Real Estate Surge: Rents +24% & Sales +30% Since 2019

Real Estate: Rents +24%, Sales +30% Since 2019

The Greek real estate market continues to move upward, with rental and sales prices recording significant increases over the past five years. According to the latest data, from 2019 to 2025 rents have risen by 24%, while sales prices have grown by 30%. This trend affects not only major urban centers but extends across the country, impacting thousands of households. 

Why Rents Are Rising

The reasons behind rent increases are multifaceted:

• Limited housing supply: Construction activity plummeted during the economic crisis, leaving gaps that remain unfilled. 
• Growth of short-term rentals: The resurgence of tourism has driven many properties to Airbnb, reducing long-term rental availability. 
• Increased demand from young professionals and students, especially in Athens and Thessaloniki. 
• Rising construction costs: Price hikes in materials and energy push up costs for new builds, which pass onto rents. 

The Sales Market Performance

The 30% increase in sales prices (relative to 2019) is linked to:

• Strong investment interest from foreigners, especially through the Golden Visa program. 
• Major development projects like Ellinikon, which enhance Athens’ appeal as an investment hub. 
• Infrastructure upgrades and improved global perception of Greece. 
• A limited stock of new properties, placing upward pressure on pricing. 

Areas with the Largest Increases

• Athens: In the city center and southern suburbs, sales prices have risen by over 35%, with rents also showing double-digit growth. 
• Thessaloniki: Student housing demand and coastal regeneration projects push rents and sales upward. 
• Other Regions: Cities like Chania, Heraklion, and Patras see growth driven by tourism and new investments. 

Impact on Households

These price hikes force many families to spend over 40% of their income on housing—exceeding European thresholds for “affordable housing.” The pressure triggers social stress and intensifies demand for state housing programs like “Spiti Mou II.” 

What the Charts Show

Recent graphs illustrate:

• In rents, the average increase approaches 24%, with sharper climbs in smaller apartments. 
• In sales, the 30% average rise hides even steeper gains in high-demand areas. 

Outlook for 2026

Experts predict the upward trend will likely continue, but at a more moderate pace, due to:

• Rising interest rates limiting buying power
• Government interventions to support affordable housing
• Continued foreign investment interest, especially in tourist-appealing properties

The core challenge for the Greek property market is to balance growth and social equity so that housing doesn’t become a privilege for few.