% of sold homes were over 20 years old, while new constructions accounted for only 4%, reflecting the limited availability of new properties in the greater Athens area and the strong demand for more affordable options.

Thessaloniki follows similar trends, with residential properties representing 88.2% of total sales and commercial properties 8.4%. Plots accounted for 3.4% of properties sold last year. In terms of property age in Thessaloniki, 80.6% of sold homes were over 20 years old, while new constructions reached 7.6% — a higher percentage than in Attica.

In the rest of Greece, the picture is slightly different. Residential properties still represent the main choice of buyers at 71.7%, but plots and farmland hold a stronger share at 25%. Commercial properties attracted just 3.3% of total buyers.

Nevertheless, while older properties continue to be preferred in the regions, the trend is milder. 56.2% of homes sold were over 20 years old, while new properties reached 28% — the highest rate nationwide.

The RE/MAX Hellas survey for 2024 buyer preferences confirms, according to the company, that buyers continue to primarily acquire residential properties, with a strong preference for older homes due to cost. However, demand for new homes is gradually increasing, especially outside Attica. At the same time, investment in land remains an important option, particularly in regional areas.