Greece’s property sector continues to show a clear imbalance between strong demand and limited supply, with older residences making up the vast majority of home sales.
Recent data from REMAX Hellas shows that almost three out of four properties sold in 2025 were over 20 years old. This reflects a persistent shortage of newly constructed homes, pushing many buyers toward older apartments and houses as demand for housing remains strong while new supply fails to keep up.
Residential Properties Continue to Lead the Market
Residential real estate remained the leading segment of Greece’s property market in 2025, accounting for 74.8% of all transactions. Land plots represented 14.3%, agricultural land 5.8%, and commercial properties 5.1%.
The age breakdown of homes sold further highlights market conditions. Properties older than 20 years dominated with 75.6% of residential sales. Newly built homes aged up to five years accounted for only 12.3%. Meanwhile, homes aged 16–20 years made up 9.8%, those aged 11–15 years reached 2%, and properties aged 6–10 years were just 0.3%.
The limited pace of new construction over recent years has widened the gap between supply and demand. Still, newly built homes continue to attract strong interest when available, mainly due to modern features and higher energy efficiency standards.
Attica and Thessaloniki Reflect the Same Pattern
The trend is especially clear in Greece’s major urban areas. In Attica, residential properties made up 85.3% of total sales through the REMAX Hellas network. Commercial properties and land each represented 7.2%, while agricultural land accounted for just 0.3%.
A significant 86.2% of homes sold in Attica were older than 20 years, while newly built properties made up only 3.3% of residential transactions. A similar situation was recorded in Thessaloniki, where residential properties represented 87.4% of all sales. Among these, 87% of homes were over 20 years old, and only 2% were newly built.
In the rest of Greece, residential properties still held the largest share at 69.4%, but land played a bigger role, reaching 18.3% of transactions. Regional markets also showed a higher share of newer homes, with properties up to five years old accounting for 17.9% of sales.
Energy Efficiency Becomes Increasingly Important
As Greece’s housing stock continues to age, energy efficiency is becoming a key factor in buying decisions. This issue is also discussed in the book Buying a House, authored by Stratos Paradias and real estate analyst Elias Papageorgiadis. In the foreword, Yiannis Stournaras emphasizes that purchasing a home is one of the most important financial decisions individuals make and requires careful planning.
The authors stress key considerations such as location, property size, renovation needs, and energy performance. Features like insulation, heating systems, solar water heaters, and energy ratings are expected to become even more important as energy costs rise and environmental regulations become stricter.
Pricing Remains a Key Factor
Market specialists also highlight pricing as a major driver of how quickly properties are sold. According to data presented by George Giocas, there is a shortage of smaller, affordable homes, while larger and higher-priced properties remain more widely available. Homes priced below €100,000 tend to sell much faster, whereas more expensive properties stay longer on the market.
Price negotiations typically result in reductions of around 9% in lower-value areas and up to 14% in higher-value markets. Real estate investor and analyst Elias Papageorgiadis also warned that unrealistic asking prices can significantly slow down sales, as buyers are discouraged when prices exceed market levels.
Investors Push for More Transparency
Investors are increasingly seeking greater clarity and predictability when entering the Greek real estate market. EPIKYKLOS CEO Iosif Arabatzis noted that investors now expect full visibility on costs, timelines, and technical details from the beginning of a project.
He also highlighted the growing role of “value partners,” specialists involved from planning through completion. Digital project management tools and structured internal systems are also helping improve transparency and reduce investment risks.
Historic Buildings Require Greater Support
Another major issue in Greece’s property landscape is the future of listed and historic buildings. According to the Panhellenic Association of Owners of Listed Buildings and Monuments, there are around 25,000 listed properties across the country, many of which are abandoned or in need of urgent restoration.
Association President Giota Vrettakou-Michalopoulou has called for a more practical policy framework, including simplified licensing, tax incentives, better financing access, and more flexible use of such properties.
Experts warn that without effective support, many of these buildings may continue to deteriorate. However, with proper investment and planning, they could be repurposed into valuable residential, commercial, or cultural assets.
Outlook for Greece’s Housing Market
Overall, the latest data suggests that older homes will continue to dominate Greece’s housing market in the coming period. At the same time, key priorities for the sector’s future include improved energy efficiency, increased construction activity, more realistic pricing strategies, and greater transparency in real estate investments.
