Greece’s residential property market is showing clear signs of cooling after several years of rapid price appreciation, with home values returning to more moderate growth as foreign capital inflows normalize and affordability increasingly limits further gains.
According to the latest data from the Bank of Greece, residential property prices increased by 5.7% nationwide in the first quarter of 2026, down from 8.3% in the final quarter of 2025. For the whole of 2025, annual house price growth stood at 8.1%, following an even stronger 9.1% increase in 2024.
Athens and Thessaloniki residential markets cool after years of strong gains
In Attica, annual price growth eased to 5.2%, compared with 6.5% during the final quarter of last year. Thessaloniki recorded annual growth of 6.4%, significantly below the 9.7% increase registered across 2025, while other major cities slowed to 5.4%, compared with annual gains exceeding 10% last year.
Data from property portal Spitogatos Insights, cited by capital.gr, points to a similar trend in asking prices. Across every major district of the Athens metropolitan area, sellers are now raising prices more slowly than a year ago. In central Athens, asking prices increased 7.9% during the first quarter, down from 11.7% a year earlier.
The sharpest slowdown has emerged in the southern suburbs, where annual price growth has fallen to 4.1% from 9.1%, while Piraeus has slowed to just 2.3%, compared with 7.1% in the same period last year.
Only the northern suburbs continue to show relatively resilient momentum, with annual growth of 7.1%, broadly unchanged from the previous year. Thessaloniki has also cooled markedly, with asking prices rising 4.2%, compared with a striking 12.5% increase recorded in early 2025.
