Greece’s real estate market continues to show robust activity, with investment levels remaining high and demand for quality properties staying strong. Despite challenges posed by rising construction costs, geopolitical developments, and evolving regulatory frameworks, the commercial property and land plot markets are still trending upward—reinforcing the sector’s position as one of the most dynamic segments of the Greek economy.
Two Key Reports Map the Market Landscape
Two recent studies provide a detailed overview of the latest developments, trends, and outlook for Greece’s real estate market—covering price movements, investment flows, construction activity, and rental yields.
Commercial Real Estate: Overview and Trends
The Greek commercial real estate market maintains its positive momentum, following a sustained recovery that has fully offset losses from the financial crisis. Prices for high-specification offices and retail spaces continue to rise, supported by steady economic growth over recent years, growing foreign direct investment (FDI) in real estate, and persistent demand for modern professional spaces.
As highlighted in an economic analysis by Alpha Bank, market growth is marked by significant differentiation—both geographically and across property types. Athens is recording faster price growth than Thessaloniki and the rest of Greece. Meanwhile, retail properties are showing stronger long-term potential compared to office assets. These trends reflect, among other factors, the concentration of business activity in the capital, the upward trajectory of private consumption, and tourism’s role in sustaining real estate demand.
At the same time, construction activity—which had been subdued during the previous decade—has rebounded in recent years, signaling a gradual alignment of supply with demand for modern, high-quality stock. Investment is increasingly directed toward specific asset classes, including logistics warehouses and tourism-related properties. Emerging sectors such as data centers and specialized residential formats—including student housing and short-term tourist rentals—are also gaining traction.
Factors like build quality, energy efficiency upgrades, and locations with modern infrastructure are expected to play a decisive role in shaping future investment decisions.
According to the latest data from the Bank of Greece, prices for high-specification offices and retail units rose by 5.1% and 4.8%, respectively, in 2025—maintaining a positive trend across both halves of the year. However, this momentum is not evenly distributed geographically: Athens continues to outpace Thessaloniki and the rest of the country in terms of price growth for both office and retail assets.