Greece’s real estate market continues to surge, with prices climbing steadily across the country - even for homes more than two decades old. Driven by strong demand and limited supply, both rental and sales activity remain vibrant, reflecting a broader shift in the way Greek buyers and tenants view older properties.
A recent nationwide survey by RE/MAX Greece for 2025 reveals that half of all Greeks searching for rental housing are looking for properties up to 100 square meters in size, most of them built over 20 years ago. Despite their age, these homes are steadily increasing in value, particularly when they have been renovated or offer essential amenities and convenient access to public transportation.
The shortage of new construction has turned older apartments into valuable assets for property owners. Many renters, unable to afford the high prices of newly built homes, are turning to older residences - on the condition that they have been refurbished and upgraded for energy efficiency. According to RE/MAX, 82% of renters in the Athens region and 77% in the rest of the country consider renovation a decisive factor when choosing a property. This preference is prompting many landlords to invest in improvements, a move that is further driving up prices.
Data from the Spitogatos Property Index for the third quarter of 2025 confirms the trend. Asking prices for home sales rose by 10% year-on-year and 1.6% compared to the previous quarter, while rents climbed 7.2%. The figures underscore how strong the Greek housing market remains, even for properties dating back several decades. Older apartment buildings in well-connected neighborhoods - especially those offering outdoor spaces or parking - have become particularly sought after, as the supply of new housing continues to lag behind demand.
In Attica, which includes Athens, asking prices for sales rose 8.8% and rental prices 4.8% over the past year. In Thessaloniki, the country’s second-largest city, the increases were even higher - 11% for sales and 7.7% for rentals. Some of the steepest rises were recorded in central Athens and the port area of Drapetsona, where many older apartments have been renovated and are now selling for prices that would have seemed unimaginable just a few years ago.
With demand remaining high and new construction limited, even homes built in the 1970s and 1980s are gaining new commercial value. In Greece’s property market of 2025, “old” no longer means “cheap.”
