Greek residential property market: what the official data show (Q2 2026)
Bank of Greece data put nominal apartment-price growth at 5.5% year-on-year in Q2 2026, continuing a gradual slowdown from the 2023 peak; permits rose in June.
Key figures#
| Indicator | Latest reading | Reference period | Source |
|---|---|---|---|
| Apartment prices, whole country (nominal, y/y) | +5.5% (provisional) | Q2 2026 | Bank of Greece, 15 Sep 2026 |
| New apartments (up to 5 years old) | +6.2% | Q2 2026 | Bank of Greece |
| Old apartments (over 5 years old) | +5.0% | Q2 2026 | Bank of Greece |
| Athens / Thessaloniki | +5.0% / +4.7% | Q2 2026 | Bank of Greece |
| Other cities / other areas | +5.4% / +7.1% | Q2 2026 | Bank of Greece |
| Average annual change, 2025 (revised) | +8.3% (2024: +9.1%) | 2025 | Bank of Greece |
| Building permits issued | 3,118 (+21.5% y/y) | June 2026 | ELSTAT, via MacroPolis |
Prices: still rising, at a slower pace#
According to the Bank of Greece (BoG), apartment prices across Greece rose by an estimated 5.5% year-on-year in nominal terms in the second quarter of 2026. The figure is provisional. The BoG notes that the four most recent quarters are always provisional and can be revised.
The annual pace has been easing for several quarters. MacroPolis reported the Q1 2026 rate at 6.6%. The BoG's index of apartment prices by age shows the quarterly peak at 15.6% in Q1 2023. Annual averages went from +13.9% in 2023 to +9.1% in 2024 and +8.3% in 2025 (revised).
For long-run context, the same BoG series (2007 = 100) averaged 109.1 in 2025, against a low of 59.0 in 2017. That puts nominal prices above their 2007 level. These are nominal figures and are not adjusted for inflation.
Regional and age breakdown#
- Regions. In Q2 2026, growth was fastest in "other areas" outside the main cities (+7.1%). It was slowest in Thessaloniki (+4.7%). For 2025 as a whole, the BoG's revised averages were +6.6% for Athens, +9.7% for Thessaloniki, +10.3% for other cities and +9.6% for other areas.
- Age. New apartments (+6.2%) grew faster than older stock (+5.0%) in Q2 2026. In 2025 the pattern was reversed: new +7.8%, old +8.6%.
- Urban areas overall. The BoG estimates +5.3% for all urban areas in Q2 2026, against an annual average of +7.9% in 2025.
What the index is built from#
The BoG indices use property valuations that every credit institution operating in Greece reports to the Bank's Real Estate Market Analysis Section. The legal basis is Governor's Act 2610/31.10.2008. The BoG says 971.8 thousand valuations had been reported up to end-June 2026. Most were apartments (65.3%), followed by houses (18.4%). Because the index comes from bank valuations, it mainly reflects mortgage-linked activity. It may not fully capture cash purchases.
Supply-side signal: building permits#
ELSTAT's building activity survey counted 3,118 permits in June 2026, up from 2,566 in June 2025 (+21.5%). This followed a marginal fall of 0.8% in May, as reported by MacroPolis. Monthly permit counts are volatile. A permit does not mean construction will start. ELSTAT's release calendar lists the next publication dates.
Reading the data carefully#
- Valuation-based indices can lag transaction prices, and provisional quarters are revised.
- National averages hide large differences between neighbourhoods, islands and property types.
- Commercial property is covered by separate semi-annual BoG indices. See Residential and commercial property price indices.
- Material costs are covered in our note on construction cost movements. A guide to all official datasets is in public real-estate data sources.
Rules affecting property use and taxation, such as short-term rental and residency-by-investment rules, are covered in separate notes: short-term rental rules, residency by investment and the tax overview.
Sources#
- Bank of Greece: apartment prices press release, Q2 2026
- Bank of Greece: index of apartment prices by age (PDF)
- Bank of Greece: residential and commercial property price indices
- MacroPolis: property price growth slows to 5.5% YoY in Q2
- MacroPolis: building activity, June 2026 (ELSTAT data)
- ELSTAT release calendar