Greece’s residential property market continued to rise in the first half of 2026, but the pace of growth slowed and the composition of foreign investment shifted further toward low‑cost commercial‑to‑residential conversions under the Golden Visa programme.
Market performance
- Overall price growth – Apartment prices were up 5.7 % YoY in Q1 2026 and 5.5 % YoY in Q2 2026, down from 9.1 % (2024) and 8.3 % (2025).
- New‑build vs. older stock – Apartments ≤ 5 years old rose 6.0 % (Q1) and 6.2 % (Q2); older apartments grew 5.5 % and 5.0 % respectively.
- Real terms – After inflation, house‑price growth was about 1.66 % YoY, while rental prices rose ≈ 5.3 % YoY.
- Affordability gap – Since the post‑crisis low, prices have risen ~85 % while per‑capita disposable income has risen only ~47 %.
Golden Visa thresholds (2024 reform)
| Route | Minimum investment | Minimum area | Applicable zones |
|---|---|---|---|
| Standard residential (Zone A) | €800,000 | 120 m² | Attica, Thessaloniki, Mykonos, Santorini, larger islands |
| Standard residential (Zone B) | €400,000 | 120 m² | Other qualifying regions |
| Commercial‑to‑residential conversion | €250,000 | No statutory minimum | Nationwide |
| Listed‑building restoration | €250,000 | No statutory minimum | Nationwide |
The €250 000 conversion route now accounts for > 75 % of new Golden Visa applications, while 15‑18 % relate to premium properties at €800 000+.
Golden Visa demand (H1 2026)
- Applications: 2,589 initial applications (‑42.5 % YoY).
- Permits issued: 5,544 (↑ 28.6 % YoY), reflecting faster processing of a backlog.
- Pending cases fell from 11,147 (Jan) to 10,032 (Mar). By March, 73 % of all applications filed since 2022 had resulted in permits.
Nationality mix (valid initial permits, March 2026)
- China: 11,136 permits (48.4 %)
- Turkey: 3,820 (16.6 %)
- Lebanon: 4.6 %
- Iran: 3.9 %
- United Kingdom: 3.6 %
- Israel: 3.1 %
- United States & Egypt: 2.6 % each
Chinese investors dominate the Golden Visa pool; Turkish investors are the second‑largest and growing segment.
What investors are buying
- Conversion units: Studio or one‑bedroom apartments ≈ 40‑65 m², priced €250‑280 k. Price per m² ranges €4,000‑5,800.
- Premium residential: Large apartments or new‑builds ≥ 120 m², priced €800 k+ (often €1 M‑2.5 M in the Athens Riviera).
- Yield profile: Conversion projects generate gross yields of 5‑6.5 %, versus 3‑4 % for high‑end residential assets.
Regional market snapshots
Athens (central districts, Piraeus, western suburbs)
- Central Athens: Benchmark ≈ €2,500/m²; renovated conversion stock €4,200‑5,800/m²; Kolonaki premium €6,500‑9,000/m². Typical Golden Visa conversion: 48‑60 m², €250‑270 k.
- Piraeus: Secondary benchmark €2,558/m²; conversion projects €4,000‑5,200/m²; typical unit 45‑65 m², €250‑280 k.
- Western Athens (Peristeri, Ilion): Benchmark €2,255/m² (9.7 % YoY growth); conversion stock €3,800‑4,500/m²; units 55‑65 m², €250‑265 k.
- Athens Riviera:
- Glyfada: €8,000‑9,500/m² (new builds); premium up to €12,000‑15,000/m². Real entry budget for a qualifying €800 k purchase ≈ €1.0‑1.3 M.
- Voula: €13,000‑16,000/m².
- Vouliagmeni: €12,500‑15,000/m²; waterfront projects €18,000‑22,000/m². Qualifying purchase often exceeds €1.8 M.
Thessaloniki
- Overall benchmark ≈ €2,667/m²; price growth +6.4 % (Q1) and +4.7 % (Q2).
- Premium new‑builds €5,500‑6,500/m².
- Conversion units 50‑65 m² at €3,800‑4,800/m², total investment ≈ €250 k, expected gross yield 5‑6 %.
Crete
- Chania: Luxury villas €4,500‑7,000/m².
- Heraklion: New residential stock €3,200‑4,200/m².
- Limited commercial stock makes conversion opportunities scarcer; restoration projects in historic centres remain relevant.
Factors shaping the market
- Supply constraints: Modern housing stock is limited; redevelopment of offices/industrial buildings is the primary source of new quality units.
- Infrastructure: Athens Metro Line 4 and Thessaloniki metro extensions improve accessibility to central and peripheral districts.
- Tax policy: 24 % VAT on new construction is suspended through 2026; a 3‑year rental‑income tax exemption applies when vacant or short‑term rentals are converted to long‑term use.
- Upcoming tax change: Proposed increase of non‑EU buyer property transfer tax from 3 % to 15 % (effective 1 July 2027).
- Official zone values: Market prices in many Athens districts exceed taxable zone values by 35‑44 %; a review slated for H2 2027 could raise property‑related taxes.
Outlook 2026‑2027
- Price growth is expected to moderate further; quality, location and supply scarcity will drive performance differentials.
- Conversion supply will tighten as suitable commercial buildings in central Athens and Piraeus become scarcer, pushing developers toward secondary districts and the wider Attica region.
- Prime coastal markets (Glyfada, Voula, Vouliagmeni, The Ellinikon) will remain insulated from broader price moderation due to limited high‑end inventory and strong international demand.
- Tax environment may become less favourable for non‑EU buyers after mid‑2027, and revised zone values could increase future tax liabilities.
Investors should align property selection with their primary objective—residency, rental yield, or long‑term capital preservation—because each goal points to distinct sub‑markets, price points and risk profiles.
Source article: www.astons.com
