A peculiar bra de fer between owners and prospective buyers that is already very strongly reflected in the inability to close new purchasing agreements has been underway in recent times in the domestic real estate market, with the buyers holding a waiting position looking forward to lower numbers, and the owners resisting, for the moment strongly, continuing to maintain. ..high expectations.
While the Bank of Greece's figures show a further rise for the first quarter of 2026 - although at a clearly slow pace compared to the immediately preceding quarter and 2025 overall -, the market and broker side voiced opposition by already speaking of stabilising trends in sales prices, eventually leading, in some cases, even to corrections. "The prices are high, they will not degrade easily and we will not see abrupt corrections. However, we are not currently seeing any further increases in sales prices because new transactions are simply not being made, and even the advertisements published have a very high percentage of the sellers' expectations. At this juncture there are few acts and the agreements that have already been launched since the previous year are dealt primarily with, the president of the Athens-Attiki Leuteris Potamianos Association states in the "business stories".
It is noted here that an important role in the psychology of the market, apart from all other parameters (price rises, closed houses, lack of supply of new homes, etc.), seems to be played by the factor of geopolitical instability and the impact it brings on the economic field, especially as the crisis in the Middle East continues and is now going on for four full months, since the end of February, when it broke out. At the price level of residential properties, based on the official figures of the Bank of Greece, which are based on the estimates made by banks for the current commercial value of residential properties, in January - March 2026 a further (nominal) rise is recorded this year, although with a slowdown nationwide, while Athens specifically records even slower rates compared to Thessaloniki and the rest of Greece. In particular, on the basis of the TTE, for the first quarter of 2026 throughout Greece the average annual price rise is set at 5.7%, significantly lower than 8.3% of the second quarter and 8.1% for the whole of 2025. The rate of rising prices in Athens has fallen, based on the first official figures this year, to 5.2%, below the 6.4% of Thessaloniki and 5.4% in the rest of Greece.
It is now clear from the TTE's data that the current price levels of residential properties have exceeded - and even at a two-digit rate - the 2007 peaks before the country's fiscal crisis, by 11.9% nationwide. The capital has the capital, where they are higher in more than 16%, compared to Thessaloniki, which is just over 10% and the rest of the urban centres where prices exceed the 2007 peak rate, at +4.5%.
"At this stage, our position is that in 2026 we do not see any further increases in prices beyond those existing in 2025 - we have already begun to see some corrections," states Mr Potamianos.
The different types of buyers
New business closures are "minimal and very selective", state brokers, which seems to have expanded across the market range whether they are medium or even premium properties, while just the widespread rise in market prices has created different types of buyers and new trends. Especially for the purchase of Athens, which brings together half the population of the country, an interesting element that emerges as a trend is the rise of the western suburbs in the category of new families and those seeking first residence, with the main reasons initially the most affordable prices, the better relationship of space and cost per square meter, but also the character of the "neighbourhood", in addition to of course the great advantage of the metro that has reduced access time to the centre of Athens.
The well-known real estate company Engel & Völkers records in its last analysis the different types of buyers right now throughout Athens: new couples and those seeking first residence turn, as mentioned above, in the most affordable western suburbs, the northern suburbs are preferred to the highest incomes and families, while in the eastern suburbs they also turn families looking for a larger house at best prices. The Athenian Riviera is the most intensely internationalized zone throughout Attica, while the center of Athens is the most "investment".
At this juncture, the market because of the sharp rise in prices seems to have become clearly more selective, with prospective buyers having more clear goals as to what they are asking for - whether it is the domestic or the foreign audience. "The Greek market has become more demanding, trade has become more difficult, but this does not mean that this is not a positive development, as it shows a market that matures and gains confidence and greater professionalism," says George Petras, CEO of Engel & Völkers.
Profile by geographical area
Thus, in the western suburbs at the moment the demand, which comes, as is reasonable, mainly from Greeks, concerns more middle apartments, family residences and more generally houses with a better price ratio and offered spaces. Therefore, the most sought after houses in this area are a surface area of 70 to 110 sq.m., preferably renovated and close to public transport. Engel's analysis finds that precisely because of the widespread rise in prices, the purchase of western suburbs is changing, upgraded and gradually gaining more organised investment interest compared to the past, where it was more a "secondary" market, and especially in Egaleo there is also a strong interest in small properties to rent to students. In Peristeri, the variation is high, with average sales prices ranging between 900 and 3,400 euros/sq.m., while in Egaleo around 1,900 euros/sq.m.
Accordingly, larger houses are sought by prospective buyers, mostly Greek, in the eastern suburbs or in Mesogeia, in Paiania, Pallini, Spata etc., with several families moving to these areas due to the most affordable prices compared to other "family" areas, such as Chalandri or Maroussi. An interesting point here is the fact that, for example, Porto Rafti is shown as the most economical alternative for those who want permanent or secondary residence without the very high budget of the Athenian Riviera. For example, in Pallini the average prices range between EUR 1,800 and EUR 2,800/sq.m. and even higher (more than EUR 4,000/sq.m. for new buildings), slightly lower in Paiania, between EUR 1,700 and EUR 3,600/sq.m., while in Porto Rafti there are around EUR 2,500/sq.m, with newly built ones rising to EUR 4,500/sq.m.
That is why in the south and famous Riviera the profile of buyers concerns well-being Greeks for main residence, foreign investors from both Europe and third countries (USA, Israel, Arab states), business executives and expatriates, but also -more limited - buyers of second residence. From Engel's analysis it appears that the south is currently Attica's most intense investment zone, with the proportion of foreigners against Greek buyers rising even in areas that were most addressed in the recent past to the domestic public, such as the Old Faliro, where interest is now equally distributed to 50%-50%. In other areas, such as Alimos, the percentage of Greek prospective buyers of higher incomes is close to 60% compared to 40% of the foreign public, while in areas such as Ilioupoli those seeking homes are almost exclusively Greek family heads or Agios Dimitrios, who are mainly middle Greek households and new families. Great demand in the south presents the newly built and energy-efficient properties—it is no accident that Glyfada and the surroundings currently present a high volume of new constructions—with parking and large verandas. In addition, more and more requests for easy access to the coastal front and to the Greek project, which will be intensified while the infrastructure of sports facilities and the park will be delivered. It is noted here that the first sports facilities in the major redevelopment project of the former airport are being prepared to be delivered for use to the public in the summer (p.: even within the new sports facilities will take place on 25 June the super-special route of EKO Rally Acropolis 2026), and by the end of the year will probably be ready and the much discussed artificial lake within the area. In particular with regard to interest from abroad and the fact that Engel herself, as an annex to the foreign name group, receives many requests from the international market, Mr. Petras comments that "the international investment community continues to show confidence in the Greek economy, but the way of capital placement has changed. Foreigners no longer seek general opportunities, but focus precisely on high added value properties, with architecture and sustainability having ceased to be optional features - they are now prerequisites for any substantial investment, now forming a two-speed market. High standard properties now ensure greater liquidity and goodwill, while properties that do not meet modern standards are increasingly difficult to attract interest." In areas such as Voula and Glyfada, a premium (up to 20%) is observed in properties with green LEED certifications or advanced geothermal systems. In the most expensive Vouliagmeni the average selling price is 8,500 euros/sq.m. and can even exceed 12,000 euros/sq.m., in Voula the variation is between 6,000 and 8,000 euros/sq.m. based on Engel's data and in Glyfada between 5,300 and 9,000 euros/sq.m. or even above when it comes to new properties.
Buyers of high income criteria, with a recent increase in interest from abroad, are those who are looking for homes now in the north of Athens, from Kifisia to Psychiko, while in areas such as Halandri, Melissia or Pefki, the interest of families seeking, based on the demands, quality of life, green, security, good school infrastructure remains high. On the other hand, in Philothei or Psychic, the public dominates very high incomes, with average sales prices being set around 6,000 euros/sq.m., surpassing all 10,000 euros/sq.m. for newly built ones. These areas "continue to be more durable than the general housing market in Athens", features are highlighted in the analysis of Engel & Volkers. Another interesting trend has to do with Maroussi and the consolidation of the area as the absolute central business axis (CBD) of Athens because of the many new major office complexes: here the trend for "green" energy-class A+ dwellings dominates, " attracting more and more an affluent audience of executives and investors".
The center of Athens and Piraeus
However, the capital's most multi-collective housing market, with a peak of accessibility, intense urban life and prospects of goodwill, is that of the center of Athens, attracting both Greek and foreign buyers with different demand incentives: from the domestic public working and young professionals who want to have easy access to the centre to students and investors interested in leasing, short-term or long-term. In the first line in this case are the smaller apartments, of the order of 40-50 sq.m., which, by the way, offer higher returns in the case of exploitation/residentship, the renovated and, of course, the houses close to the metro. Areas such as Kolonaki, with an average price of more than 6,000 euros/sq.m., Mets, with an average price that can exceed all 4,000 euros/sq.m., and Pagrati, with an average price of close to 3,500 euros/sq.m., attract higher income audiences, while neighborhoods such as Caesarian, Ilisia and Ambelokipi operate as more affordable options for young buyers and foreign professionals. For example, in Caesarian foreigners make up about 15% of the market, including digital nomads that want a cheaper alternative than Kolonaki, Pagkrati and Mets.
An interesting element that has now begun to be shown as the stadium of Panathinaikos progresses, and refers to the analysis of Engel, is the different perspective that will be able to have areas such as those of Kerameikos, Metaxourgos and Botanical, with average prices at this time ranging from 1,200 to 2,500 euros/sq.m.
Clearly higher than the past is Piraeus, which is now becoming more and more an investment destination, with the number of foreign buyers of third countries growing due to the regeneration of old industrial complexes in the area that favour homes under the Golden Visa programme. The port is offered for investment properties, with prospective buyers (in addition to the domestic public and Piraeus itself) looking for renovated apartments for rent to ensure long-term returns, while Muscat is developing into an upcoming option due to the reproductions on the Falirian Front.