At the 6th Premium Real Estate Expo 2026, Mr. Dimitris Melachroinos, CEO of Spitogatos, presented the latest data from Spitogatos Insights, which show the first signs of a slowdown in the Greek real estate market. The findings are based on an analysis of millions of real-time listing and search data points on the Spitogatos platform, Greece’s No. 1 real estate listing website.
According to this data, the Greek real estate market remained on an upward trajectory in the first quarter of 2026, in terms of the Average Asking Price (AAP) for home sales and rentals. However, the growth rates of MRPs appear more moderate compared to the corresponding period in 2025, while in certain property categories, the first signs of stabilization are emerging.
At the same time, demand for real estate remains strong, with searches on Spitogatos channels rising 12% year-over-year, despite the decline in the volume of residential sales transactions. Meanwhile, interest from abroad remains strong, with the United States recording the highest demand for Greek real estate and the highest average home search price.
Annual changes in asking prices in Greece in the 1st quarter of 2026
Asking prices for residential properties rose by 7.9% in the first quarter of 2026 compared to the same period in 2025, when the increase stood at 8.8%. Mr. Melachroinos noted that, compared to the same period last year, when the “My Home 2” program was underway, housing market prices would have been significantly lower both this year and last year, had it not been for the program’s impact on specific property categories. As he noted: “Prices would have been significantly lower both this year and last year if the program had not been in place for certain specific categories of housing.”
Similarly, the average transaction prices for commercial real estate increased by 5.1%, compared to 7.8% during the 2024–2025 period. The market picture shows that prices continue to rise, albeit at a more moderate pace compared to the previous year, reflecting a gradual slowdown in the real estate market in 2026.
Regarding residential rentals, average rental prices rose by 4.2% in the first quarter of 2026, showing a lower rate of increase compared to 2025, when the increase stood at 6.7%. In contrast, the rise in rental commercial properties has accelerated, with asking rents increasing by 6.1% in 2026, compared to 5.2% in the previous period, indicating stronger demand in this sector.
The first noticeable decline nationwide is observed in land sales, where asking prices fell by 1.7% in the first quarter of 2026, compared to a 1.5% increase in the 2024–2025 period.
At the same time, while average transaction prices (ATPs) remained on an upward trend in early 2026, with clear signs of stabilization, demand remains high, as searches on Spitogatos channels show a 12% increase compared to last year. In contrast, the volume of residential property sales has decreased by 13.35% year-over-year, suggesting that interest in the real estate market remains high, even though transactions are occurring at a more moderate pace.
Downtown Athens in top areas with the highest increase in MZT residential sales – signs of a slowdown in the housing market in Thessaloniki
Residential sales prices in Greece continued to rise in the first quarter of 2026, with the largest increases recorded in areas that remain attractive to investors and homebuyers. At the same time, several markets are seeing a slowdown in the pace of growth compared to the previous year, suggesting trends toward a gradual market stabilization.
In the residential sales market, Central Athens recorded the largest increase in average transaction prices in the first quarter of 2026, with a rise of 7.9%. Although the growth rate is lower than the +11.7% recorded in the corresponding quarter of 2025, the area remains among those with the highest changes in residential sales prices nationwide.
Next are the Northern Suburbs of Athens, where average home sale prices rose by 7.1% in the first quarter of 2026, remaining nearly at the same level as the 7.4% recorded the previous year. The average selling price of homes for sale in the Cyclades rose by 6.9% in the first quarter of 2026, a change that remained at the same level as the corresponding period in 2025, indicating that market momentum in the region has been sustained.
Similarly, in the Southern Suburbs of Athens, residential sales prices rose by 4.1%, compared to 9.1% in 2025, recording lower growth rates than in the previous period.
In Piraeus, residential sales prices rose by 2.3% in the first quarter of 2026, recording a significantly lower rate of increase compared to the 7.1% of the previous year. This reflects a more subdued market dynamic compared to the sharp rise recorded during the 2024–2025 period.
In Thessaloniki, residential sales prices rose by 4.2% in the first quarter of 2026, showing a noticeable slowdown compared to the particularly high +12.5% of the previous period. Although the market remains in positive territory, the rate of growth appears more subdued compared to 2025.
A look at individual markets shows that residential sales prices continue to rise, though the pace of growth is slower than in previous years. Central Athens, the Northern Suburbs, and the Cyclades continue to show the strongest momentum, while other areas are showing signs of a gradual slowdown in growth rates.
Stabilization of residential rental asking prices in Piraeus and the Cyclades during thefirst quarter of 2026
Residential rental prices in Greece continued to rise in the first quarter of 2026, though with more varied trends compared to the sales market. In several areas, growth rates have slowed, while some markets are now showing negative changes.
In Central Athens, there was a significant increase in the average monthly rent for residential properties, rising by 6.9% in the first quarter of 2026, compared to 7.6% in the corresponding period of 2025. Despite the slight slowdown, the area continues to record the highest change among all regions.
Thessaloniki follows, where the rental YI increased by 5.1%, though at a significantly lower rate compared to the 13.5% of the previous period.
In the Southern Suburbs of Athens, the average monthly rent for residential properties rose by 3.2%, compared to 4.1% in 2025, while in the Northern Suburbs of Athens, the increase stood at 2.6%, remaining virtually unchanged from the 2.7% of the previous year.
A negative annual change was recorded in Piraeus, where the average monthly rent for residential properties fell by 1.8% in the first quarter of 2026, compared to a 5.7% increase in the previous period. An even greater decline was observed in the Cyclades, where the average monthly rent fell by 7%, following the 12% increase recorded in 2025.
Overall, the residential rental market shows that prices continue to rise in most regions of the country. However, lower growth rates compared to the previous year in certain regions of the country, combined with the first negative changes in specific markets, suggest trends toward a gradual stabilization of the market.
International demand for Greek real estate remains strong in the first quarter of 2026
International demand for Greek real estate remains high in the first quarter of 2026, with increased interest from abroad in properties in Greece.
Among the countries showing strong interest in Greek real estate, the United States ranks first, with an average search price of €358,220.
Germany follows in second place, with an average home search price of €218,587, while the United Kingdom ranks third, though with a higher average search price of €279,198. Bulgaria follows with an average home search price of €188,750, while Serbia stands at €157,980.
