This sustained drop in supply is pushing property prices higher, complicating access to housing for both residents and investors. According to data drawn from real estate listings on Xrisi Efkeria, one of the country's leading property platforms, the first half of the year has shown no signs of recovery, with available housing stock shrinking further compared to the same period last year.
In central Athens, a sharp decline in listings for smaller properties—those up to 80 square meters, which are typically the most sought-after—has been recorded, falling by 9.4%. As demand persists despite the shrinking supply, average asking prices have risen to €2,600 per square meter, an 8.3% annual increase. Homes ranging from 81 to 120 square meters have seen an 11.3% drop in availability, with just over 11,000 listings, while larger apartments over 121 square meters have become even scarcer, down 17.8% year-on-year.
The situation in the port city of Piraeus closely mirrors Athens. The most pronounced contraction is in medium-sized homes (81–120 sq.m.), where listings have fallen by 21.2% to just 2,506 units. Despite the reduced supply, prices in this segment have remained relatively stable, with a slight increase of 0.6% bringing the average to €2,620 per square meter. In contrast, smaller apartments have seen their average asking price dip by 5.6% to €2,845 per square meter, even though the number of available units also dropped significantly—by 18.3%. This slight correction in prices is interpreted by market analysts as a sign that some owners had unrealistic expectations, rather than as a signal of greater affordability.
In the affluent seaside suburb of Glyfada, despite a surge in new residential developments, the number of available properties has also fallen. Listings for homes between 81 and 120 square meters are down 4%, while prices have risen by 3.1% to €5,110 per square meter. Similar patterns are observed across other size categories, with the most expensive properties—larger than 121 square meters—now commanding as much as €6,130 per square meter.
A notable exception to the broader national trend is Thessaloniki, Greece’s second-largest city. There, both supply and prices have increased. This anomaly is largely attributed to a rise in new construction projects, driven by expectations that the launch of the long-delayed metro system will boost demand. Listings for smaller homes (up to 80 sq.m.) are up 7.8% to 5,075, while those over 121 square meters have jumped nearly 16%. Prices have followed suit, increasing by 9% for the smallest apartments and by around 7% for larger ones, with average asking prices now ranging between €2,400 and €2,705 per square meter, depending on size.
The rental market follows a similar trajectory, with most areas seeing dwindling supply and rising prices—although some exceptions do exist. Areas such as Piraeus, Glyfada, and Thessaloniki have seen an increase in rental listings, largely due to targeted investment in new, serviced apartments designed to attract digital nomads and business professionals. In most other regions, however, rental listings are down and prices are up.
In Piraeus, the number of smaller rental apartments (up to 80 sq.m.) has grown by nearly 19%, while average rents have surged to €11.65 per square meter—a 12% increase compared to last year. Glyfada has experienced a 20.5% rise in listings of mid-sized rentals, with rents climbing to nearly €15 per square meter. Thessaloniki has recorded the steepest rise in rental prices, with small apartments now averaging €10.55 per square meter after a 17.6% annual jump, alongside a 12.5% increase in the number of such units available.
Conversely, central Athens continues to struggle. The supply of smaller rental units—already the city’s largest rental category—has dropped by more than 13% compared to the same period in 2024. Rents, however, have climbed 11.7%, now averaging €11.65 per square meter. For medium-sized properties, supply is down 12.6%, while average rents have increased by nearly 9%, reaching €10.10 per square meter.
