The housing market has proven particularly resilient, with average prices surpassing the pre-fiscal-crisis highs of 2008 as prices continue their upward path.

Focusing on the latest data published a few days ago by the Bank of Greece, the National Bank in its latest analysis of the housing market notes a new strong rise in prices this year. The cumulative appreciation of the price index from the lowest point of valuations during the ten-year crisis—namely Q3 2017—now corresponds to +86%.

The performance of Q3 2025 is also compared with the figures before the country’s fiscal crisis: as noted, “housing prices now exceed the pre-crisis peak of Q3 2008 by 7.1% (−17.2% in deflated terms based on the Consumer Price Index).”

After Athens, Thessaloniki also reaches a peak

It is noted that prices in Athens had already surpassed the peak of the market’s “golden decade” by late 2023–early 2024. However, 2025 now marks the historical high not only for Thessaloniki but also for other urban centers and the wider regions. In all cases, for any geographic area in Greece, current sale values now exceed the 2007 peak.

Accelerating increase
For Q3 2025, the average housing price nationwide—based on Bank of Greece data—recorded an “accelerating” increase of +7.7% year-on-year compared to the upward-revised +7.4% of the first half of the year, “with, however, a slowdown in the quarterly change to +1.5% in the third quarter from an average of 2.6% in the first half.” The average appreciation for the first nine months stood at +7.5% year-on-year, compared with +9.8% in the nine-month period of 2024 and +9.1% for the whole of 2024.

By property category, the rate of increase in prices of older homes (over 5 years old) in Q3 (+8.5% y/y) continued to exceed that of newly built homes up to 5 years old for a second consecutive quarter. According to the National Bank’s analysis, this is also driven by the eligibility criteria of the “My Home II” program.

More specifically, the category of older homes over 5 years recorded an annual rise of 8.5%, compared with +6.6% for newer properties. It is worth noting that in the previous period, newer homes had been rising at a higher pace than older ones.

A similar trend has appeared in Athens compared with Thessaloniki and other urban areas across Greece. Specifically, in terms of annual price changes by region, Thessaloniki posted the biggest rise in Q3, at 9.6% year-on-year, while other urban areas recorded +8.9%, with clearly higher annual and quarterly increases than Athens, which stood at +6.6%.