The latest analysis from international property consultancy Astons highlights that Greece’s property market is experiencing a remarkable period of growth, with transaction volumes rising steadily year after year over the past decade. Based on current trends, total sales for 2025 are projected to reach their highest level since before the country’s government debt crisis in 2009.
Astons examined annual property transaction data and found that in 2023 — the most recent year for which figures are available — a total of 122,120 property sales were recorded across Greece.
This represents an 8.8% annual increase and marks the largest transaction volume since 2009, when total sales reached 135,970.
2023’s transaction volume comes after almost a decade of almost constant annual growth. The number of annual sales in Greece has increased every year since 2015 except, of course, the pandemic year of 2020 when sales fell by -22.6%. It is worth noting that following this drop, the market quickly rebounded with a 40.1% 2021 boost in transactions.
Continued growth on the horizon
Astons is now forecasting that Greece’s trend of rising transaction volumes will continue. It is expected that 2024’s data, when published, will show a further increase of 3.4%, while 2025 is forecast to see a total of 134,518 sales by the end of the year, which would mark growth of another 6.6%.
This 2025 total would also bring annual transactions more or less in line with the volume seen in 2009 (135,970), the year in which Greece’s government debt crisis began, suggesting that Greece’s property market and economy has accomplished a complete recovery.
Suzanna Uzakova, Senior Consultant for Residency and Citizenship Programmes at Astons, commented:
“Greece’s property market is in a period of immense growth, mirroring the stability and strength seen in the wider economy. The current growth is no anomaly. Instead it is a continuation of the past decade’s ongoing increase in property transaction volumes, showcasing just how well the local market has bounced back following Greece’s 2009-2019 debt crisis.
Investors should be jumping on this opportunity to claim a part of a market that is going from strength to strength with no signs of slowing down. And for foreign investors, Greece’s property market is one of the most accessible in Europe thanks to the nation’s Residency by Investment programme which grants residency for the entire family in exchange for investment into the local property market.
The required investment starts as low as €250,000 for those who invest in commercial assets that are converted into residential dwellings. Given all that Greek residency offers to foreign nationals, from an unrivalled Mediterranean lifestyle and stellar education through to easy access to EU markets and free movement of the Schengen Area, it’s little wonder that the Golden Visa programme is one of the most popular the world has to offer.
The Golden Visa has also become a key driver of growth in the luxury real estate market. We have seen a noticeable surge in HNWI investors coming to Greece since the nation increased its entry threshold in 2004, many of whom are keen to gain residency amidst rumours that the programme might soon close.”
