The Greek real estate market enters 2026 at a stage of maturity. The era of "easy entry" via the cheap "Golden Visa" is over, giving way to more calculated investments and the search for undervalued locations. We analyzed key indicators and trends to understand where the market is heading.
1. The "Golden Visa" 2.0 Effect
2025 became a turning point due to the increased entry threshold for the "Golden Visa" program. The division of the country into zones (€800,000 for Attica, Thessaloniki, Mykonos, and Santorini, and €400,000 for other regions) has redrawn the demand map.
- Exodus from the Center: Investors have begun to massively consider "second-tier" locations — the suburbs of Piraeus, the western districts of Attica, and the Peloponnese, where the entry threshold remains accessible or exceptions exist (e.g., when converting commercial property to residential).
- Demand for "Conversion": In Q4 2025, demand for industrial properties for redevelopment grew by 15%, as the preferential threshold of €250,000 remains applicable for them.
2. Market Status and Prices (Analytics: December 2025 — January 2026)
Growth Leaders: This year, the absolute leader was Thessaloniki, where prices rose by 10-11% (higher than in Athens, where growth slowed to 5.5%). This is due to the completion of key metro construction stages, the development of the logistics hub, and the initially lower price per square meter compared to the capital.
Supply Deficit: The construction sector cannot keep up with demand. The gap between housing units completed and market needs is approximately 5,000 units per year. This deficit supports high prices, even despite general economic stabilization in the Eurozone and rising mortgage rates.
Yields: Average long-term rental yields across the country vary between 4.5–5.6%. However, niche segments show better results:
- Student housing in Patras and Thessaloniki: up to 6.5%.
- Small renovated apartments in the historic center of Athens (Plaka, Monastiraki): can generate up to 8.25% annually via short-term rentals, although competition here has reached its maximum.
3. Energy Efficiency as a New Driver
In 2026, the liquidity of a property directly depends on its energy efficiency class.
- Green Premium: Class A+ apartments sell for 12-15% more than older equivalents.
- Renovation Costs: Buyers of secondary housing (built in the 1980s-90s) are budgeting an additional €600-800 per sq.m. for modernizing heating and insulation systems to comply with new EU standards.
4. Forecast for 2026
We expect price stabilization in the premium segment of South Athens (Athens Riviera), where values have already reached European peaks. At the same time, growth potential remains in:
- Piraeus: Driven by the expansion of the port and metro.
- Crete: The island demonstrates steady demand from Northern European retirees and digital nomads.
- Commercial Real Estate: Warehousing and logistics centers near ports.
Conclusion: The Greek market remains attractive, but the "buy anything, it will grow" strategy no longer works. 2026 will be a year of selective choice and professional asset management.
