Three-quarters of Greek homes sold in 2025 are over 20 years old as new-build supply dries up

Data from REMAX Hellas reveals a paradox in the Greek market: demand exists, yet the supply of modern housing has virtually disappeared. Of all residential sales, only 12.3 per cent are new homes (under five years old), whilst properties aged six to ten years account for just 0.3 per cent. The remainder comprises older stock.

The situation is more acute in Athens, where 86.2 per cent of sold apartments are over 20 years old, with new-build properties representing just 3.3 per cent. Thessaloniki presents a similar picture—87 per cent of sales are older homes against 2 per cent new construction.

Why this matters for investors: energy efficiency has become the decisive factor. Older properties require costly renovation. Price dynamics also play a role: apartments selling below €100,000 move quickly, whilst higher-priced units languish on the market for months. Negotiations typically reduce prices by 9–14 per cent.

A further complication involves Greece's 25,000 listed architectural monuments. Many lie abandoned and require restoration. Owners are calling for streamlined licensing procedures, tax incentives and improved access to credit.

The upshot: new construction is urgently needed, whilst the existing stock demands substantial investment in modernisation.