Apartment Price Growth Decelerates: Rate Falls to 5.7% in Q1 2026

A significant deceleration in the growth rate of apartment sale prices is being recorded in the Greek real estate market, confirming its gradual transition to a new phase of maturity. According to official data from the Τράπεζα της Ελλάδος (ΤτΕ - Bank of Greece), the annual change stood at 5.7% during the first quarter of 2026, marking a notable decline compared to previous years.

The Gradual Decline of Real Estate "Inflation"

The trajectory of prices in recent years demonstrates a clear trend of de-escalating growth. Specifically, from the 13.9% recorded in 2023, the annual increase dropped to 9.1% in 2024 and 8.1% in 2025, eventually landing at 5.7% in the first three months of 2026. Despite the slowdown, the overall trend remains upward, making properties increasingly expensive. Following the analysis of the paradox of the Greek real estate market, it is indicative that during the current year, prices stand at 111.9% compared to the 2007 base year.

According to real estate market stakeholders, this development was expected. Beyond market maturation, a decline in foreign demand is a key factor contributing to smaller annual price hikes.

Old and Newly Built Apartments

As we examine rigidities and property shortages (Note: reference to "Spiti Mou II," Greece's state-subsidized mortgage program for young citizens with a budget of €300 million ($327 million)), an analysis of BoG data based on property age shows that in the first quarter of 2026, prices for new apartments (up to 5 years old) increased by 6% compared to the corresponding quarter of 2025. Similarly, older apartments (over 5 years old) recorded an increase of 5.5%. Based on revised 2025 data, the average annual growth rate was 7.7% for newly built properties (compared to 10.2% in 2024) and 8.4% for older apartments.

Geographical Map of Price Increases

According to the assessment that the residential market is in transition, the geographical distribution reveals that the slowdown in the growth rate is evident in almost all regions of the country. Specifically, in Q1 2026 compared to Q1 2025, apartment prices rose by 5.2% in Athens, 6.4% in Thessaloniki, 5.4% in other large cities, and 6.9% in the rest of the country. Overall, for urban areas, the average increase reached 5.6% for the period under review.

Market Psychology

There is an interesting divergence between bank appraisals—which are based on completed transactions—and owner expectations, as reflected in property listings. For the first quarter of 2026, listing data indicates higher expectations, with asking prices showing an increase of 6.5% in Attica, 9.7% in Thessaloniki, and 10.9% in the rest of Greece.