The relentless rise in Athen’s property prices is continuing, with new-build apartments still becoming increasingly expensive, even as the market shows clear signs of slowing momentum.
According to the Bank of Greece, residential property prices are expected to keep increasing through 2026, albeit at a more moderate pace than in recent years, as the housing market gradually enters a more mature phase. The central bank notes that while demand remains strong, price growth is beginning to decelerate compared with the post-pandemic surge.
Price growth eases in 2025
Data from the Bank of Greece show that the upward trend in home prices continued through the third quarter of 2025, though at a slower rate than in 2024. During the first nine months of 2025, apartment prices rose by 7.5% in nominal terms, down from a 9.7% increase over the same period a year earlier.
A separate survey by Geoaxis Property & Valuation Services offers a more detailed look at the market, particularly for new-build homes. In the third quarter of 2025, prices of newly built apartments rose by 6.07% year-on-year, while prices of older, resale apartments increased slightly more, by 6.65%.
Both figures point to a cooling trend compared with the third quarter of 2024, when new-build prices rose by 8.5% and resale homes by 7.8%.
A decade of sharp increases
Even with the recent slowdown, the longer-term picture highlights just how intense the price surge has been. Since 2016, prices of new-build apartments in areas monitored by Geoaxis have increased by around 100%, while resale apartment prices are up by roughly 94%.
This dramatic rise has reshaped the housing market across Athens, with some neighborhoods experiencing especially strong gains.
Maroussi leads the climb
Maroussi, a major business and residential hub in northern Athens, has recorded the largest overall increase in new-build prices over the past decade. Average prices there have jumped by 109%, rising from €1,833 per square meter in 2016 to €3,825 per square meter in 2025.
Other areas with striking long-term gains include Palaio Faliro, a coastal suburb south of central Athens, where new-build prices are up 104%, followed by Peristeri in western Athens with a 101% increase, and Ampelokipoi, near the city center, with prices up 99%.
High-end neighborhoods push higher
Palaio Faliro also posted the strongest annual increase in 2025 among the areas surveyed, with new-build prices rising 8% year-on-year to an average of €4,013 per square meter.
The most expensive area in the sample, however, is Cholargos, an affluent northern suburb, where new-build apartments now sell for an average of €4,443 per square meter, with prices rising by 4.12% over the past year.
Older apartments follow a similar pattern
The trend is mirrored in the resale market. Maroussi again tops the list, with prices of older apartments rising by 101% since 2016, from €1,057 per square meter to €2,121 per square meter in 2025. Cholargos follows closely with a 100% increase, while Peristeri has seen prices climb by 98%.
