Home » Price Comparison Across Different Regions in Greece: Where Is the Greatest Potential?
Comparing prices across different regions in Greece: Where is the greatest potential?
The Greek real estate market continues to grow at an impressive rate alongside a strengthening economy, but behind the overall figures, there are price disparities between different regions of the country. At the same time, there is a dramatic gap between the prices of new, modern construction and older buildings—a critical difference that every investor must understand before making a decision
The Greek real estate market has undergone dramatic changes over the past decade and a half, from a severe economic crisis that led to a 40–48% decline in real estate prices between 2007 and 2017, through a period of gradual recovery that began in 2018, to the sustained growth we are witnessing today. The recovery was supported by Greece’s exit from the bailout program, the return of stability to the banking system, and a significant influx of foreign capital through the Golden Visa program for foreign investors.
In the third quarter of 2025, apartment prices across Greece rose by 6.6% year-over-year, following an 8.9% increase in 2024 and a 13.9% increase in 2023. The current trend is viewed as healthy and indicates that the market is stabilizing after years of rapid growth. The answer to the question How much does an apartment cost in Greeceis that new apartments (up to 5 years old) recorded an 8.0% increase, compared to older apartments (over 5 years old), which recorded a 6.0% increase.
The main drivers of current growth include increased demand from foreign investors, impressive growth in tourism with over 33 million visitors annually, and the development of infrastructure and large-scale urban projects. Greece’s economy is growing at a rate of 2.3% in 2025, with a significant decline in unemployment from 27% in 2013 to about 8% today.
Real Estate real estate market in Greece is characterized by significant variation between regions and property types. Growth potential and returns vary significantly depending on location and property type property in Greece, such as an apartment or a villa, a new build or an older building. A thorough understanding of regional differences is essential for investors seeking to maximize returns and manage risks effectively.
A Comparison of the Main Regions in the Greek Real Estate Market – and the Differences Between New Construction and Older Buildings
Athens, Greece’s capital and largest metropolitan area, continues to be the heart of the Greek real estate market. The average price per square meter in Athens ranges from €2,480 to €2,614, with significant variation across different areas of the city. Central Athens has seen a 12% increase in prices, Northern Athens has prices of €3,323 per square meter, and Southern Athens (the Athens Riviera) is the most expensive area at €4,091 per square meter.
It is important to understand the difference between new construction in Athens—where you can find new urban renewal projects—and the prices of older buildings. As of 2025, the price per square meter in new buildings is around €5,000, which reflects modern construction, associated amenities, and energy efficiency. Thus, there is a price difference of approximately 50% to 80% between older buildings and new construction.
Athens’s main advantage lies in its stability and consistent year-round demand. Unlike tourist areas that suffer from seasonality, Athens offers an active residential market driven by students, diplomats, businesspeople, and international companies. The city’s well-developed infrastructure, including an improved public transportation system with modern metro lines, contributes to the investment’s appeal. Rental yields range from 5–6% gross, or 3.5–5% net.
Within Athens, there is significant variation between neighborhoods. More upscale neighborhoods like Kolonaki and Pangrati command prices of €3,000–7,000 per square meter, while up-and-coming neighborhoods like Kipseli, Ilisia, and Septole offer prices with growth potential of 15–20%. These neighborhoods are undergoing urban renewal and revitalization processes that are driving a sustained rise in prices.
Thessaloniki, Greece’s second-largest city, shows impressive growth potential. The average price per square meter ranges from €1,970 to €2,201, with a dramatic annual increase of 10–12.5%. Specific neighborhoods such as Kallithea have seen a jump of up to 23.4% per year. The combination of relatively low entry prices and rapid growth makes Thessaloniki an attractive option for investors.
The factors driving this rapid growth include its role as a major academic hub with constant demand for student housing, an ongoing process of urban renewal featuring infrastructure upgrades, and the growing appeal to foreign investors who recognize its potential. Rental yields are higher than in Athens, ranging from 6–7% gross or 4.5–5.5% net.
It is important to note that in Thessaloniki, as in other cities in Greece, prices for new construction are 20%–50% higher than the local average.
Average price per square meter over the past few years – by region
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The Greek Islands: A Complex Market with Diverse Opportunities
The real estate market in the islands is characterized by extreme variability and significant dependence on tourism. The islands known for luxury tourism, primarily Mykonos and Santorini, have become international luxury destinations with prices ranging from €5,000 to €8,000 per square meter and annual increases of 15–25%. Demand comes primarily from affluent foreign buyers, and rental yields can reach 7–9% gross, though they depend significantly on the tourist season.
The challenges include complete dependence on seasonality, high maintenance costs, and strict regulations on short-term rentals. High entry costs limit the pool of investors and increase financial risk.
Crete offers an interesting alternative. The largest island has become the top destination in terms of demand from foreign buyers, particularly Germans, Dutch, and French. The average price ranges from €800 to €2,000 per square meter. In the Chania area, the price stands at €2,878, with an annual increase of 19.3%. The main advantage is the balance: prices are more affordable than on the luxury islands, foreign demand is strong, and the island’s size allows for diversity. Tourism in Crete is spread out over a longer period, reducing dependence on the summer season.
Other islands, such as Rhodes, Corfu, and Zante, are priced at €2,200–2,300 per square meter, with increases of 4.9–7.1%. Paros has seen a cumulative increase of 108% since 2018, making it an attractive destination that has not yet reached peak price levels.
Although there is less new construction on the islands, even in these areas, the price per square meter for new construction is tens of percent higher than the average.
Peripheral Regions: The Hidden Potential
Peripheral regions, which include medium-sized and small cities, offer investment opportunities for experienced investors with a long-term perspective. The average price ranges from €1,000 to €1,800 per square meter, with an average annual increase of 7.3–8%. Specific areas are showing dramatic growth: Kavala rose by 30.9% in a year, and Thessaloniki by 30%.
Cities such as Larissa (an industrial and logistics hub), Patras (a major port city), and Volos (the gateway to the tourist destination of Mount Pelion) are all showing signs of development and improved infrastructure. European investments in infrastructure, commercial and industrial development, and internal migration from major cities are contributing to growing demand. Investing in these cities is suitable for investors who are willing to be “pioneers” and understand that returns may materialize within 5–10 years.
The main advantage is the low entry prices. A 70-square-meter apartment may cost as little as €70,000–€120,000, making it possible to build a diversified portfolio even on a limited budget. Gross rental yields range from 6% to 8%, similar to or higher than those in Athens. Challenges include a lack of market liquidity, less developed service infrastructure, and dependence on the success of regional economic development.
Real Estate Price Comparison by Region – 2025
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Factors Affecting Price Differences
Location and accessibility are the most fundamental factors driving price differences: proximity to public transportation, access to airports, and proximity to urban centers directly influence property values. Tourism is a key factor in the islands and southern Athens, with 33 million tourists driving demand for properties.
Educational institutions, particularly in Thessaloniki and Athens, generate steady demand from students. The local economy and job market directly influence housing demand. The Golden Visa program continues to play a central role, with changes that raised the investment threshold to €800,000 in certain regions while maintaining it at €250,000 in others affecting the distribution of foreign demand.
Infrastructure and urban development have a dramatic impact on property values. The Ellinikon project in southern Athens, for example, is expected to significantly affect real estate prices throughout the region. A limited supply of new apartments, combined with rising demand, is driving prices upward. Regulations on Airbnb are becoming stricter in Athens and on the islands, but taxation remains relatively low, with a 3.09% purchase tax and a capital gains tax freeze until the end of 2025.
In summary, there are significant differences in price per square meter between Athens, Thessaloniki, peripheral cities, and the islands. Additionally, there is a large gap between new construction and older buildings, a factor that is important to consider when comparing and analyzing the market.
Comparison of Real Estate Investment Areas – Key Indicators
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The information contained in this document is intended for general purposes only and does not constitute legal, regulatory, financial, or tax advice. The authors do not warrant that the information is accurate, complete, or up-to-date, and assume no liability whatsoever for reliance upon it. Before taking any action, it is recommended to consult with an attorney or a qualified professional advisor. Nothing herein constitutes an offer or recommendation to make any investment, and any action taken is solely at the reader’s own risk.
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