Greece's property market is increasingly relying on older housing stock: three-quarters of homes sold in 2025 were more than 20 years old. A shortage of new construction, high building costs, and slow urban renewal are turning older apartments into the market's main product while deepening affordability and quality problems.
Older Homes Become the Core of Greek Sales
Greece's property market in 2025 showed a structural imbalance: buyers are increasingly purchasing apartments and houses built more than two decades ago. This reflects not only buyer preference but also the limited availability of modern homes.
More than seven in ten real estate purchases in the country involved residential properties. Among those, 75.6% were homes more than 20 years old. Newly built properties up to five years old accounted for only 12.3% of sales, homes aged 16 to 20 years made up 9.8%, properties aged 11 to 15 years represented 2%, and homes aged six to 10 years only 0.3%.
Attica Shows the Sharpest New-Build Shortage
In the capital region, older stock dominates even more than nationally. Homes more than 20 years old accounted for 86.2% of residential sales in Attica. Newly built homes up to five years old represented only 3.3% of transactions.
Thessaloniki Follows the Same Pattern
Thessaloniki shows a similar dependence on older housing stock. Residential property accounted for 87.4% of transactions, and homes more than 20 years old represented around 87% of sold units. New builds accounted for only about 2% of the market.
Construction Crisis Left the Market Without Renewal
Greece's housing stock is aging not only because time has passed. After the debt crisis, residential construction investment collapsed, developers froze projects, banks tightened lending, and households postponed purchases. While demand gradually recovered, new supply failed to keep up.
What This Means for Buyers
For buyers, the age of a property has become a central risk factor. Older housing may appear cheaper, but it requires detailed technical due diligence. A buyer should calculate not only the apartment price but also the full cost of ownership, including renovation, taxes, utilities, energy costs, and legal procedures.
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Source: International Investment - Greece Turns to Older Homes
Link: https://internationalinvestment.biz/en/greece/8308-greece-turns-to-older-homes.html