Authored by the expert who managed and guided the team behind the Greece Property Pack
Everything you need to know before buying real estate is included in our Greece Property Pack
Greek property prices are experiencing dramatic growth in 2025, driven by Golden Visa changes and tax incentives.
As we reach mid-2025, Greece's residential property market continues to attract significant attention from both domestic and international buyers. The combination of Golden Visa threshold adjustments, extended tax incentives, and strong foreign investment has created one of Europe's hottest property markets, with some areas seeing year-over-year price increases exceeding 28%.
If you want to go deeper, you can check our pack of documents related to the real estate market in Greece, based on reliable facts and data, not opinions or rumors.
Greek property prices are surging dramatically in 2025, with Piraeus leading at 28.9% annual growth and Athens coastal areas seeing 15-20% increases.
The doubled Golden Visa thresholds (€800,000 in prime areas) and extended tax incentives continue to fuel demand, though growth may moderate in 2026 as policies expire.
| Metric | Current Status | Year-over-Year Change |
|---|---|---|
| Average Price (Athens Coastal) | €3,750/m² | +15-20% |
| Average Price (Piraeus) | €2,471/m² | +28.9% |
| Rent Increases (National Average) | - | +14% |
| Golden Visa Threshold (Prime Areas) | €800,000 | Doubled from €400,000 |
| VAT on New Construction | 0% (suspended) | Extended to Dec 2025 |
| Capital Gains Tax | 0% (frozen) | Until end-2026 |
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 are the current property prices per square meter in June 2025?
Property prices in Greece show significant regional variation as of June 2025, with Athens' coastal suburbs commanding approximately €3,750 per square meter for residential properties.
Piraeus offers more affordable options at around €2,471 per square meter, despite experiencing the most dramatic growth in the country. Prime tourist destinations like Mykonos and Santorini command premium prices well above these averages, particularly for properties meeting Golden Visa requirements. The market demonstrates a clear hierarchy, with Golden Visa-eligible areas consistently pricing 30-50% above comparable non-eligible neighborhoods.
Secondary cities and rural areas remain more accessible to local buyers, with prices ranging from €1,000 to €2,000 per square meter. However, even these traditionally affordable markets are experiencing upward pressure as investors seek alternatives to increasingly expensive prime locations. The overall market structure reflects strong international demand concentrated in specific high-value areas.
Tourist hotspots continue to set new price records, with some exclusive developments in Mykonos exceeding €10,000 per square meter.
How much have property prices increased in the past 12 months?
Greek property prices have experienced extraordinary growth over the past year, with Piraeus leading the surge at an exceptional 28.9% year-on-year increase.
Athens' coastal areas have recorded solid gains between 15-20%, while premium islands maintain their upward trajectory with similar or higher increases. The rental market has paralleled this growth, with a 14% average increase nationally and some urban districts experiencing rises exceeding 20%. This rapid appreciation represents one of the strongest performances in the European property market during this period.
The price increases vary significantly by property type and location. New construction projects have seen particularly steep rises due to the VAT suspension incentive, while older properties in need of renovation have experienced more moderate gains. Golden Visa-eligible properties have consistently outperformed the broader market, creating distinct pricing tiers within neighborhoods.
It's something we develop in our Greece property pack.
Market dynamics suggest these growth rates are unsustainable long-term, though continued strong demand indicates prices will remain elevated through 2025.
Which Greek regions are seeing the fastest property price growth right now?
The fastest-growing property markets in Greece are concentrated in specific high-demand urban and tourist areas.
Piraeus stands out with its remarkable 28.9% annual growth, driven by urban regeneration projects and its proximity to Athens' business districts. Athens' coastal suburbs follow closely with 15-20% increases, benefiting from both domestic and international buyer interest. Thessaloniki, as Greece's second city, maintains strong growth momentum particularly in neighborhoods popular with Golden Visa investors.
| Region | Growth Rate | Key Driver |
|---|---|---|
| Piraeus | 28.9% YoY | Urban regeneration + Golden Visa |
| Athens Coastal | 15-20% YoY | Foreign investment + lifestyle appeal |
| Thessaloniki | 15-18% YoY | Golden Visa hotspot + university city |
| Mykonos | 12-15% YoY | Tourism + ultra-luxury market |
| Santorini | 10-14% YoY | Tourism + Golden Visa |
| Crete (Chania/Heraklion) | 8-12% YoY | Alternative Golden Visa destination |
Secondary cities like Patras, Larissa, and Volos are beginning to attract investor attention as buyers seek value beyond traditional hotspots. These markets offer potential for higher percentage gains as they start from a lower price base.
What property types are experiencing the steepest price increases in 2025?
City apartments in central Athens and Thessaloniki lead the market in terms of price appreciation, particularly those suitable for short-term rentals.
Modern apartments with balconies, recently renovated units, and properties in buildings with elevators command premium prices and experience the fastest growth. Studios and one-bedroom apartments popular with Airbnb operators have seen increases exceeding 20% in prime neighborhoods. Newly constructed properties benefit from the VAT suspension, making them particularly attractive despite higher base prices.
Coastal homes represent another high-growth category, especially properties with direct sea views or beach access. Villas in Athens' southern suburbs like Vouliagmeni and Glyfada have experienced exceptional demand from wealthy international buyers. Island properties suitable for luxury tourism continue their strong performance, with some exclusive developments seeing price increases of 25% or more.
Traditional stone houses in popular island destinations have emerged as a surprising growth segment, appealing to buyers seeking authentic Greek architecture.
Commercial properties with residential conversion potential are attracting investor interest, particularly in Athens' evolving neighborhoods.
What is the property price forecast for Greece in 2026?
Property prices in Greece are projected to continue rising in 2026, though at a more sustainable pace of 5-10% compared to the explosive growth of 2024-2025.
The implementation of higher Golden Visa thresholds in prime areas will likely redirect investment flows to secondary markets, creating more balanced nationwide growth. Cities like Patras, Larissa, and coastal towns in the Peloponnese may experience accelerated appreciation as investors seek properties below the €800,000 threshold. The anticipated end of the capital gains tax freeze after 2026 could trigger increased selling activity in late 2026, temporarily boosting inventory.
Market fundamentals remain strong with continued international interest in Greek property. Tourism growth, improving economic indicators, and Greece's relative affordability compared to other Mediterranean destinations support continued price appreciation. However, rising construction costs and potential interest rate changes pose risks to growth projections.
The expiration of the VAT suspension in December 2025 will effectively increase new property prices by 24%, potentially shifting demand toward existing properties in early 2026.
What are the current mortgage rates for property buyers in Greece?
Greek mortgage rates have stabilized in June 2025, with most banks offering rates between 4.5% and 6% for residential mortgages.
Primary residence purchases typically qualify for lower rates around 4.5-5%, while investment property mortgages command rates closer to 5.5-6%. Foreign buyers generally face rates 0.5-1% higher than domestic borrowers and must meet stricter eligibility criteria. Variable rate mortgages remain popular despite the higher interest rate environment, as many buyers anticipate future ECB rate cuts.
Down payment requirements have increased significantly, with banks requiring 20-30% for primary residences and 40% or more for investment properties. Greek banks have become particularly cautious with high-value mortgages, often requiring additional collateral or guarantees. The loan approval process typically takes 6-8 weeks, with foreign buyers experiencing longer timelines due to additional documentation requirements.
Some banks offer special programs for Golden Visa applicants, though these often come with higher rates and fees.
It's something we develop in our Greece property pack.
How do current Greek property prices compare to pre-pandemic 2020 levels?
Greek property prices in June 2025 stand dramatically higher than pre-pandemic 2020 levels, with most urban and tourist areas experiencing increases of 40-60%.
Athens' prime neighborhoods like Kolonaki and Kifissia have seen values rise by 50% or more, while coastal suburbs have experienced even steeper appreciation. Properties that sold for €250,000 in 2020 now command €375,000-400,000 in desirable locations. The transformation is particularly striking in areas that have benefited from urban regeneration projects and Golden Visa investment.
Island properties show even more dramatic increases, with some Mykonos and Santorini properties doubling in value since 2020. The combination of pent-up demand during pandemic restrictions, subsequent tourism boom, and international investment has fundamentally altered Greece's position in the European property market. Even traditionally affordable areas have seen substantial gains, with rural properties increasing by 20-30%.
This rapid appreciation has moved Greece from one of Europe's most affordable property markets to a mid-tier destination in terms of pricing.
What is driving the current surge in Greek property prices?
The Greek property market surge results from multiple converging factors creating unprecedented demand.
The Golden Visa program remains the primary driver, attracting thousands of buyers from China, Turkey, Israel, and Middle Eastern countries seeking EU residency. Tax incentives including the VAT suspension on new construction (saving buyers 24%) and the capital gains tax freeze significantly reduce transaction costs. Record tourism recovery with visitor numbers exceeding pre-pandemic levels fuels demand for short-term rental properties.
International buyers view Greek property as undervalued compared to Spain, Italy, and Portugal, despite recent price increases. Limited new construction, particularly in prime locations, creates supply constraints that amplify price pressures. The combination of lifestyle appeal, investment potential, and residency benefits continues to attract diverse international interest.
Domestic factors including improving economic conditions, rising employment, and increased household savings also contribute to demand, though international buyers dominate prime markets.
How will the new Golden Visa thresholds affect property prices through 2025?
The doubled Golden Visa thresholds of €800,000 in Athens, Thessaloniki, Mykonos, and Santorini are fundamentally reshaping Greece's property market dynamics.
These changes have triggered a rush of purchases in affected areas as investors scrambled to buy before implementation, temporarily accelerating price growth in early 2025. Properties priced just below €800,000 have seen particular pressure as sellers recognize the psychological importance of this threshold. The €400,000 threshold maintained in other areas is redirecting significant investment toward previously overlooked destinations.
Secondary cities like Chania, Rhodes, Corfu, and mainland coastal towns are experiencing increased interest from Golden Visa applicants seeking better value. This geographic diversification of demand is creating new growth markets and more balanced national development. Properties in the €350,000-450,000 range in these alternative locations are seeing strong demand and rapid appreciation.
The threshold changes may moderate price growth in expensive areas while accelerating it in emerging markets through the remainder of 2025.
Get fresh and reliable information about the market in Greece
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
What are the biggest risks to Greek property price growth in the next 12 months?
Several significant risks could impact Greek property price growth through mid-2026.
Rising construction costs driven by inflation and material shortages continue to push development expenses higher, potentially limiting new supply while maintaining price pressure. Any unexpected ECB interest rate increases could dampen demand from leveraged buyers, though cash-rich international investors would remain largely unaffected by financing costs. The planned reintroduction of the 15% capital gains tax after 2026 may trigger selling pressure as investors seek to exit before higher taxes apply.
Geopolitical factors including potential changes in Chinese investment policies or Middle Eastern political instability could affect Golden Visa demand. The eventual end of the VAT suspension in December 2025 will increase new property costs by 24%, potentially cooling buyer enthusiasm. Over-reliance on short-term rental income in tourist areas poses risks if tourism patterns change.
Despite these risks, Greece's EU membership, improving infrastructure, and lifestyle appeal provide fundamental support for property values.
How affordable is Greek property compared to Spain, Italy, and Portugal in 2025?
Despite significant price increases, Greece remains more affordable than comparable Mediterranean markets, though the gap is narrowing rapidly.
Athens at €3,750/m² still undercuts Madrid (€4,500/m²), Rome (€5,000/m²), and Lisbon (€4,000/m²) for similar quality properties in prime urban locations. Greek islands remain 20-30% cheaper than the Balearics or Amalfi Coast for comparable coastal properties. However, the new €800,000 Golden Visa threshold in prime Greek areas now exceeds the €500,000 requirements in Spain and Portugal.
| Country | Prime Urban (€/m²) | Coastal Resort (€/m²) | Golden Visa Minimum |
|---|---|---|---|
| Greece | €3,750 (Athens) | €4,000-6,000 | €400,000-800,000 |
| Spain | €4,500 (Madrid) | €5,000-8,000 | €500,000 |
| Italy | €5,000 (Rome) | €6,000-10,000 | No program |
| Portugal | €4,000 (Lisbon) | €4,500-7,000 | €500,000 |
| France | €9,000 (Paris) | €7,000-12,000 | No program |
Greece's extended tax incentives and strong rental yields continue to attract investors despite rising prices.
It's something we develop in our Greece property pack.
What impact will the expiring VAT suspension have on property prices after December 2025?
The VAT suspension expiration in December 2025 will create a significant market shift, effectively increasing new property prices by 24% overnight.
This deadline is generating intense activity in the new construction market as buyers rush to complete purchases before the tax returns. Developers are accelerating project completions and offering incentives to secure sales before December. Pre-construction sales have surged as buyers lock in current prices, with many projects selling out months before completion.
After December 2025, the reintroduction of VAT will likely redirect demand toward existing properties, potentially creating a two-tier market. New construction may experience a temporary slowdown as developers adjust pricing strategies and buyers recalibrate expectations. However, the continued capital gains tax freeze until end-2026 provides some buffer for market liquidity.
The transition period in early 2026 may offer opportunities for buyers as the market adjusts to the new tax reality.
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.
Are there regional differences in price growth between mainland Greece and the islands?
Significant disparities exist between mainland and island property markets, with each offering distinct investment profiles.
Mainland urban centers like Athens and Thessaloniki show consistent year-round demand driven by employment, education, and permanent residency needs. These markets typically experience steadier, more predictable growth patterns ranging from 10-20% annually. Northern Greece cities like Kavala and Alexandroupoli are emerging as value propositions, attracting buyers priced out of traditional hotspots.
Island markets demonstrate more volatile growth patterns tied closely to tourism seasons and international buyer preferences. Premium islands like Mykonos and Santorini command the highest prices but face potential oversupply in luxury segments. Lesser-known islands such as Paros, Naxos, and Kefalonia are experiencing accelerated growth as buyers seek alternatives to overpriced destinations.
The mainland offers better rental yield stability through long-term tenants, while islands provide higher seasonal returns but with greater income volatility.
Accessibility remains a key differentiator, with islands served by international airports commanding significant premiums over those requiring ferry connections.
What role do international buyers play in Greek property price increases?
International buyers dominate Greece's property market dynamics, accounting for approximately 40-50% of transactions in prime areas.
Chinese buyers lead foreign investment, followed by purchasers from Turkey, Israel, Lebanon, and other Middle Eastern countries. These buyers primarily target Golden Visa-eligible properties, creating concentrated demand in specific price ranges and locations. European buyers from Germany, France, and the UK focus more on lifestyle purchases, particularly in coastal and island locations.
The impact varies significantly by region, with international buyers comprising up to 70% of purchases in areas like Mykonos and southern Athens, while representing less than 20% in secondary mainland cities. This concentration effect amplifies price growth in popular areas while leaving other markets relatively unaffected. International buyers typically purchase with cash, enabling quick transactions and competitive bidding.
Recent geopolitical events have diversified buyer origins, with increased interest from American and Canadian purchasers seeking European alternatives.
How sustainable are current Greek property price growth rates?
Current growth rates of 15-30% annually are unsustainable long-term, with market indicators suggesting a gradual moderation ahead.
Historical patterns show Greek property markets typically experience 3-5 year growth cycles followed by stabilization periods. Current price-to-income ratios in major cities are approaching levels that limit domestic buyer participation, creating dependence on international demand. Construction costs rising faster than property prices squeeze developer margins, potentially limiting future supply.
Market sustainability depends heavily on continued Golden Visa demand and tourism growth. Any significant policy changes or economic disruptions could trigger rapid adjustments. However, Greece's property prices remain below 2008 peaks in real terms, suggesting room for continued appreciation at more moderate rates.
Expert consensus points toward a soft landing with growth rates normalizing to 5-8% annually by 2026-2027.
The market's fundamental attractiveness based on climate, EU membership, and lifestyle factors provides underlying support even as speculative elements diminish.
Which property sizes offer the best investment potential in Greece right now?
Studios and one-bedroom apartments in urban centers currently offer the strongest investment potential with maximum flexibility.
These smaller units, typically 25-50 square meters, appeal to both short-term rental operators and young professionals seeking affordable urban housing. In Athens and Thessaloniki, well-located studios generate gross rental yields of 6-8% through Airbnb, significantly outperforming larger properties. The lower entry price point also provides better liquidity and easier exit strategies.
Two-bedroom apartments (60-80 square meters) represent the sweet spot for Golden Visa investors, offering sufficient space for family use while remaining below threshold limits in secondary markets. These properties balance rental potential with personal use flexibility. Larger properties exceeding 100 square meters face limited demand except in luxury segments.
Micro-apartments under 25 square meters are emerging as a new investment category in student areas, though regulatory risks exist.
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.
Greek property prices are indeed rising significantly, with growth rates of 15-30% in prime areas representing one of Europe's strongest performing markets in 2025. The combination of Golden Visa investment, extended tax incentives, and robust tourism recovery continues to drive demand beyond available supply.
While current growth rates will likely moderate, fundamental factors including Greece's EU membership, improving infrastructure, and Mediterranean lifestyle appeal support continued appreciation. Investors should carefully consider location, property type, and timing given upcoming policy changes, but Greece's transformation into a competitive European property market appears firmly established.
Sources
- Varnavas - Greece 2025 Tax Measures Supporting Property and Economic Growth
- Investment Visa - Greece Golden Visa Prices Increase
- Solomon Realtors - No VAT or Capital Gains Tax Until End of 2025
- Zeya - Recent Real Estate Tax Developments
- Economic Times - Greece Golden Visa Investment Threshold Hits 800,000
- The Luxury Playbook - Property Taxes in Greece
- Global Citizen Solutions - Greece Golden Visa New Rules
- Global Residence Index - Greece Golden Visa
- ETIAS - Property Sales in Greece Surge Before Golden Visa Changes