Greece House Prices Beat 2008 Record

• 20 December, 25

Greece’s real estate market has officially entered a phase of full recovery. According to the latest processed data from the Bank of Greece House Price Index, by the end of Q3 2025, national housing prices had surpassed their 2008 peak by 7.14%. Since the market bottom in 2017, home prices have surged by an impressive 86%.

This strong upward trend further confirms the growing difficulty of homeownership, as an increasing number of potential buyers find that their financial capacity can no longer keep pace with rising property prices.

Sharp Price Increases in Attica and Thessaloniki

Housing affordability is under the greatest pressure in Attica, where property prices are now 12.5% higher than in 2008 and have increased by 103% since 2017.

Property prices in Thessaloniki have also risen sharply, with average increases approaching 100%, placing current values 5.7% above the pre-crisis peak of 2008.

In the prime districts of both cities, many locations have long exceeded pre-financial-crisis price levels. Central Athens, the southern suburbs, and the northern suburbs now record prices 20%–30% higher than in 2008, driven primarily by strong domestic and foreign investment demand.

Athens Among Europe’s Least Affordable Cities for Homebuyers

According to a recent Deloitte study, Athens ranks second in Europe in terms of new-home purchase cost relative to local income.

To buy a 70-square-meter newly built apartment, an average Athens resident needs 15.3 years of gross salary.

Only Amsterdam ranks higher, at 15.4 years of income, with new home prices averaging €8,475 per square meter, up 10.1% year-on-year.

New Home Prices in Attica Far Above the National Average

The average price of new residential properties in Attica currently stands at €4,100 per square meter, reflecting an annual increase of 10.8%.

A 70-square-meter new apartment now costs approximately €287,000.

Research shows that new home prices in Attica are 2.28 times higher than the national average, which is €1,800 per square meter, further intensifying pressure on first-time homebuyers.

Housing Affordability Becomes a Growing Challenge

As Greek property prices surpass their 2008 historic highs nationwide, housing affordability has become an increasingly urgent issue. In major urban centers such as Athens and Thessaloniki, home prices are rising far faster than household incomes, making the goal of owning a home more difficult than ever for local residents.

Cre: Ekathimerini