Μake us preferred on Google Even after a steep run-up in property prices, Greeks do not believe the housing market has peaked. A recent Piraeus Bank survey finds that it remains firmly a seller’s market, with buyers on the defensive and expectations of further price increases at a record high, a prospect that is deepening the anxiety of would-be buyers.
The Housing Climate Index, which tracks household views on buying and selling homes, prices, interest rates and income, fell to 43.6 points from 45.1 in the previous quarter, its lowest level since the survey began in late 2023. Buying a home is the main source of strain: throughout the survey period, roughly 60% to 70% of respondents have described conditions as “not at all favorable” for a purchase. According to Piraeus Bank, this suggests that households either cannot afford to buy or cannot find a home that meets their needs.
By contrast, around 40% to 45% have consistently seen the period as very or fairly favorable for selling. High prices may be a hurdle for buyers, but they work in favor of those with property to sell.
Respondents expect prices to keep rising. The home price expectations index climbed to 74.1 points from 68.1, the highest reading on record. It measures expectations for the next 12 months, not actual price growth.
Income forecasts, meanwhile, are deteriorating. The index for expected income over the next 12 months dropped to 46.9 from 51.5, slipping below the neutral threshold. Negative expectations about future income now outweigh positive ones, and responses about current income paint a similar picture.
Property prices
Estimated sale prices for apartments have again risen sharply in the five Athens-area neighborhoods that Geoaxis regularly tracks: Ampelokipoi, Marousi, Palaio Faliro, Peristeri and Cholargos.
According to the Geoaxis Property Value Observatory, values of newly built apartments rose 5.79% year on year (down from 6.07%) and a hefty 12.23% over two years (down from 15.11%). Older apartments posted even stronger gains: 7.37% year on year (up from 6.65%) and 14.51% over two years (down from 14.97%). Over a decade, the average value of every apartment type rose by more than 100%, which means prices have more than doubled.
The housing crisis
Greece’s housing crisis is growing more severe, with demand for affordable homes running as high as eight times the available supply. The imbalance is most acute in the lower income brackets, according to a recent Spitogatos study presented at Prodexpo 2026. Nationwide, demand for rentals is three times that for purchases, with each available property drawing 23 searches and 2.4 unique inquiries.
In Attica, the shortage is worst for rents below 600 euros, where available apartments are not only scarce but often old and energy-inefficient.
