Declining Home Sales in Greece: 2025 Market Signs

Decline in Home Sales: Signs of Fatigue in 2025

The Greek residential market is recording a drop in home sales compared to 2024, despite the support from the “Spiti Mou” (My Home) scheme. Market experts estimate that without the state‑backed lending scheme, the decline would have been even deeper, especially in Attica and, to a lesser extent, in Thessaloniki.

Tax Revenues and Property Transfers

According to data from the Independent Authority for Public Revenue (AADE), real estate transfer taxes reached €180.59 million during January–April 2025, marking a 17.5% drop compared to the same period last year.

In 2024, the state collected a total of €1.2 billion from property taxes. Of that, €608.2 million came from 180,704 taxable transfers amounting to €20.2 billion, while an additional ~6,000 tax‑exempt transfers yielded around €600 million. A significant volume of first-home purchase declarations was also recorded: 24,653 purchases totaling €2.4 billion.

Prices and Market Distortions

Despite the decline in transactions, prices continue their upward trajectory. The limited supply of new homes, combined with the “My Home” program, has led to distortions.

In Attica and Thessaloniki, apartments 40 to 50 years old are now sold for over €200,000, with prices of €250,000 becoming the new “normal.” Homes that until recently were priced between €150,000–€200,000 are now being offered near the threshold of the scheme, which finances purchases up to €250,000 with a maximum loan of €190,000.

This causes cancellations of agreements, since appraisers often value properties at lower levels, restricting final financing and leading to dead ends.

“Bubble” or Stabilization?

The 4th Real Estate Market Barometer records “fatigue” in demand for the first time, which no longer keeps pace with the rate of price increases. 41% of professionals now characterize prices as a “bubble” (versus 25% in May 2024), while 48% estimate the market is heading toward stabilization.

The survey concludes that sellers now outnumber real buyers — a fact that is expected to push the market toward equilibrium.

Conclusion

The decline in sales, combined with demand fatigue, suggests that the Greek real estate market is entering a phase of readjustment. Athens and Thessaloniki remain the main centers of interest, but high prices and limited supply are creating barriers for new buyers.

The next two years will show whether the market moves toward stabilization or corrects some of the excesses of recent years.