Real Estate: 83% increase in housing prices in 8 years

House prices have been rising rapidly over the past eight years, having surpassed – since the last quarter of 2024 – the historic highs of 2008. Residential properties hit a “bottom” in 2017, when their prices were at their lowest levels since 2000. Since then, however, the cost of buying a home has skyrocketed.
In fact, according to the most recent data from the Bank of Greece on residential property prices, property prices have almost doubled since the lows of 2017, with the increase reaching 82.5%. In other words, an average property (not the same, since the value of properties decreases over time) that cost 100,000 euros in 2017 today has a selling price of 182,500 euros.
In Athens, house prices are exactly double the lowest recorded in 2017. Specifically, while the BoG real estate price index stood at 56.1 in the first quarter of 2017 (with base year=100, 2007 prices), at the end of the second quarter the price index in the capital stood at 112.2, i.e. 12% higher than in 2007. Even greater (101%) was the increase recorded in newly built properties under 5 years old.

In Thessaloniki, the price increase was similar and stood at 95% between the low recorded in the third quarter of 2017 and the high of the second quarter of this year. The BoG price index was calculated at 54.1 points in 2017, while today it is at 105.7. The increase in newly built properties was greater and reached 98%, while in old properties (over 5 years old) the increase is estimated at 94%.
In the Region
The remaining cities in the country have been affected to a lesser extent by the inflationary wave that has pushed up property prices as a result of the high demand, which has been driven mainly by foreign buyers – sometimes to obtain a golden visa, sometimes to use for short-term rental and, more rarely, for home ownership.

In more detail, property prices in the other major cities (Patras, Ioannina, Chania, Heraklion, Alexandroupoli, etc.) have increased by 64% in the same period and exceed the prices of 2007 – but not the highs of 2008. In newly built properties, the increase is greater (72%), while in houses over five years old it is limited to 59%. In older properties, in fact, prices continue to be below their respective 2007 levels.

In the rest of the country, increases in property prices are also estimated at 64%. The BoG's housing price index for these properties stood at 64.2 units in the second quarter of 2017, while today it stands at 105 units. As in other areas, increases are greater in homes under five years old (+75%), while they are more limited (+55%) in older ones.

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