In listings, the “brake” on the upward momentum of housing prices is already reflected in the prices set by owners, while for the first time in 2026 there is a nationwide decline in land prices—albeit small, at 1.7%—compared with the same period in 2025.

In short, after a full eight-year period of continuous increases in housing prices—from 2018 to today—and despite continued interest from abroad, the Greek housing market in 2026 is showing signs of gradual slowdown.

Selling prices are still rising, but at clearly more moderate rates, and it remains to be seen during the year whether and where declines will occur, given the opposing forces in the market: on the one hand, the uncertain environment and pressure on the incomes of prospective buyers—mainly Greeks—and on the other hand, the continued rise in construction material costs due also to the geopolitical crisis. Real estate agents argue that the increase in construction costs combined with already high land prices leaves no room for developers to reduce prices in new builds, which also drags older homes along.

Nevertheless, listings data show declining momentum, a trend that applies not only to home sales but also to rents. In the rental market, for the first time, decreases are also being recorded compared to a year earlier in specific parts of Attica, such as Piraeus, as well as in expensive areas like the Cyclades.

Despite this, the market continues to operate at high levels, having overall shown further growth in 2026, especially since Greek real estate continues to expand its international footprint with strong foreign demand.

An interesting aspect of this is the displacement of Germans from the top position in searches for homes in Greece, with buyers from across the Atlantic, including the Greek diaspora, now taking first place.

The slowdown

Regarding market trends, as reflected in listing data processed by the Spitogatos network, the first key observation is the slowing rate of price increases this year compared to last year, and also compared with the corresponding period of 2025 versus 2024.

“It appears that 2026 will be the last year with increases and possibly even declines, something we haven’t seen for many years. Sellers are beginning to show willingness to reduce prices, as seen in listings,” says Dimitris Melachrinos, co-founder and CEO of Spitogatos.

The listings network, which marks 20 years in the market this year and recently participated in the 6th Premium Real Estate Expo, analyzed early 2026 trends based on listings, which confirm the decelerating trajectory of housing prices—an indication that both the market and buyers’ purchasing power are reaching a ceiling.

Key indicators confirm this:

• Asking sale prices for homes this year remain on an upward trend at +7.9% vs 2025, but with slowing momentum, compared to +8.8% in the first quarter of 2025 vs 2024. A similar trend is seen in commercial properties, with +5.1% growth vs 2025, down from +7.8% in 2024–2025.
• A slowdown is also recorded in rents, which are rising nationally by +4.2% vs Q1 2025, compared to +6.7% in 2024–2025.
• The first clear nationwide decline concerns land prices, which in Q1 2026 fell by 1.7%, compared with an increase of 1.5% in 2024–2025.
• Demand, however, remains strong, up +12% this year compared to last year in searches on Spitogatos, showing continued interest in real estate, even if transactions are more difficult and rare. Buyers are either waiting for price drops or acting cautiously due to financial pressure and uncertainty linked to geopolitical conditions, including the war in the Middle East.

“The decline is not something that can easily happen,” says Konstantinos Kolovos, regional director at Keller Williams, noting the significant increase in construction material costs, as energy costs and global supply chain disruptions are now being passed on to new housing construction costs.

“On the one hand, there is hesitation from buyers in recent weeks. However, developers have no room to reduce prices—especially as costs continue to rise. Buyers are turning to older homes, but even there prices are indirectly affected by new-build pricing.” Conclusion: it is currently a ‘tug-of-war’ and it is still unclear which side will prevail.

According to Melachrinos, nationwide house price increases in 2026 are slowing, and if not for the “Spiti Mou II” program, which influenced prices and demand, market pressure would have been visible earlier.

He notes that historically, based on 15 years of listing data since 2011, the lowest point in home prices was in early 2018, while rents bottomed out earlier, in 2015, when short-term rentals began expanding in Greece, giving landlords significant relief.

The current decline in rents is now starting from that segment of the market, affecting key areas such as Attica, Thessaloniki, and the Cyclades.

• In the Cyclades, asking rents fell by 7% in Q1 2026 vs 2025, after rising 12% the previous year.
• In Attica, Piraeus is the first area showing decline, with rents down 1.8% vs 2025, after a 5.7% increase in 2024–2025.
• In Thessaloniki, rents rose by +5.1%, slowing sharply from +13.5% in 2024–2025, partly due to the metro.

A similar slowdown is seen in sale prices, with Piraeus and Thessaloniki showing the largest gap compared to 2024 trends.

In Thessaloniki, property values increased by +4.2% in 2026, down from +12.5% in 2024–2025, while Piraeus rose only +2.3%, down from +7.1% previously. Athens center and southern suburbs also show slowing momentum: southern suburbs are up +4.1% vs +9.1% last year, while Athens center is at +7.9% vs 11.7% last year.

The only Athens region still maintaining strong momentum is the northern suburbs, which continue to attract foreign buyers. Price growth remains above 7%, similar to last year (7.5%).

Foreign buyers

Spitogatos data also shows increased foreign interest in Greek property, up at least 5% in searches compared to last year. The top five countries remain unchanged.

Average price preferences:

• USA: just over €358,000
• Germany: just under €219,000
• UK: €279,000
• Bulgaria: about €189,000
• Serbia: about €158,000

More distant but growing interest is also coming from China, which appears to be returning to the Greek property market despite changes in Golden Visa requirements.