The state of the real estate market in the third quarter of 2026

In the third quarter of 2026, the Greek real estate market is entering a phase of maturation and "stabilizing growth," with the rate of price increases slowing down significantly compared to the past. According to official data from the Spitogatos Price Index (SPI), the market is characterized by a balancing of sale prices and a broader trend toward pragmatism, following the rally seen in previous years.

1. Key Indicators & Price Trends (Q3 2026)

• Average Asking Sale Price (Nationwide): +5.7% year-on-year change. A significant slowdown is observed compared to the +10.0% recorded in Q3 2025.

• Average Asking Rental Prices: Stabilization. Flat trend at the national level, though with notable local increases in regional areas.

• Construction Cost for New Residential Properties: +4.8% year-on-year change. Continued pressure from material costs, according to ELSTAT data.

• LTV (Loan-to-Value) Ratio: Up to 81.6%. A surge is noted in bank financing for mortgage loans ranging from €100,000 to €150,000.

2. Geographic Disparities & Price Leaders

• Attica (Southern Suburbs): Retains its position as the most expensive area in the country, with an average asking price of 4,257 euros per square meter and rents at 13.45 euros per square meter. Vouliagmeni remains at the top, at 7,442 euros per square meter.

• Thessaloniki: Shows stronger upward momentum than Athens; the rest of the prefecture recorded the largest increase in the country, at +15.7%.

• Most Affordable Areas: At the other end of the spectrum, Kastoria records the lowest sale price at 577 euros per square meter, while the sharpest decline occurred in Laconia, at -5.2%.

3. Key Market Takeaways & Catalysts

• The "Great Slowdown" (Market Cooling): The market no longer offers the "blind" annual returns of 8–10% seen previously. Buyers have become highly selective, and the margin for overpriced properties has narrowed.

• Premium for New Builds: Newly constructed and energy-upgraded properties—primarily small to medium-sized units (25–55 sq.m.)—are clearly leading in demand, offering superior returns with yields ranging from 5% to 7%. A New Landscape for the Golden Visa: The adjustment of investment thresholds—reaching up to 800,000 euros in Athens and Thessaloniki—has shifted the interest of foreign investors toward alternative options, such as the conversion of commercial properties into residential units, which maintains the 250,000-euro threshold.

• Putting the Brakes on Short-Term Rentals (Airbnb): The freeze on new short-term rental licenses in the center of Athens is reshaping demand, redirecting capital toward the suburbs and traditional long-term leases.