While the market continues to grow, the rate of increase has slowed compared to 2023, when prices surged by 13.9%, suggesting a potential gradual stabilization in the country’s real estate sector.
Newly built apartments—those up to five years old—experienced a 10.1% price increase in 2024, down from 12.9% in 2023. Older apartments, defined as those over five years old, saw a more moderate price rise of 7.8%, compared to 14.5% the previous year.
In the fourth quarter of 2024, apartment prices were 6.6% higher than during the same period in 2023. The increase was more pronounced for new apartments, which saw a 9.1% rise, while older apartments registered a 4.9% increase.
Real estate price trends varied by region. Athens, Greece’s capital and largest market, recorded a 6.2% price increase in the fourth quarter, while Thessaloniki, the country’s second-largest city, saw a stronger rise of 8.2%. In other major cities, prices increased by 4.6%, whereas in smaller towns and rural areas, growth was higher at 8.7%. On a yearly basis, prices climbed by 8.2% in Athens, 11.2% in Thessaloniki, 7.1% in other large cities, and 10.6% in smaller regions.
For urban areas as a whole, apartment prices in the fourth quarter of 2024 were 5.9% higher than during the same period in 2023, while for the full year, the average annual increase stood at 8.4%.
