A growing number of buyers in Greece are turning to old homes, which can be acquired at a lower price and subsequently renovated. The trend is intensifying against the backdrop of the continued increase in property prices and the limited supply of new construction, especially in Athens and Thessaloniki.
RE/MAX Greece data shows that in 2025, 75.6% of residential properties sold in the country were over 20 years old, while new homes up to five years old accounted for only 12.3% of sales. The company links this to both the greater supply of old homes and their more affordable prices compared to new construction.
This is also a noticeable change compared to the previous year. In 2024, the share of homes sold over 20 years old was 66.1%, which means that interest in this segment has continued to grow.
The pressure is particularly strong in Athens and Thessaloniki. The reason is that new construction remains limited and expensive, while many of the older apartments are located in central and well-developed areas. In some cases, they offer a larger area or a better location for a similar budget, but require additional funds for renovation and energy renovation.
The increase in the price of older homes is already visible in official data. According to the Bank of Greece, in the first quarter of 2026, apartment prices in the country increased by an average of 5.7% year-on-year. New homes increased in price by 6%, and old ones - by 5.5%. For the whole of 2025, however, old apartments recorded a stronger growth - 8.4%, compared to 7.7% for new ones.
Thus, old construction is gradually becoming not just a cheaper alternative, but a separate investment strategy. Buyers are looking for homes with a lower entry price, and then, through renovation, they seek to increase their market value or future rental income.
It is precisely renovated homes that are in demand on the rental market. RE/MAX data shows that 74.1% of properties rented out in 2025 were over 20 years old, with tenants placing particular importance on the quality of renovation along with location.
The trend is also supported by the structure of the housing stock. The European Commission notes that housing renovation in Greece is still relatively slow, while the state is expanding programs to return empty and old properties back to the market. Among the problems remain the complex administrative procedures and the slow work of issuing building permits in parts of the country.
In parallel, the Greek government is encouraging owners to renovate older homes. The 2026 programs provide for subsidies for repairs and energy improvements, including for old and uninhabited properties, in order to increase the available housing supply.
The pressure on prices also comes from foreign buyers. Although foreign investment in Greek property decreased in 2025 to around 2.05 billion euros compared to 2.75 billion euros a year earlier, the amount remains among the highest ever recorded. For the period 2019-2025, the total inflow of foreign capital to the Greek property market reached around 12.4 billion euros, according to data from the Bank of Greece.
This further supports prices in the most sought-after areas. In Athens, for example, housing prices increased by 5.2% year-on-year in the first quarter of 2026, and in Thessaloniki by 6.4%.
However, for buyers, the lower price of the old property does not automatically mean a better deal. The cost of repairs, possible replacement of the electrical and plumbing installation, energy renovation, taxes and administrative costs must be added to the purchase price. Therefore, the difference compared to the price of a finished or new home must be calculated for each specific property.
Nevertheless, the data clearly shows where the Greek market is shifting to – With the high prices of new construction, old homes are once again becoming the main choice for both people looking for their own home and investors ready to add value through renovation.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg