Authored by the expert who managed and guided the team behind the Greece Property Pack
Yes, the analysis of the Greek Islands' property market is included in our pack
If you're thinking about buying property in the Greek Islands, you're probably wondering whether January 2026 is actually a good time to make that move.
In this article, we break down the current housing prices in the Greek Islands, what the data says about market conditions, and whether prices could rise, fall, or stay flat in the months ahead.
We constantly update this blog post as new data comes in, so you're always looking at the freshest picture.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in the Greek Islands.
So, is now a good time?
Rather yes, but you need to be selective about which island and neighborhood you choose because the market is not uniformly priced.
The strongest signal is that prices have been rising steadily, with Bank of Greece reporting +7.7% year-over-year growth for apartments in Q3 2025, and national prices have now surpassed the 2008 peak.
Another strong signal is that supply is structurally constrained on the most desirable islands like Mykonos and Santorini, where strict planning rules are limiting new construction.
Other signals include elevated mortgage rates around 4.3% that are keeping some buyers out, tightening short-term rental regulations that add uncertainty for investors, and strong tourism demand that keeps rental pools healthy in prime locations.
The best strategy right now is to focus on apartments or well-built houses in walkable towns with year-round services, consider islands like Crete or Corfu for better rental yields, and if you plan to rent short-term, underwrite conservatively given the evolving regulations.
This is not financial or investment advice, we don't know your personal situation, and you should always do your own research before making any property purchase.
Is it smart to buy now in the Greek Islands, or should I wait as of 2026?
Do real estate prices look too high in the Greek Islands as of 2026?
As of early 2026, property prices in the Greek Islands look high but explainable, with the Cyclades region averaging around 3,870 euros per square meter for houses and the Dodecanese sitting lower at about 2,125 euros per square meter.
One clear signal that prices are stretched in the Greek Islands is that asking prices have been climbing steadily year over year, with Spitogatos data showing consistent increases across island regions through Q3 2025.
Another telling sign is that premium locations like Mykonos and Santorini are seeing luxury properties reach asking prices well above 10,000 euros per square meter, and in some trophy spots like Psarou or Oia, prices can climb even higher.
You can also read our latest update regarding the housing prices in the Greek Islands.
Does a property price drop look likely in the Greek Islands as of 2026?
As of early 2026, the likelihood of a meaningful price drop in the Greek Islands over the next 12 months is low, though a shallow dip or period of stagnation remains possible if financing conditions tighten or tourism softens unexpectedly.
Looking at the plausible range, prices in the Greek Islands could move anywhere from a 5% decline to a 10% gain over the next year, depending heavily on how interest rates and tourism demand evolve.
The single most important factor that could trigger a price drop in the Greek Islands is a sustained rise in mortgage rates, since affordability is already stretched with new loans running around 4.3% and the price-to-income ratio elevated at roughly 116 on the OECD scale.
That said, a sharp rate increase seems unlikely in the near term, as the European Central Bank has been signaling a cautious approach, which means the downside risk for Greek Islands property prices remains contained for now.
Finally, please note that we cover the price trends for next year in our pack about the property market in the Greek Islands.
Could property prices jump again in the Greek Islands as of 2026?
As of early 2026, the likelihood of another price surge in the Greek Islands is medium, with upward pressure most likely in supply-constrained islands like Mykonos, Santorini, and Paros where new construction is genuinely limited.
Looking at the upside range, prices in the Greek Islands could realistically climb another 5% to 12% over the next 12 months if demand stays strong and interest rates ease, with the hottest micro-markets potentially outpacing that average.
The single biggest demand-side trigger that could push Greek Islands prices higher is a meaningful drop in euro-area interest rates, which would bring back marginal buyers who have been priced out by elevated mortgage costs.
Please also note that we regularly publish and update real estate price forecasts for the Greek Islands here.
Are we in a buyer or a seller market in the Greek Islands as of 2026?
As of early 2026, the Greek Islands property market leans toward sellers in the most desirable locations like Oia, Mykonos Town, and Chania Old Town, while secondary areas and renovation-heavy properties offer more room for buyer negotiation.
Months-of-inventory data is hard to pin down precisely for the Greek Islands, but the consistent price growth and limited quality stock suggest effective supply is tight, which typically means buyers have less bargaining power on turnkey homes.
Price reductions are more common on older properties that need work, especially in inland villages or less accessible spots, which suggests that sellers of "A+" homes with sea views and legal clarity still hold strong leverage in the Greek Islands market.
We have made this infographic to give you a quick and clear snapshot of the property market in Greece. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Are homes overpriced, or fairly priced in the Greek Islands as of 2026?
Are homes overpriced versus rents or versus incomes in the Greek Islands as of 2026?
As of early 2026, homes in the Greek Islands appear moderately overpriced when compared to local incomes and long-term rents, with the Cyclades looking particularly stretched while the Dodecanese and Corfu offer somewhat better value.
The price-to-rent ratio in the Cyclades works out to a gross yield of roughly 3.7% for long-term rentals, which is below the 5% to 6% range typically considered balanced, meaning you're paying a premium relative to what the property can earn from tenants.
On the income side, Greece's price-to-income ratio sits around 116 on the OECD scale (where 100 is the 2015 baseline), which signals that property prices have outpaced wage growth and buying feels more expensive for the average household in the Greek Islands.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in the Greek Islands.
Are home prices above the long-term average in the Greek Islands as of 2026?
As of early 2026, property prices in the Greek Islands are clearly above the long-term average, with national prices having surpassed the 2008 pre-crisis peak according to Bank of Greece data processed through Q3 2025.
The recent 12-month price change in Greece has been running around 7% to 8%, which is significantly faster than the pre-pandemic pace and suggests the market is in an accelerated phase compared to its historical growth trend.
In inflation-adjusted terms, Greek property prices have recovered from their 2017 trough and are now back at or slightly above the 2008 peak, which means buyers in the Greek Islands are purchasing at historically elevated levels even after accounting for the cost of living.
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What local changes could move prices in the Greek Islands as of 2026?
Are big infrastructure projects coming to the Greek Islands as of 2026?
As of early 2026, the most significant infrastructure project for the Greek Islands is the Cyclades power grid interconnection (Phase 4), which could boost property values by 5% to 15% in affected areas by improving electricity reliability and supporting year-round living and remote work.
The timeline for the Cyclades interconnection is well advanced, with IPTO having secured EIB financing and construction underway, with full delivery expected to benefit islands like Santorini, Paros, and Naxos over the next two to three years.
For the latest updates on the local projects, you can read our property market analysis about the Greek Islands here.
Are zoning or building rules changing in the Greek Islands as of 2026?
The most important zoning change being discussed in the Greek Islands is the introduction of stricter building limits on Santorini and Mykonos, including height restrictions and caps on new construction in sensitive zones like the Santorini caldera edge.
As of early 2026, these planning restrictions are likely to support prices in the Greek Islands by limiting new supply, but they also raise buyer risk because permitting can become slower and more complex, especially for renovations in protected areas.
The areas most affected by these rule changes in the Greek Islands are the premium tourist zones like Oia, Imerovigli, and Fira on Santorini, as well as central Mykonos Town and coastal stretches around Ornos and Platis Gialos on Mykonos.
Are foreign-buyer or mortgage rules changing in the Greek Islands as of 2026?
As of early 2026, there are no major foreign-buyer restrictions being introduced specifically for the Greek Islands, but mortgage conditions remain relatively tight with new loan rates around 4.3%, which continues to limit the buyer pool and could soften price growth if rates stay elevated.
On the foreign-buyer side, Greece has been tightening short-term rental regulations and introducing tourism levies, which indirectly affects foreign investors who planned to rely on Airbnb-style income in the Greek Islands.
On the mortgage side, Greece continues to offer buyer-support programs like "My Home II" which subsidize financing for eligible primary-home buyers, helping keep entry-level demand resilient in the Greek Islands even as market rates remain elevated.
You can also read our latest update about mortgage and interest rates in Greece.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Greece versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
Will it be easy to find tenants in the Greek Islands as of 2026?
Is the renter pool growing faster than new supply in the Greek Islands as of 2026?
As of early 2026, renter demand in the Greek Islands is growing faster than new rental supply in most desirable areas, driven by strong tourism, seasonal workers, and a growing pool of remote workers and expats seeking island living.
The clearest signal of renter demand in the Greek Islands is the sustained tourism growth, with Greece expecting record visitor numbers, which directly feeds short-term rental demand on islands like Santorini, Mykonos, Crete, and Corfu.
On the supply side, new construction in the Greek Islands is constrained by geography, infrastructure limits, and tightening planning rules, which means even when national building permits rise, the specific island markets people want most remain undersupplied.
Are days-on-market for rentals falling in the Greek Islands as of 2026?
As of early 2026, days-on-market for rentals in the Greek Islands is highly seasonal, but well-presented properties in prime locations like Oia, Mykonos Town, Chania Old Town, and Corfu Town tend to get booked or let within days during peak and shoulder seasons.
The difference between best areas and weaker areas is significant in the Greek Islands, with rentals in top spots like Naoussa (Paros), Lindos (Rhodes), or Elounda (Crete) moving much faster than properties in inland villages or areas without good beach access.
One common reason days-on-market falls in the Greek Islands is under-supply of quality rentals with year-round amenities like heating, good internet, and proximity to services, which are increasingly in demand from longer-stay tenants and remote workers.
Are vacancies dropping in the best areas of the Greek Islands as of 2026?
As of early 2026, vacancies are dropping in the best rental areas of the Greek Islands, including Oia and Fira (Santorini), Mykonos Town and Ornos (Mykonos), Chania Old Town and Halepa (Crete), Naoussa (Paros), and Corfu Town and Kassiopi (Corfu).
In these prime areas, effective vacancy rates are structurally low because there's limited stock with the features renters want most, like sea views, walkability, legal clarity, and year-round infrastructure, while the broader Greek Islands market has more variable vacancy depending on location quality.
One practical sign that the best areas are tightening first in the Greek Islands is that landlords in spots like Naoussa or Oia are increasingly able to demand longer minimum stays or higher deposits, something that wasn't common even two or three years ago.
By the way, we've written a blog article detailing what are the current rent levels in the Greek Islands.
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An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Am I buying into a tightening market in the Greek Islands as of 2026?
Is for-sale inventory shrinking in the Greek Islands as of 2026?
As of early 2026, it's hard to give a precise year-over-year inventory change for the Greek Islands because official for-sale listing counts aren't published as a national statistic, but the consistent price growth suggests that effective inventory of desirable properties is tight.
Months-of-supply in the Greek Islands is difficult to estimate precisely, but the combination of rising prices and limited new construction indicates the market is behaving like supply is below the balanced level, especially for turnkey homes in prime locations.
The single most likely reason inventory feels tight in the Greek Islands is the structural scarcity of buildable land combined with planning restrictions that limit new development, meaning even when sellers list properties, they're not being replaced by new stock at the same rate.
Are homes selling faster in the Greek Islands as of 2026?
As of early 2026, prime and turnkey homes in the Greek Islands appear to be selling faster than average, though official median days-on-market data isn't published for island markets, so we rely on price momentum as the clearest proxy for market clearing speed.
Based on the strong 7% to 8% year-over-year price growth reported by Bank of Greece through late 2025, transactions are clearly happening at a healthy pace, which typically requires homes to be selling within reasonable timeframes rather than sitting on the market.
Are new listings slowing down in the Greek Islands as of 2026?
As of early 2026, we can't confidently estimate the year-over-year change in new for-sale listings in the Greek Islands because this data isn't published as an official time series, but the structural scarcity of quality stock suggests listing volumes remain limited relative to buyer interest.
Seasonally, new listings in the Greek Islands tend to pick up in spring and early summer as owners prepare for the tourist season, but even normal listing volumes can feel thin in markets where the buyer pool is international and the truly desirable properties are rare.
The most plausible reason new listings may be slowing in the Greek Islands is that current owners have little incentive to sell in a rising market, especially if they can earn rental income, and replacement properties are hard to find at reasonable prices.
Is new construction failing to keep up in the Greek Islands as of 2026?
As of early 2026, new construction in the Greek Islands is failing to keep up with demand in the most desirable locations, where geography, infrastructure limits, and planning restrictions create a genuine gap between what buyers want and what gets built.
Nationally, ELSTAT data shows building permits have been recovering, but this doesn't translate evenly to island markets, where the constraints are more about land scarcity and regulatory complexity than construction capacity.
The single biggest bottleneck limiting new construction in the Greek Islands is the combination of strict planning rules in sensitive zones (like Santorini's caldera or Mykonos coastal areas) and limited infrastructure for water, power, and waste, which makes development slow and expensive.
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.
Will it be easy to sell later in the Greek Islands as of 2026?
Is resale liquidity strong enough in the Greek Islands as of 2026?
As of early 2026, resale liquidity in the Greek Islands is strong in prime areas like Oia, Mykonos Town, Chania Old Town, Naoussa, and Lindos, where well-priced properties with good fundamentals tend to find buyers relatively quickly.
While official median days-on-market data isn't available for the Greek Islands specifically, the sustained price growth and international buyer interest suggest that turnkey homes in desirable spots are selling within a few months, which is healthy for a second-home market.
The property characteristic that most improves resale liquidity in the Greek Islands is walkability to town centers, beaches, or restaurants, combined with legal clarity (clean permits and no building violations), because buyers are increasingly cautious about regulatory risk.
Is selling time getting longer in the Greek Islands as of 2026?
As of early 2026, selling time in the Greek Islands does not appear to be getting longer overall, as the market continues to show strong price momentum, though properties with issues (permit problems, poor access, heavy renovation needs) can sit for extended periods.
While we can't provide a precise median days-on-market figure, the realistic range in the Greek Islands runs from a few weeks for well-priced turnkey homes in Oia, Mykonos Town, or Chania, to six months or more for properties in secondary locations or with complications.
One clear reason selling time can lengthen in the Greek Islands is affordability pressure, since mortgage rates around 4.3% have pushed some buyers out of the market, which means overpriced listings or properties targeting stretched budgets take longer to move.
Is it realistic to exit with profit in the Greek Islands as of 2026?
As of early 2026, the likelihood of exiting with a profit in the Greek Islands is medium to high if you hold for 7 to 10 years, buy in a resilient location, and don't overpay at purchase, but short-term flips are risky given transaction costs and market volatility.
The estimated minimum holding period that makes profit realistic in the Greek Islands is around 5 to 7 years, which gives you enough time to ride through a potential soft patch and benefit from the long-term demand for island property.
Round-trip transaction costs in the Greek Islands (buying plus selling) typically run 10% to 15% of the property value, which works out to roughly 15,000 to 45,000 euros on a 300,000 euro property, or about 16,000 to 48,000 USD at current exchange rates.
The factor that most increases profit odds in the Greek Islands is buying in a location with persistent year-round demand and constrained supply, like Chania Old Town, Naoussa, or Mykonos Town, rather than a spot that's only attractive for a few summer months.
Get the full checklist for your due diligence in the Greek Islands
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about the Greek Islands, we always rely on the strongest methodology we can ... and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why We Trust It | How We Used It |
|---|---|---|
| Bank of Greece (Price Indices) | Greece's central bank and official source for housing price data. | We used it to anchor our view of where the housing cycle stands in early 2026. We also used it as a sanity-check against private asking-price indices. |
| Spitogatos Property Index | Greece's largest property listings platform with transparent methodology. | We used it to get island-region pricing and rent benchmarks. We estimated gross rental yields by island group using their data. |
| CEIC Data (OECD-linked) | Republishes OECD series with clear source attribution and latest values. | We used it to extract concrete price-to-income ratios. We cross-checked directionally with Bank of Greece messaging about the 2008 peak. |
| OECD Housing Indicators | Major international organization with standardized cross-country metrics. | We used it for valuation-style ratios as a "thermometer" for overheating risk. We compared today to Greece's own history since the late 1990s. |
| ELSTAT (Building Activity) | Greece's national statistics agency, primary source for construction data. | We used it as a supply-side proxy for whether new homes are being built fast enough. We triangulated it with island-specific planning constraints. |
| eKathimerini | Major Greek newspaper reporting on formal planning documents. | We used it to identify island-specific supply constraints from planning caps. We explained why more supply may not arrive quickly even with high prices. |
| Reuters | Global wire service with strong standards, cites government policy actions. | We used it to capture the direction of short-term rental regulation. We framed the policy risk for buyer underwriting. |
| IPTO/ADMIE | Greek electricity transmission operator directly delivering island infrastructure. | We used it as a concrete island-specific infrastructure catalyst. We explained why some islands can sustain higher year-round living demand. |
| European Investment Bank | Major EU public lender documenting project scope and financing. | We used it to cross-verify Cyclades interconnection project details. We avoided relying on a single local announcement. |
| Fraport Greece | Operator of 14 regional airports, primary source for upgrade schedules. | We used it to link accessibility improvements to demand resilience for island homes. We grounded infrastructure discussion in an operator's published plan. |
| Greece 2.0 Portal | Official government portal describing nationally significant buyer programs. | We used it to explain demand support that keeps entry-level home demand resilient. We framed it as a policy tailwind when thinking about downside risk. |
| Bank of Greece (via AMNA) | Cites central bank monthly interest-rate statistics that lenders track. | We used it to anchor the cost-of-borrowing environment facing homebuyers in 2026. We assessed affordability pressure via mortgage rate levels. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Greece. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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