Greece ranked among the five cheapest countries in the euro area for mortgage borrowing in Nov. 2025, as lending rates continued their steady decline. At the same time, mortgage credit growth turned positive for the first time since Oct. 2010—marking a symbolic milestone after more than a decade of contraction.

According to the latest data from the European Central Bank (ECB), Greece recorded an average mortgage interest rate of 3.04% for loans with fixed rates of up to five years, well below the euro-area average of 3.35%. This places the country fifth among the most affordable mortgage markets in the single-currency bloc.

The shift underscores rapid progress in 2025. Greece started the year ninth in the euro-area rankings, with mortgage rates at 3.44%, but climbed to fifth by November. Since Oct. 2023, when rates peaked at 4.04% after the ECB’s last hike, borrowing costs have fallen by a full percentage point. Nov. also marked a historic turning point, with mortgage lending returning to positive growth for the first time in 15 years, signaling a gradual break from the legacy of the fiscal crisis.

Data from the Bank of Greece show that the annual growth rate of outstanding mortgage loans reached 0.4% in Nov. 2025, the first positive reading since Oct. 2010.

Cheapest mortgage markets in the euro area (Nov. 2025):
1. Malta: 1.79%
2. Portugal: 2.73%
3. Croatia: 2.75%
4. Cyprus: 2.85%
5. Greece: 3.04%

Most expensive mortgage markets:
1. Latvia: 8.68%
2. Estonia: 7.04%
3. Lithuania: 4.74%
4. Netherlands: 3.70%
5. Germany and Belgium: 3.56%

Elsewhere in the euro area, average mortgage rates for fixed terms of up to five years stood at 3.46% in Ireland, 3.41% in Slovakia, 3.29% in Italy, 3.27% in Luxembourg, 3.26% in Austria, 3.22% in France, 3.21% in Slovenia, 3.18% in Spain and 3.13% in Finland.