BoG cautiously positive on real estate market prospects

The Bank of Greece characterized the outlook for the Greek existent property marketplace successful the adjacent term arsenic “cautiously positive,” while astatine the aforesaid clip signaling a diminution successful overseas concern inflows.

In the yearly study for 2025, it is noted that caller uncertainties stemming from the war successful the Middle East, combined with existing geopolitical tensions and shifting governmental balances, whitethorn weigh connected capitalist sentiment and marketplace developments. These conditions are shaping a much cautious concern environment, peculiarly with respect to cross-border placements. Data bespeak that successful 2025, nett inflows for existent property acquisitions from overseas declined by 25.3%, amounting to 2,055.6 cardinal euros compared to 2,750.3 cardinal euros successful 2024. At the aforesaid time, applications under the Golden Visa programme fell to 7,031 from 9,387 a year earlier, marking a alteration of 25.1%. This trend reflects prevailing planetary caution, without fundamentally altering the wide marketplace trajectory.

Despite the diminution successful inflows, the marketplace maintained its momentum passim 2025 and into the aboriginal months of 2026, albeit astatine a much mean gait compared to erstwhile years. Buyer and capitalist involvement remained active, while demand—particularly for residential properties—continued astatine elevated levels. At the aforesaid time, the supply of modern and affordable lodging remained constrained, sustaining upward unit connected prices. Increased lodging unit successful large municipality centres, combined with the important terms maturation recorded successful caller years, appears to person redirected portion of request toward much affordable areas and older properties. This trend is besides linked to the deterioration successful lodging affordability, particularly for low- and middle-income households.

Investment involvement was besides observed successful commercialized existent estate, peculiarly successful sectors linked to tourism and hospitality, logistics and distribution, arsenic well arsenic high-specification bureau space. Companies and investors person progressively shifted toward modern, energy-efficient assets, boosting request for high-quality properties while reducing the comparative attractiveness of older buildings.

In the residential market, flat prices continued to emergence past year, albeit astatine a slower gait than successful the erstwhile year. In 2025, the summation stood astatine 7.8%, compared to 9.1% successful 2024. Older apartments recorded a higher complaint of summation (8.1%) compared to recently built units (7.4%).

At a determination level, the highest maturation rates were recorded successful Thessaloniki (9.6%), different large cities (9.8%), and the remainder of the state (8.8%). In Athens, the corresponding complaint was lower, astatine 6.2%, indicating a comparative normalization pursuing the crisp increases of erstwhile years.