Authored by the expert who managed and guided the team behind the Greece Property Pack
Yes, the analysis of Thessaloniki's property market is included in our pack
Whether you are thinking about buying an apartment near the waterfront or a maisonette in Kalamaria, understanding where Thessaloniki's property market stands in January 2026 can save you from overpaying or missing a good opportunity.
This article breaks down the current housing prices in Thessaloniki, examines whether the market favors buyers or sellers, and looks at what could push prices up or down in the coming months.
We constantly update this blog post with fresh data from official sources, so you always get a clear and current picture of the Thessaloniki real estate market.
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 Thessaloniki.
So, is now a good time?
Rather yes, January 2026 is a reasonable time to buy property in Thessaloniki if you plan to hold for the long term and avoid overpaying for your specific location.
The strongest signal is that rental yields in Thessaloniki remain workable at around 4.7% to 4.8% gross, which means you are not buying into pure speculation but into a market where cash flow can support your investment.
Another strong signal is the opening of the Kalamaria metro extension in February 2026, which will reprice neighborhoods like Kalamaria, Aretsou, Nea Krini, and Mikra as they gain direct transit access to the city center.
Additional signals include limited new construction keeping supply tight, consistent rental demand driven by Aristotle University's 88,000+ students, and Greece's broader economic stability with GDP growth projected around 2.2% for 2026.
The best strategy in Thessaloniki right now is to focus on standard apartments (60 to 90 sqm) in walkable, transit-accessible areas like the City Centre, Toumba, Charilaou, or Kalamaria, ideally with good energy ratings, and plan to rent them out long-term for steady income.
This is not financial or investment advice, we do not know your personal situation, and you should always do your own research before making any property purchase.
Is it smart to buy now in Thessaloniki, or should I wait as of 2026?
Do real estate prices look too high in Thessaloniki as of 2026?
As of early 2026, Thessaloniki property prices look high relative to local incomes (with a price-to-income ratio around 11 to 12 times for a typical 80 sqm apartment), but not wildly disconnected from rents in the way you would see in a classic bubble.
One clear signal from listings data is that asking prices in Thessaloniki municipality reached about 2,600 euros per square meter by late 2025, while rents hit around 10.40 euros per sqm monthly, suggesting sellers still have enough buyer interest to avoid aggressive price cuts.
Another indicator is the time properties spend on the market: well-priced apartments in prime Thessaloniki neighborhoods like the City Centre, Kalamaria, and Toumba typically sell within 45 to 90 days, which is not a sign of an overheated market where anything sells instantly, but also not a sign of desperation.
You can also read our latest update regarding the housing prices in Thessaloniki.
Does a property price drop look likely in Thessaloniki as of 2026?
As of early 2026, the likelihood of a meaningful property price decline in Thessaloniki over the next 12 months is low, with flat real prices (after inflation) or modest single-digit nominal growth being the more probable scenario.
The plausible price change range for Thessaloniki in 2026 is somewhere between minus 3% (if rates spike or a macro shock hits) and plus 7% (if demand remains strong and supply stays constrained), with the middle of that range being the most realistic outcome.
The single most important macro factor that would increase the odds of a price drop in Thessaloniki is a sharp rise in mortgage interest rates, since borrowing costs directly affect how much local buyers can afford and how many can enter the market.
That said, with the European Central Bank already signaling a cautious rate path and Greek mortgage rates in the 3% to 5% range, a sudden spike is not the base case, though it remains the biggest risk to watch.
Finally, please note that we cover the price trends for next year in our pack about the property market in Thessaloniki.
Could property prices jump again in Thessaloniki as of 2026?
As of early 2026, the likelihood of a renewed price surge in Thessaloniki is medium, with location-specific jumps being more probable than a citywide boom.
The plausible upside price change range for Thessaloniki in 2026 is around 5% to 10% in neighborhoods directly benefiting from new infrastructure, while the broader market may see more modest gains of 3% to 6%.
The single biggest demand-side trigger that could drive prices to jump again in Thessaloniki is the Kalamaria metro extension opening in February 2026, which will connect eastern districts like Kalamaria, Aretsou, Nea Krini, and Mikra directly to the city center and attract buyers seeking better commutes.
Please also note that we regularly publish and update real estate price forecasts for Thessaloniki here.
Are we in a buyer or a seller market in Thessaloniki as of 2026?
As of early 2026, Thessaloniki leans toward a seller market in the best, most walkable areas like the City Centre, university belt, and waterfront, while suburban and peripheral neighborhoods are more balanced.
The months-of-inventory in Thessaloniki's prime areas is estimated at around 4 to 6 months, which typically means sellers have reasonable bargaining power, while a truly balanced market would show closer to 6 to 8 months of supply.
The share of listings with price reductions in Thessaloniki remains relatively low in central locations, suggesting sellers are not yet under pressure to discount, though properties that are overpriced or in weaker micro-locations do see cuts after 60 to 90 days on 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 Thessaloniki as of 2026?
Are homes overpriced versus rents or versus incomes in Thessaloniki as of 2026?
As of early 2026, Thessaloniki homes look roughly fair to slightly rich versus rents (with gross yields around 4.7% to 4.8%), but stretched versus local incomes (with price-to-income multiples around 11 to 12 times for a typical apartment).
The price-to-rent ratio in Thessaloniki municipality is approximately 21 years (meaning it would take 21 years of rent to cover the purchase price), which is on the higher side of "normal" but not extreme for a European city with steady rental demand.
The price-to-income multiple in Thessaloniki is around 11 to 12 times for a mainstream 80 sqm apartment priced at roughly 210,000 euros, compared to a benchmark of 4 to 6 times that is typically considered affordable, which confirms that most local buyers need savings, family help, or a dual income to purchase.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Thessaloniki.
Are home prices above the long-term average in Thessaloniki as of 2026?
As of early 2026, Thessaloniki property prices are around or slightly above pre-crisis nominal levels, with the post-2020 run-up having pushed values to historic highs in recent quarters.
The recent 12-month price change in Thessaloniki was approximately 7% to 10% year-on-year (depending on the data source), which is still elevated compared to the long-run average pace of 2% to 4% annual appreciation seen before the 2010s crisis.
In inflation-adjusted (real) terms, Thessaloniki prices have recovered from their post-crisis lows and are now approaching or matching the prior cycle peak from the mid-2000s, though they are not dramatically above it.
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What local changes could move prices in Thessaloniki as of 2026?
Are big infrastructure projects coming to Thessaloniki as of 2026?
As of early 2026, the biggest infrastructure project with near-term price impact in Thessaloniki is the Kalamaria metro extension, which is set to open in February 2026 and is expected to boost property values by 5% to 15% in neighborhoods directly served by the new stations.
The timeline for the Kalamaria extension is already in final testing as of late 2025, with commercial operations scheduled to begin in February 2026, adding 5 new stations and 4.8 km of track connecting the city center to eastern districts.
For the latest updates on the local projects, you can read our property market analysis about Thessaloniki here.
Are zoning or building rules changing in Thessaloniki as of 2026?
The most important rule change being discussed in Thessaloniki is not traditional zoning but rather the tightening of short-term rental regulations, which now require stricter safety and quality standards and can shift some units back to the long-term rental market.
As of early 2026, these short-term rental rule changes are expected to have a mild positive effect on long-term rental supply in central Thessaloniki, which could slightly ease rent pressure without significantly impacting sale prices.
The areas most affected by these rule changes are the walkable, tourist-friendly neighborhoods in the City Centre, Ladadika, and near the waterfront, where short-term rentals had grown most rapidly before the new compliance requirements took effect.
Are foreign-buyer or mortgage rules changing in Thessaloniki as of 2026?
As of early 2026, Greece's Golden Visa reform (Law 5100/2024) has raised the investment threshold in Thessaloniki to 800,000 euros for a single residential property of at least 120 sqm, which is designed to cool some foreign-investor demand and redirect it to lower-threshold regions.
The most significant foreign-buyer rule change already in effect is this higher Golden Visa threshold, which places Thessaloniki in the same tier as Athens and the most popular islands, reducing the flow of smaller foreign investors into the city.
On the mortgage side, Greek bank lending rates for housing loans remain in the 3% to 5% range (with some fixed-rate options starting around 2.5% to 2.9%), and loan-to-value ratios typically cap at 50% to 80% depending on residency and income documentation, which keeps financing accessible but not loose.
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 Thessaloniki as of 2026?
Is the renter pool growing faster than new supply in Thessaloniki as of 2026?
As of early 2026, renter demand in Thessaloniki is growing faster than new rental supply in the neighborhoods that matter most to landlords, particularly the City Centre, university belt, and transit-accessible eastern districts.
The clearest signal for renter demand in Thessaloniki is Aristotle University, which reports over 88,000 students, creating a massive and recurring need for studios, one-bedroom, and two-bedroom apartments within walking or commuting distance of the campus.
On the supply side, building permit activity in the Thessaloniki area has shown weakness in parts of 2025, suggesting that new completions are not accelerating fast enough to flood the rental market with units.
Are days-on-market for rentals falling in Thessaloniki as of 2026?
As of early 2026, well-priced long-term rentals in prime Thessaloniki areas typically lease within 2 to 5 weeks, while overpriced or poorly located units can sit for 2 to 3 months.
The difference in leasing speed between "best areas" and weaker areas in Thessaloniki is significant: apartments in the City Centre, Charilaou, Toumba, or near upcoming metro stations rent much faster than those in peripheral suburbs without transit or university access.
A common reason days-on-market falls in Thessaloniki is the university calendar cycle, with peak demand hitting in August and September when students seek housing before the academic year begins, creating a seasonal tightening effect.
Are vacancies dropping in the best areas of Thessaloniki as of 2026?
As of early 2026, vacancies appear to be dropping or staying very low in the best-performing rental areas of Thessaloniki, including the City Centre, Charilaou, Toumba, and now Kalamaria as the metro extension approaches.
While no official vacancy rate is published for Thessaloniki, rent growth of 3% to 7% year-on-year in prime areas is a strong proxy suggesting that landlords are not struggling to fill units, which typically only happens when vacancy is low.
One practical sign that the "best areas" are tightening first in Thessaloniki is that landlords in neighborhoods like the City Centre and near the university are now able to demand 2 to 3 months' rent as a deposit without losing prospective tenants, a shift that was less common a few years ago.
By the way, we've written a blog article detailing what are the current rent levels in Thessaloniki.
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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 Thessaloniki as of 2026?
Is for-sale inventory shrinking in Thessaloniki as of 2026?
As of early 2026, for-sale inventory in Thessaloniki appears constrained, though no official "active listings" count is published by ELSTAT or the Bank of Greece, so we rely on indirect signals.
The closest proxy for months-of-supply in Thessaloniki suggests it is below the balanced-market threshold of 6 to 8 months, particularly in prime neighborhoods where apartments move within 45 to 90 days and resale stock is limited.
The single most likely reason inventory is tight in Thessaloniki is that the market is dominated by older apartment buildings (polykatoikies), and owners of well-located, renovated units are reluctant to sell unless they are upgrading or relocating, keeping quality resale stock scarce.
Are homes selling faster in Thessaloniki as of 2026?
As of early 2026, the median time-to-sell for homes in Thessaloniki's prime neighborhoods is estimated at 45 to 90 days for correctly priced apartments, with no clear signal that this is speeding up dramatically from the previous year.
Year-on-year, selling times in Thessaloniki have remained relatively stable in the best areas, while properties in weaker micro-locations or those listed above market value continue to take 4 to 8 months to find a buyer.
Are new listings slowing down in Thessaloniki as of 2026?
As of early 2026, we estimate that new for-sale listings in Thessaloniki are not surging, though we cannot give a precise year-on-year number because no official dataset tracks this at the city level.
The seasonal pattern for new listings in Thessaloniki typically shows more activity in spring (March to May) and early autumn (September to October), with winter months being slower, and the current level appears consistent with this pattern rather than unusually low or high.
The most plausible reason new listings are not accelerating in Thessaloniki is that existing homeowners, many of whom bought or inherited apartments years ago at lower values, see no urgency to sell into an uncertain rate environment unless they have a specific life event driving the decision.
Is new construction failing to keep up in Thessaloniki as of 2026?
As of early 2026, new construction in Thessaloniki appears to be falling behind the demand for quality, energy-efficient apartments in good locations, though we cannot give a precise supply-demand gap number due to data limitations.
The recent trend in building permits for the Thessaloniki area has been mixed to soft, with some quarters in 2025 showing year-on-year declines, which suggests that future deliveries will not significantly ease the tight resale market.
The single biggest bottleneck limiting new construction in Thessaloniki is the scarcity of well-located buildable land in the central and eastern parts of the city, combined with permitting and regulatory complexity that slows project timelines.
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 Thessaloniki as of 2026?
Is resale liquidity strong enough in Thessaloniki as of 2026?
As of early 2026, resale liquidity in Thessaloniki is reasonably strong for standard apartments in prime neighborhoods, meaning you can expect to sell a well-priced, well-located property without it sitting for many months.
The median days-on-market for resale homes in liquid Thessaloniki neighborhoods like the City Centre, Toumba, Charilaou, and Kalamaria is estimated at 45 to 90 days, which compares favorably to a "healthy liquidity" benchmark of under 120 days.
The property characteristic that most improves resale liquidity in Thessaloniki is being a standard-sized apartment (60 to 90 sqm) with an elevator, good natural light, and an energy certificate at least in the C or B range, as these features match what the majority of buyers are actively seeking.
Is selling time getting longer in Thessaloniki as of 2026?
As of early 2026, selling time in Thessaloniki has not increased meaningfully compared to last year in prime neighborhoods, though overpriced properties in weaker locations are taking longer as buyers become more rate-sensitive.
The current median days-on-market in Thessaloniki's liquid areas is around 45 to 90 days, with a realistic low-to-high range of 30 days (for well-priced, renovated units in top locations) to 180 days (for overpriced or poorly positioned properties).
One clear reason selling time can lengthen in Thessaloniki is affordability pressure from mortgage rates in the 3% to 5% range, which limits the buyer pool at higher price points and forces sellers who overprice to wait or eventually reduce.
Is it realistic to exit with profit in Thessaloniki as of 2026?
As of early 2026, the likelihood of selling with a profit in Thessaloniki is medium to high if you hold for a typical period of 7 to 10 years, buy at or below market value, and choose a liquid neighborhood.
The minimum holding period that most often makes exiting with profit realistic in Thessaloniki is around 5 to 7 years, which gives you enough time to absorb transaction costs and ride out any short-term market softness.
The total round-trip cost drag in Thessaloniki (including transfer tax, notary, legal, and agent fees on both purchase and sale) is approximately 7% to 10% of the property value, or roughly 15,000 to 21,000 euros on a 210,000 euro apartment (about 16,000 to 22,000 USD or 15,000 to 20,500 EUR).
The single factor that most increases profit odds in Thessaloniki is buying in a neighborhood with an identifiable catalyst (like the Kalamaria metro extension) or buying a property that needs cosmetic renovation at a discount, then adding value before the market reprices.
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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 Thessaloniki, 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 it's authoritative | How we used it |
|---|---|---|
| Bank of Greece - Price Indices Hub | Greece's central bank publishes the official price indices used by policymakers. | We used it to anchor national price growth and the cycle stage. We treated this as the baseline and checked private-sector measures against it. |
| Bank of Greece - Q3 2025 Price Release | Official BoG release summarizing the latest price changes with clear methodology. | We used it to split price momentum between new vs older apartments. We then mapped what that means for Thessaloniki's apartment-heavy stock. |
| Spitogatos Property Index | Largest Greek property portal with transparent asking-price data by area. | We used it for Thessaloniki-specific sale and rent prices per sqm. We also used it to estimate yields and price-to-rent signals across areas. |
| ELSTAT - Building Permits | National statistical agency's core supply indicator for new construction. | We used it to judge whether new supply is accelerating or falling behind demand. We treated weak permits as a forward-looking tight supply signal. |
| Thessaloniki Metro - Kalamaria Extension | Official project site for the metro operator with authoritative timeline. | We used it to identify the biggest location-specific demand catalyst for 2026. We named neighborhoods most likely to benefit from new stations. |
| Aristotle University of Thessaloniki | Official university site reporting 88,000+ students, a major demand driver. | We used it to justify Thessaloniki's durable rental demand from students and staff. We explained why small apartments in central areas stay liquid. |
| Hellenic Parliament - Law 5100/2024 | Official legislative record for the Golden Visa threshold changes. | We used it to ground claims about foreign-buyer rule changes. We avoided relying on blogs or sales sites for legal thresholds. |
| Bank of Greece - Interest Rates on Loans | Official Greek banking-rate publication from the central bank. | We used it to anchor cost of borrowing for typical buyer mortgages. We explained affordability pressure even if prices don't fall. |
| Eurostat - Housing Price Index | EU's official stats body with harmonized cross-country price data. | We used it to benchmark Greece vs EU price momentum. We used it as a sanity check on the broader cycle. |
| OECD - Housing Prices Indicators | Widely used for affordability comparisons with standardized definitions. | We used it to frame overpricing vs incomes and rents in international context. We interpreted whether current ratios are stretched vs norms. |
| IMF - Greece 2025 Article IV | Top-tier macro institution with heavily data-driven country reports. | We used it to frame downside scenarios that could hit housing demand. We separated macro crash risk from local valuation risk. |
| Elxis - Buying Costs Guide | Reputable Greek real estate resource with detailed fee breakdowns. | We used it to calculate total round-trip transaction costs. We verified tax and notary fee percentages for accuracy. |
| Global Property Guide - Greece | International property data resource with historical price series. | We used it to contextualize Greece's price growth vs other markets. We cross-checked long-run trends and rental yield benchmarks. |
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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