Greece’s real estate market continues to signal resilience and dynamism—especially in Athens—though recent trends vary significantly across property categories. Residential units in major urban centers like Athens and Thessaloniki, commercial properties, holiday homes, and high-value investments are each following distinct trajectories, with unique characteristics and growth rates.
Commercial Real Estate: A Three-Speed Market
According to GEOAXIS analysis, rental values for office spaces continue to rise—but the market is now sharply segmented. Over the past decade, rents for older office buildings increased by approximately 74%, while standalone older office buildings saw a rise of around 63%.
Today, the office leasing market operates at three different speeds:
- Modern, energy-certified green buildings—drawing strong demand from large corporations;
- Renovated older properties in high-profile locations—still commanding solid tenant interest;
- Unrenovated older buildings—struggling to keep pace with market expectations.
Holiday Homes: Uptick in Prices and Foreign Demand
Data from Elxis – At Home in Greece shows that average prices per square meter for holiday homes rose by 10.8%. Demand remains largely driven by international buyers seeking newly built, high-specification properties with strong energy performance and contemporary design.
Properties under construction—or recently completed—recorded notable price gains, while interest in older vacation homes has shifted toward smaller or more affordable options.
Crete remains a top destination for international buyers. According to Elxis, average property values on the island rose, confirming sustained investor interest in select areas.
Fractional Ownership Gains Ground
Fractional ownership—or shared real estate investment—is gradually entering the Greek market. As presented by Owners, this model allows multiple investors to acquire partial ownership stakes in high-value properties, rather than purchasing them outright.
Greece is seen as a promising market for this model, thanks to its strong tourism appeal, growing demand for leisure residences, and significant presence of foreign buyers. The Athenian Riviera and popular islands are highlighted as potential hotspots for fractional ownership growth in the coming years.
Residential Sales Trends
RE/MAX Greece reports that residential sales remain robust—particularly for new developments—reflecting continued confidence among both domestic and international buyers.