Apartment prices in Greece have increased by about 85% between their lowest point in 2017 and 2025. Last year they were 7% above the previous peak recorded in 2008.
However, in the second quarter of 2026, the rate of increase slowed to 5.5% on an annual basis, according to data from the Bank of Greece. New homes have risen in price by 6.2%, and old ones - by 5%.
By region, the increase is 5% in Athens, 4.7% in Thessaloniki, 5.4% in other major cities and 7.1% in the rest of the country. For the whole of 2025, the average price growth was 8.3%, after 9.1% in 2024.
Incomes are not catching up with prices
The gap between housing prices and incomes has increased in each of the last years. In 2022, apartment prices increased by about 12%, while disposable income increased by about 5.5%.
In 2023, prices increased by nearly 14%, with income growth of about 10%. In 2024, housing prices increased by about 9%, and disposable income – by approximately 4%.
The OECD index, which measures the ratio between house prices and income, reached 109.5 points in 2025. It has thus approached the previous peak of 114.1 points, recorded in 2012.
This question was raised in the Morningstar DBRS analysis, cited by the Greek financial website Insider, with the main risk for the market now being associated with the affordability of properties, rather than excessive mortgage indebtedness.
More than a third of the price must be personal capital
Access to housing is also limited by the amount of own funds required. The average mortgage-to-value ratio was 64.8% in 2025.
For a home priced at €200,000, this means an average bank financing of around €130,000. The buyer must provide approximately €70,000 of their own funds, excluding taxes, notary fees and other transaction costs.
According to DBRS, stricter credit criteria limit risk for the banking sector. At the same time, higher prices, limited supply and demand in large cities and tourist areas make it difficult for households looking for a first home.
Morningstar DBRS estimates that the pace of appreciation is likely to slow due to lower affordability, higher construction costs and interest rates. However, limited supply, foreign investment and conservative mortgage lending continue to support the market.