Short answer:
Real estate prices in Greece have already recovered significantly, but further growth depends on demand, tourism, foreign investment, interest rates, regulation, and urban development. In the right areas, there may still be potential for appreciation, but a more selective approach is required.
It is well known that prophecy is the domain of fools; nevertheless, an examination of Greece’s macroeconomic data, key trends, and—above all—a comparison with pre-crisis housing prices leads to one clear conclusion: housing prices in Greece are expected to continue climbing in the coming years. This assessment is reinforced by the Bank of Greece, which published its “Financial Stability Report” ahead of November 2023, in which it estimated that residential real estate prices would continue to rise despite uncertainty in the global economy. Another forecast by the bank was that, in the short term, foreign investor interest in real estate assets will remain strong and stable.
This graph, sourced from TRADING ECONOMICS and based on official data from the Bank of Greece, shows the changes in real estate prices from 2006 to 2020, with the baseline set at the index level in 2007 (HPI = 100). This index reached an all-time high of 102.20 points in the third quarter of 2008 (before the crisis) and hit a record low of 58.90 points in the third quarter of 2017. The graph reflects a 43% decline in apartment values over the course of nine years. However, it can be seen that the increase in housing prices to date amounts to only about 8 points—out of a total loss of 43 points. In 2025, the index reached a new high of 117.28 points (Q3 2025), an increase of approximately 100% from the low.
In conclusion, the data speaks for itself. Unless a major, unforeseen event occurs (such as a war, an environmental disaster, force majeure, etc.), real estate prices in Greece are expected to continue rising, and it appears they still have a long way to go before reaching their maximum ceiling. Therefore, in our assessment, Greece will continue to offer good investment opportunities in apartments with impressive return potential in the coming years.
