In short: five things to know
- Prices are still rising, but more slowly. According to the Bank of Greece, apartment prices were 5.5% higher in Q2 2026 than a year earlier; for most of 2025 the rate was above 7%.
- Rents are rising too. Asking rents were up 6.6% year on year in Thessaloniki and 4.5% in Attica in Q2 2026.
- A rise in transfer tax from 3% to 15% has been announced for buyers from outside the EU. It would also apply to Turkish citizens. As of October 2026 it is not law; 1 July 2027 has been given as the start date.
- Golden Visa applications are falling: down about 25% in 2025 and about 39% in the first seven months of 2026. Türkiye ranks second among Golden Visa holders, after China.
- There are risks too: prices have outpaced incomes, the tax rules are changing and elections are expected in spring 2027. We cover them all below.
How far have prices risen?
According to the Bank of Greece apartment price index, prices in Q2 2026 were 5.5% higher than a year earlier across Greece, 5.0% higher in Athens and 4.7% higher in Thessaloniki. New flats rose 6.2% and older ones 5.0%. Prices are still rising, but noticeably more slowly than in 2025. Asking prices tell a slightly different story: according to Spitogatos, they rose 7.7% in Thessaloniki and 5.3% in Attica over the same period.
- Q3 2024+7.8%
- Q4 2024+6.6%
- Q1 2025+6.8%
- Q2 2025+7.3%
- Q3 2025+7.7%
- Q4 2025+7.6%
- Q1 2026+5.7%
- Q2 2026+5.5%
Source: Bank of Greece, first-release figures. The next release (Q3 2026) is expected in mid-December.
How far does your budget go?
Pick a budget
See how many square metres the average price buys in each area, and whether that meets the Golden Visa rule (€800,000 and 120 m²).
| Area | Size you get | Golden Visa |
|---|---|---|
| Perea & Neoi EpivatesThessaloniki · ≈ €1,900/m² | ~421 m² | Qualifies |
| Ano PoliThessaloniki · ≈ €2,400/m² | ~333 m² | Qualifies |
| ThermiThessaloniki · ≈ €2,475/m² | ~323 m² | Qualifies |
| PanoramaThessaloniki · ≈ €2,800/m² | ~286 m² | Qualifies |
| PylaiaThessaloniki · €2,962/m² | ~270 m² | Qualifies |
| PiraeusAthens · €2,967/m² | ~270 m² | Qualifies |
| Thessaloniki CentreThessaloniki · €3,056/m² | ~262 m² | Qualifies |
| KalamariaThessaloniki · €3,175/m² | ~252 m² | Qualifies |
| KoukakiAthens · ≈ €3,850/m² | ~208 m² | Qualifies |
| MarousiAthens · ≈ €3,930/m² | ~204 m² | Qualifies |
| KifisiaAthens · ≈ €3,950/m² | ~203 m² | Qualifies |
| Monastiraki & PsirriAthens · ≈ €4,000/m² | ~200 m² | Qualifies |
| GlyfadaAthens · €5,669/m² | ~141 m² | Qualifies |
| EllinikoAthens · €5,688/m² | ~141 m² | Qualifies |
| KolonakiAthens · €6,086/m² | ~131 m² | Qualifies |
| VouliagmeniAthens · €7,364/m² | ~109 m² | Under 120 m² |
A rough calculation at the average price. New, sea-view or renovated homes in the same area can cost much more. Prices marked ≈ are estimates.
Thessaloniki
According to Spitogatos, asking prices in Thessaloniki rose 7.7% year on year in Q2 2026, faster than in Attica. The most expensive area is Kalamaria, at an average of €3,175/m², followed by the city centre at €3,056 and Pylaia at €2,962. The average asking rent in the municipality of Thessaloniki was €10.4/m² in Q1 2026.
The Kalamaria branch of the metro opened on 27 August 2026 with five new stations and cut the trip from Kalamaria to the centre to under 20 minutes. The elevated motorway over the ring road (the Flyover) is due to be finished in May 2027. In the historic centre, new short-term rental registrations are closed until the end of 2026.
| District | Avg. €/m² | Rental Yield |
|---|---|---|
| Kalamaria | €3,175 | ~3.3% |
| Thessaloniki Centre | €3,056 | ~4.7% |
| Pylaia | €2,962 | ~3.3% |
| Panorama | ≈ €2,800 | ~3.6% |
| Thermi | ≈ €2,475 | ~3.9% |
| Ano Poli | ≈ €2,400 | ~4.8% |
| Perea & Neoi Epivates | ≈ €1,900 | ~4.3% |
- Kalamaria€3,175/m²Rental Yield~3.3%
- Thessaloniki Centre€3,056/m²Rental Yield~4.7%
- Pylaia€2,962/m²Rental Yield~3.3%
- Panorama≈ €2,800/m²Rental Yield~3.6%
- Thermi≈ €2,475/m²Rental Yield~3.9%
- Ano Poli≈ €2,400/m²Rental Yield~4.8%
- Perea & Neoi Epivates≈ €1,900/m²Rental Yield~4.3%
Athens
Prices in Athens are well above Thessaloniki's. The most expensive area in Attica is Vouliagmeni, at an average of €7,364/m²; Kolonaki is about €6,090, Elliniko €5,688 and Glyfada €5,669. The average for the municipality of Athens is around €2,560. On the Riviera rental yields are low; in areas such as Piraeus they are higher.
The project that will shape the area most is the Ellinikon on the old airport site: its Sports Park opened in July 2026 and the first residents are expected early in 2027. Metro line 4, which will run through Kolonaki and Exarchia, is delayed; a realistic estimate for its first section is around 2032. In the central districts (municipal districts 1, 2 and 3), new short-term rental registrations are closed until the end of 2026.
| District | Avg. €/m² | Rental Yield |
|---|---|---|
| Vouliagmeni | €7,364 | ~3.6% |
| Kolonaki | €6,086 | ~3.5% |
| Elliniko | €5,688 | ~2.5% |
| Glyfada | €5,669 | ~2.6% |
| Monastiraki & Psirri | ≈ €4,000 | ~3.6% |
| Kifisia | ≈ €3,950 | ~3.3% |
| Marousi | ≈ €3,930 | ~3.2% |
| Koukaki | ≈ €3,850 | ~3.0% |
| Piraeus | €2,967 | ~3.9% |
- Vouliagmeni€7,364/m²Rental Yield~3.6%
- Kolonaki€6,086/m²Rental Yield~3.5%
- Elliniko€5,688/m²Rental Yield~2.5%
- Glyfada€5,669/m²Rental Yield~2.6%
- Monastiraki & Psirri≈ €4,000/m²Rental Yield~3.6%
- Kifisia≈ €3,950/m²Rental Yield~3.3%
- Marousi≈ €3,930/m²Rental Yield~3.2%
- Koukaki≈ €3,850/m²Rental Yield~3.0%
- Piraeus€2,967/m²Rental Yield~3.9%
Average prices per m²; gross yield is calculated from average rent and price. Prices marked ≈ are estimates.
Compare the areas in our neighbourhood guide →What does rent really return?
According to Global Property Guide, the average gross rental yield is 4.38% in Greece and 5.52% in Athens (Q2 2026). But gross yield can mislead: after empty months, ENFIA, building costs, maintenance and a rental income tax that starts at 15% from 2026, the net yield is noticeably lower. Enter your own numbers below.
Rental yield calculator
For long-term letting. Change the numbers and the result updates straight away.
- Gross yield
- 4.4%
- Net yield
- 2.9%
- Net income a year
- €8,775
- Payback
- 34.2 years
Rental income tax here comes to €1,825 (the 2026 bands under Law 5246/2025: 15%, 25%, 35%, 45%). If you have other income in Greece, the tax may be higher. Include ENFIA, insurance, maintenance and building costs in your yearly costs. This is an estimate, not tax advice.
Golden Visa: fewer applications, stricter rules
Golden Visa applications fell from about 9,300 in 2024 to about 7,000 in 2025 (down 25%). In the first seven months of 2026 there were 3,086 applications, 39% fewer than in the same period a year earlier. At the end of July 2026, 29,273 files were waiting to be processed. At the end of 2025, 47.9% of Golden Visa holders were Chinese citizens and 15.9% Turkish citizens.
The rules have been stricter since 2024. In Thessaloniki, Attica, Mykonos, Santorini and islands with more than 3,100 inhabitants, the minimum is €800,000 for a single home, and €400,000 elsewhere, and the home must be at least 120 m². €250,000 applies only to converting a commercial building into homes or restoring a listed building. Golden Visa homes cannot be let short-term.
The 15% transfer tax announced for 2027
On 6 September 2026 Prime Minister Mitsotakis announced that transfer tax on homes would rise from 3% to 15% for individual buyers from outside the EU and the EEA. The Finance Minister gave 1 July 2027 as the start date. Turkish citizens are covered, and no clear exemption for the Golden Visa has been announced. As of October 2026 no bill has been published. On an €800,000 purchase, this tax would rise from about €24,700 to €123,600.
What could go wrong?
A good decision means knowing the risks too:
- Prices have risen faster than incomes. A July 2026 scenario by the Greek Parliamentary Budget Office shows real prices could fall 15–25% over six years if empty homes gradually return to the market. It is a scenario, not a forecast.
- Tax uncertainty: the 15% transfer tax is not yet law, and whether the VAT suspension on new homes and the capital gains tax suspension will continue in 2027 has not been legislated either.
- Short-term rental limits: new registrations are closed in central Athens and Thessaloniki, and the limits have been announced to continue in 2027. A plan that relies on Airbnb is risky today.
- Elections: according to the American-Hellenic Chamber of Commerce's report, a general election is expected in spring 2027. The same report finds housing overvalued.
- Inflation and interest rates: annual inflation rose to 5.1% in September 2026 (flash estimate). If interest rates rise, demand from buyers with a mortgage could fall.
Frequently asked questions
Is now a good time to buy?
No one can call the top or the bottom of a market. What we know: prices are rising but more slowly, rents are going up, and a 15% transfer tax has been announced for non-EU buyers. The transition rules for the tax are not yet known. If timing will drive your decision, ask a lawyer for the current position in writing.
Will prices fall?
According to the Bank of Greece, prices are still rising by 5.5% a year, though more slowly than in 2025. A Parliamentary Budget Office scenario shows real prices could decline if empty homes return to the market. Buying in the expectation of either a quick fall or a quick rise is risky.
Why is rental yield lower than in the listings?
Listings usually quote gross yield. After empty months, ENFIA, insurance, maintenance, building costs and rental income tax, the net yield usually ends up well below the gross figure. Try your own numbers with our calculator.
What is the minimum for a Golden Visa?
In Thessaloniki and Athens you need a single home of at least €800,000 and at least 120 m². Elsewhere the amount is €400,000. €250,000 applies only to converting a commercial building into homes or restoring a listed building. Buying costs (about 7–10%) are not included in these amounts.
Are there different rules for Turkish citizens?
The Golden Visa rules are the same for everyone from outside the EU. The difference is the 15% transfer tax announced for 2027: it covers non-EU buyers, and so Turkish citizens too. Turkish citizens make up 15.9% of Golden Visa holders.
How often do you update this report?
The Bank of Greece publishes new data every quarter; we expect the next release in mid-December 2026. We update the report with new data and major legal changes. Last updated: 12 October 2026.
Sources and method
We use the Bank of Greece apartment price index as the official price index, and Spitogatos and RE/MAX data for asking prices and rents. Asking prices are not sale prices; actual sales usually close lower. Legal topics are for information only and are not legal or tax advice.
- Bank of Greece apartment price index, Q2 2026 (taxrevenue.gr)
- Bank of Greece, Q1 2026 release
- Spitogatos Property Index, Q2 2026 (rua.gr)
- Spitogatos, Q2 2026 prices and rents (dnews.gr)
- Spitogatos, Thessaloniki Q1 2026 (euro2day)
- Speak Real Estate / Ask Wire, Athens 2026 (ered.gr)
- RE/MAX rent data 2026 (ered.gr)
- Global Property Guide: rental yields in Greece
- IMI Daily: Golden Visa applications down 39% in 2026 (August 2026)
- IBA: the Greek Golden Visa after the 2024–2026 overhaul (September 2026)
- To Vima: transfer tax rise for non-EU buyers (September 2026)
- KPMG Greece: 2026 tax changes, rental income bands (November 2025)
- Parliamentary Budget Office scenario (euro2day, July 2026)
- AmCham Greece: real estate outlook (January 2026)
- To Vima: inflation 5.1% in September 2026
- Short-term rental limits extended (To Vima, September 2026)