Greek Property Trend: Older Homes in High Demand!

• 20 June, 25

In recent years, older properties have attracted the most attention from homebuyers—a trend confirmed by 2024 data.

According to real estate network RE/MAX Hellas, 66.1% of all property transactions nationwide last year involved homes over 20 years old, while 19.3% of buyers opted for newly built residences (no more than 5 years old). Compared to 2023, this marks a noticeable increase in demand for modern homes, especially outside the major urban centers of Attica and Thessaloniki, where redevelopment activity has increased.

In the Attica region, the situation is markedly different:

• 82.9% of property transactions involved homes over 20 years old
• Only 4% involved new constructions

This reflects both the scarcity of new housing in Attica and a high demand for more affordable housing solutions.

Thessaloniki shows a similar pattern:

• 80.6% of buyers chose homes over 20 years old
• 7.6% preferred newly built properties

In contrast, areas outside Athens and Thessaloniki present a different picture:

• 28% of buyers favored newly built homes
• 56.2% chose homes over 20 years old

This is mainly because new housing supply is more abundant and affordable in these regions, largely due to lower land costs compared to Attica and Thessaloniki.

According to RE/MAX Hellas’ latest survey on property price trends, average home prices across Greece rose by 6.5% in 2024, compared to a 12% increase in 2023. Specifically:

• Newly built homes (≤5 years old) rose 6.1%, reaching €3,000 per square meter (compared to an 11% rise in 2023)
• Homes over 5 years old saw a 6.8% increase, reaching €2,000 per square meter (compared to a 13% rise in 2023)

In Attica:

• Older home prices rose 6.5% (13.1% in 2023), from €2,300/m² to €2,460/m²
• New construction prices rose 6% (10.6% in 2023), from €3,470/m² to €3,705/m²

However, in other parts of Greece, buying a new home is significantly cheaper—under €2,725/m². This explains why buyers in those regions tend to prefer new builds, even though older homes cost less, averaging under €1,760/m².

Cre: ekathimerini