Athens Property Market Update: Comparing the Current Boom to 2021

Athens' property market has seen a significant surge in prices over the past year, with the average price per square meter increasing by 15% in the city center. This growth has led to comparisons with the 2021 boom cycle, which saw prices rise by 20% in just six months.

The current market trends are noteworthy because they indicate a sustained demand for housing in Athens, despite global economic uncertainty. The Greek capital's real estate sector has been driven by a combination of factors, including government incentives, infrastructure development, and a growing expat community. As the city continues to evolve, with new projects and investments underway, such as the redevelopment of the Gazi neighborhood and the expansion of the Stavros Niarchos Foundation Cultural Center, the property market is likely to remain dynamic.

In specific areas like Kolonaki and Pangrati, property prices have increased significantly, with some apartments selling for as much as €6,000 per square meter. The Athens Municipality's efforts to revitalize the city center, including the renovation of Omonia Square and the creation of new green spaces, have also contributed to the area's attractiveness. Organisations like the Hellenic Association of Realtors and the Athens Chamber of Commerce have reported an increase in inquiries from foreign investors, particularly from China and the United States.

Market Data and Trends

According to data from the Bank of Greece, the average price of a newly built apartment in Athens has risen to €270,000, up from €220,000 in 2021. Meanwhile, rental yields have remained steady, with a typical one-bedroom apartment in the city center generating around €500-€600 per month in rent. As of June 2026, the total number of property transactions in Athens has increased by 12% compared to the same period last year, with the majority of sales occurring in the €150,000-€300,000 price range.

Looking ahead, experts predict that the Athens property market will continue to grow, albeit at a slower pace than in 2021. The Greek government's plans to introduce new tax incentives for foreign investors and the ongoing development of major infrastructure projects, such as the Athens Metro expansion, are expected to support the market. As the city prepares to host the 2028 European Capital of Culture events, property owners and investors can expect increased demand for short-term rentals and potentially higher yields. For those considering buying or selling property in Athens, it is essential to stay informed about market trends and to work with reputable real estate agents who have in-depth knowledge of the local market.