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Yes, the analysis of Athens' property market is included in our pack
Property prices in Athens are experiencing robust growth as we reach mid-2025, with residential values increasing by 7.6% year-over-year in Q1 2025. The Athens property market continues to attract both domestic and international buyers, driven by strong tourism, urban regeneration projects, and the Golden Visa program, though the pace of growth is moderating compared to previous years.
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Athens property prices are rising steadily, with average residential prices reaching €2,480-€2,944 per square meter in Q1 2025, representing a 7.6% annual increase.
Central neighborhoods like Koukaki, Pangrati, and Exarchia are experiencing the fastest growth, while foreign investment through the Golden Visa program continues to drive demand despite increased thresholds.
| Metric | Current Value (Q1 2025) | Year-over-Year Change |
|---|---|---|
| Average Price per sqm | €2,480-€2,944 | +7.6% |
| Median Apartment Price | €170,000-€230,000 | +7-9% |
| Time on Market | 58 days | -15 days |
| Foreign Investment Share | 40% | Stable |
| 2026 Forecast | €2,580-€2,630/sqm | +4-6% |
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
What is the current average price per square meter in Athens?
As of June 2025, the average residential property price in Athens ranges between €2,480 and €2,944 per square meter, depending on the data source and specific neighborhood.
According to recent market data, the average sale price stands at €2,480 per square meter based on actual transactions, while asking prices reported in February 2025 averaged €2,944 per square meter. The city center specifically averages €2,524 per square meter, representing a 5.21% increase compared to February 2024.
The most expensive areas in Athens include the northern suburbs, with Palaio Psychiko commanding €5,422 per square meter, and the southern suburbs where Vouliagmeni reaches €7,438 per square meter. In contrast, more affordable neighborhoods like Agia Varvara in the western suburbs offer properties at €1,318 per square meter.
Median apartment prices in central Athens currently range from €170,000 to €230,000, with significant variations based on property condition, floor level, and proximity to metro stations. The price variations reflect Athens' diverse market, offering opportunities across different budget ranges.
These prices represent a significant recovery from the financial crisis low point in 2017, though they remain approximately 25-30% below pre-crisis peaks, suggesting potential for further appreciation.
How much have Athens property prices increased in the past year?
Athens residential property prices have increased by 7.6% year-over-year in the first quarter of 2025, maintaining a steady growth trajectory but at a slower pace than previous years.
This growth rate represents a moderation from the stronger increases seen in recent years. In 2023, Athens experienced a robust 10.93% annual price increase, and in 2022, prices surged by an impressive 16.90%. The current 7.6% growth in Q1 2025 marks the 27th consecutive quarter of year-on-year price increases in Greek urban areas.
When adjusted for inflation, the real price increase stands at approximately 4.69%, indicating that property values are genuinely appreciating beyond general price inflation. On a quarterly basis, Athens property prices increased by 1.11% in Q3 2024, the lowest quarterly growth since Q4 2021.
The growth pattern varies significantly by property type. New constructions have outperformed older properties, with new buildings seeing a 14.92% annual price increase in 2023, compared to 13.81% for older apartments. This premium for new properties reflects buyer preferences for modern, energy-efficient homes.
It's something we develop in our Greece property pack.
Which Athens neighborhoods are experiencing the fastest price growth?
Central neighborhoods and emerging districts in Athens are leading the property price growth, with some areas experiencing annual appreciation rates exceeding 15%.
The fastest-growing neighborhoods include Peristeri in the western suburbs, which has seen property values surge by 42.3% since 2021, with prices rising from €1,350 per square meter in 2020 to €2,245 in 2024. Agios Dimitrios has experienced an 8.1% annual price appreciation since 2021, with a cumulative increase of 31.2% over three years.
Central Athens neighborhoods experiencing rapid growth include Exarchia, Koukaki, Pangrati, and Kolonaki. These areas benefit from ongoing gentrification, improved transport links, and urban regeneration projects. Plaka, the historic neighborhood beneath the Acropolis, continues to command premium prices due to its tourist appeal.
| Neighborhood | District | Annual Growth Rate | Current Price/sqm | Key Growth Drivers |
|---|---|---|---|---|
| Peristeri | West | 18.33% | €2,245 | Urban renewal, affordability |
| Paleo Faliro | South | 15.25% | €3,500+ | Coastal location, new developments |
| Marousi | North | 15.69% | €3,200 | Business district, transport |
| Cholargos | East | 13.55% | €2,800 | Family-friendly, green spaces |
| Koukaki | Central | 12-14% | €2,600 | Tourism, Airbnb potential |
The southern suburbs and Athens Riviera are experiencing exceptional growth due to The Ellinikon Megaproject, Europe's largest urban redevelopment initiative. This €8 billion coastal transformation is driving up values in neighboring areas like Glyfada, Elliniko, and Voula.
What property types are seeing the biggest price increases?
Luxury apartments and new constructions are leading the Athens property market with the highest price appreciation rates in 2025.
Luxury properties are experiencing annual price growth of 8-10%, driven primarily by international buyers and Golden Visa demand. Properties along the Athens Riviera and in premium neighborhoods like Kolonaki and Kifisia are particularly sought after by high-net-worth individuals.
New construction apartments saw a remarkable 14.92% annual price increase in 2023, compared to 13.81% for older apartments. This premium reflects strong demand for modern, energy-efficient properties with contemporary amenities. Buildings completed within the last two years command prices 10-15% higher than comparable older properties.
Student housing represents another high-growth segment, with price increases reaching up to 12.5% year-over-year. The influx of international students and young professionals to Athens has created severe shortages in this market segment, particularly near universities and transport hubs.
Small, renovated apartments suitable for short-term rentals continue to see strong appreciation, despite regulatory changes. One-bedroom apartments in tourist-friendly neighborhoods are delivering gross rental yields of 6-9%, making them attractive to investors. Properties with outdoor spaces, smart home features, and energy-efficient systems command particular premiums.
Mid-market urban apartments are experiencing more moderate but steady growth of 5-7% annually, particularly in suburban areas with good transport connections to the city center.
How do current prices compare to 5 and 10 years ago?
Athens property prices have experienced a dramatic recovery over the past decade, with values more than doubling in many neighborhoods since the market bottom in 2017.
Over the past 5 years (since 2020), Athens property prices have increased by more than 40% cumulatively in many districts. This represents one of the strongest recovery periods in the European property market, as Athens rebounded from crisis-era lows.
Looking back 10 years to 2015, the transformation is even more remarkable. Property prices in the Attica region (which includes Athens) have surged by 88% from 2017 to Q2 2024. When compared to 2014 levels, new buildings have increased by 66% and older apartments by 61%.
The recovery follows a severe correction during Greece's financial crisis. Between 2007 and 2017, Athens property prices fell by 44.5% in nominal terms (49.5% in real terms). This decade-long decline created significant value opportunities that have driven the subsequent recovery.
Despite the strong recovery, current Athens property prices remain approximately 25-30% below their pre-crisis peaks reached in 2007-2008. This suggests there may be room for further appreciation as the market continues to normalize and Greece's economy strengthens.
The dramatic price swings over the past decade highlight both the volatility and opportunity in the Athens property market, with early investors in the recovery phase seeing exceptional returns.
What are the property price forecasts for Athens in 2026?
Property prices in Athens are forecast to increase by 4% to 6% in 2026, representing a moderation from recent years but maintaining positive growth momentum.
Market analysts project that residential prices will rise from the current average of €2,480 per square meter to approximately €2,580-€2,630 per square meter by the end of 2026. This steady appreciation reflects a maturing market transitioning from rapid recovery to sustainable growth.
Central districts like Koukaki, Neos Kosmos, and Pangrati are expected to outperform the broader market due to continued demand spillover and scarcity of new stock. These neighborhoods could see price increases at the higher end of the 4-6% range.
The forecast is supported by several positive factors including limited new supply in central zones, sustained international investment interest, and ongoing urban regeneration projects. Greece's GDP is projected to grow by 2.1% in 2025 and 2.3% in 2026, exceeding eurozone averages and creating a favorable macroeconomic environment.
However, the pace of growth is expected to moderate compared to the double-digit increases seen in previous years, as the market approaches more normalized levels and new supply gradually comes online.
It's something we develop in our Greece property pack.
What are the long-term projections for Athens property prices?
Long-term projections for Athens property prices remain positive, with analysts expecting steady annual growth of approximately 3% over the next decade, though the explosive growth phase appears to be ending.
For the period 2025-2030, experts anticipate annual price increases stabilizing around 3% as the market matures and new supply comes online. The Greek government plans to deliver 350,000 new homes by 2030, which should help balance supply and demand dynamics.
Over the next 10-20 years, Athens is expected to continue benefiting from several structural advantages. The ongoing Ellinikon Megaproject, improved infrastructure, and Greece's growing appeal as a digital nomad destination will support long-term appreciation. Tourism revenue, which reached €20.5 billion in 2023 (up 12.3% from pre-pandemic levels), provides a strong foundation for rental demand.
Market experts believe Athens property prices could reach parity with other Southern European capitals within the next decade. Currently, Athens remains significantly cheaper than cities like Madrid (€4,101/sqm), Milan (€5,367/sqm), and Lisbon (€2,512/sqm), suggesting convergence potential.
The long-term outlook assumes continued political stability, sustained tourism growth, and successful completion of major infrastructure projects. However, growth rates are unlikely to match the rapid appreciation seen during the post-crisis recovery phase.
Demographics also support the long-term outlook, with Athens attracting retirees from Western Europe, international students, and remote workers seeking affordable European Union residency.
How are ECB interest rate changes affecting Athens property prices?
The European Central Bank's recent interest rate decisions are having a noticeable but manageable impact on the Athens property market as of June 2025.
The ECB lowered key interest rates by 25 basis points in June 2025, following a period of aggressive tightening that saw rates reach 4% in 2023 - the highest in over a decade. This recent rate cut is expected to support continued demand and price stability by easing financing conditions.
During the period of higher rates in 2024 and early 2025, mortgage costs increased significantly. For example, a €300,000 mortgage at 5.2% requires monthly payments of €1,650, compared to €1,495 at 3.5%. This increase in borrowing costs has particularly impacted local first-time buyers, who rely heavily on financing.
However, the Athens market has shown resilience to rate changes due to its unique buyer composition. The luxury and cash-driven segments, particularly Golden Visa buyers who often purchase without financing, remain less sensitive to interest rate fluctuations. These segments continue to see strong demand and price growth of 8.2% year-over-year.
The recent rate cut is expected to reinvigorate domestic demand, particularly in the mid-market segment where local buyers are more active. Lower rates should improve affordability and potentially accelerate price growth in the €200,000-€400,000 range.
Overall, while interest rates influence market dynamics, Athens property prices appear more driven by supply constraints, international investment, and tourism fundamentals than by monetary policy alone.
What role are international investors playing in Athens price growth?
International investors are a dominant force in the Athens property market, accounting for nearly 40% of all residential transactions in Q1 2025 and significantly contributing to price appreciation.
The Golden Visa program remains the primary driver of foreign investment, despite recent changes that increased the minimum investment threshold to €500,000 in prime areas including Athens, and further to €800,000 in 2025 for the most sought-after districts. Over 28,000 residency permits have been issued since the program's launch.
Foreign direct investment in Greek real estate reached €2.13 billion in 2023, representing an 8% year-over-year increase. This capital inflow has been particularly concentrated in Athens, where international buyers seek both investment returns and EU residency benefits.
The investor profile has evolved significantly. Middle Eastern investors have shown particularly strong interest, with Israeli investors increasing by 70% in 2024. British and American investors also represent significant market segments, driven by factors including Brexit and global economic uncertainty.
International demand has created distinct market dynamics. Properties suitable for Golden Visa investment (previously under €250,000, now under €500,000) experience intense competition and rapid price appreciation. This demand cascade effect has pushed up prices across all market segments.
The sustained international interest has helped Athens property prices outpace wage growth, creating affordability challenges for local buyers but supporting overall market values and liquidity.
Is demand exceeding supply in the Athens property market?
Demand for residential properties in Athens significantly exceeds current supply, creating a fundamental imbalance that continues to drive price appreciation in 2025.
The supply shortage is evidenced by the dramatic reduction in time-on-market metrics. Properties in central Athens now sell in an average of just 58 days, down from 73 days a year earlier. This 15-day reduction indicates intensifying buyer competition and limited inventory.
Annual demand for new homes in Athens is projected at 35,000 units, but building permits fall well short of this target. The construction industry, still recovering from the crisis years, struggles to meet demand despite government incentives including VAT suspensions on new construction until 2025.
The supply constraint is particularly acute in desirable central neighborhoods and coastal areas. Over 35% of Greece's housing stock sits vacant, but these properties are predominantly in rural areas and often require total rehabilitation, making them unsuitable for immediate occupancy.
Transaction volumes reached 12,000+ in Q1 2025, with nearly 40% involving foreign buyers. This high transaction activity against limited quality inventory creates persistent upward price pressure.
The government's plan to deliver 350,000 new homes by 2030 aims to address this imbalance, but in the short term, the supply-demand gap remains a key driver of price growth in Athens.
How has the Golden Visa program impacted Athens property prices in 2025?
The Golden Visa program continues to exert significant upward pressure on Athens property prices in 2025, despite policy changes designed to moderate its impact.
The increase in the minimum investment threshold to €800,000 in high-demand areas including central Athens, Attica, Thessaloniki, and major islands was implemented to regulate demand and cool rapid price increases. However, this policy shift has had minimal impact on foreign investor appetite, with application numbers up 60% following the 2023 changes.
The program's influence extends beyond direct purchases. By removing a significant portion of inventory from the market - particularly properties in the €250,000-€500,000 range under previous thresholds - it has created scarcity that affects all buyer segments. Properties just below the investment thresholds experience particularly intense competition.
Market data shows that neighborhoods popular with Golden Visa investors have seen price increases 2-3 percentage points higher than areas less suited to investment purchases. Central Athens districts favored by international buyers have experienced some of the strongest appreciation rates.
The program has effectively created a two-tier market: properties suitable for Golden Visa investment command premium prices and sell quickly, while properties outside investor criteria see more moderate appreciation. This segmentation has contributed to the overall 7.6% annual price growth in Athens.
Despite government attempts to moderate the program's impact, it remains a fundamental driver of Athens property market dynamics in 2025.
How do Athens property prices compare to other European capitals?
Athens property prices remain significantly lower than most Western European capitals in 2025, but the gap is narrowing rapidly due to Athens' faster growth rates.
At €2,480-€2,944 per square meter, Athens offers remarkable value compared to other European cities. Paris commands over €10,000 per square meter, Berlin ranges from €5,500-€7,000, and Madrid averages €4,000-€5,000. Even within Southern Europe, Athens maintains a significant price advantage.
| City | Average Price/sqm (2025) | Annual Growth (2024-25) | Rental Yield | Price vs Athens |
|---|---|---|---|---|
| Athens | €2,480-€2,944 | 7-9% | 4-6% | - |
| Paris | €10,000+ | -1% to 2% | 2-3% | 3.4x-4x higher |
| Berlin | €5,500-€7,000 | 2-4% | 2.5-3.5% | 2.2x-2.4x higher |
| Madrid | €4,000-€5,000 | 3-5% | 3-4% | 1.6x-1.7x higher |
| Lisbon | €2,512 | 4-6% | 3.5-4.5% | Similar |
Athens' annual price increases of 7-9% significantly outpace cities like Paris, Madrid, and Stockholm, where growth is slower or even negative. This faster appreciation rate suggests Athens is experiencing a catch-up effect after years of undervaluation.
Despite recent surges, Athens still offers higher rental yields (4-6%) compared to most Western European capitals, making it particularly attractive for income-focused investors. The combination of lower entry prices and higher yields provides a compelling investment proposition.
Market analysts believe this price differential will continue to narrow over the coming decade as Athens approaches valuations more in line with its status as an EU capital with strong tourism and improving infrastructure.
It's something we develop in our Greece property pack.
We made this infographic to show you how property prices in Greece compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It's an easy way to spot where you might get the best value for your money. We hope you like it.
What economic and political factors are influencing Athens property prices?
Athens property prices in 2025 are being shaped by a favorable combination of economic growth, political stability, and structural reforms that support continued appreciation.
Greece's economy is performing well, with GDP projected to grow by 2.1% in 2024 and 2.3% in 2025, exceeding eurozone averages. This economic expansion, combined with declining unemployment (down from a crisis peak of 27.9% to 9.8% in October 2024), is improving domestic purchasing power.
Political stability under the current government has boosted investor confidence through pro-business reforms and consistent policy implementation. Greece's improved credit rating and stable eurozone membership make it an increasingly attractive destination for international capital.
Tourism recovery has been exceptional, with revenue reaching €20.5 billion in 2023, up 12.3% from pre-pandemic levels. Record-high tourism directly impacts property demand through short-term rental opportunities and increased economic activity in Athens.
Major infrastructure projects are transforming the city. The €8 billion Ellinikon coastal redevelopment is creating a new urban district, while improvements to public transport and urban spaces are making previously overlooked neighborhoods more attractive.
Regulatory changes continue to shape the market. New energy performance requirements and short-term rental regulations are influencing investment strategies and property values. The government's tax incentives, including ENFIA property tax reductions and VAT suspensions on new construction, support market activity.
Rising construction costs, up 15% since 2023 due to inflation and material shortages, are pushing up both new and resale property prices, contributing to the overall appreciation trend.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Athens property prices are definitively going up, with residential values increasing by 7.6% year-over-year in Q1 2025 and forecasts predicting continued growth of 4-6% through 2026. The market is supported by strong fundamentals including international investment, limited supply, and Greece's economic recovery.
While the pace of growth is moderating from the double-digit increases seen in previous years, Athens remains one of Europe's most dynamic property markets. With prices still 25-30% below pre-crisis peaks and significantly lower than other European capitals, there appears to be room for further appreciation. Yes - property prices in Athens are going up and are expected to continue rising in the medium term.
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Sources
- The Luxury Playbook - Athens Real Estate Market Overview & Forecast
- Greek City Times - Real Estate Market in Athens: Property Prices in 2025
- Global Property Guide - Greece's Residential Property Market Analysis
- InvestRopa - 17 Strong Trends for 2025 in the Athens Property Market
- NTL Trust - The Ultimate Guide to Greece: Europe's Best-Value Property Market
- Grekodom - Rising Real Estate Prices: 5 Athens Districts Where Property Gets Pricier
- Trading Economics - Greece House Price Index
- European Central Bank - Monetary Policy Decisions June 2025
- Bank of Greece - Real Estate Market Reports
- Benoit Properties - Greece Housing Market Trends 2025