Three-Quarters of 2025 Home Sales Were Over 20 Years Old — Market Tightness Exposed

Greece real estate in 2025: an old-stock market with new pressures

The 2025 property market in Greece is being driven by older housing stock. Greece real estate buyers and investors are increasingly choosing homes built more than two decades ago because there simply are not enough new units to meet demand. This imbalance is a structural problem that affects pricing, renovation needs, and investment strategies across the country.

The numbers in the REMAX Greece dataset are blunt. They show a market where the flow of transactions goes overwhelmingly to existing buildings rather than to new construction, and where land purchases are starting to tick up as buyers look for alternatives.

What the REMAX Greece data reveals

REMAX Greece compiled thousands of completed transactions across its 90 offices and more than 1,200 agents. The headline figures are stark and should change how anyone approaches the Greek housing market.

• Residential properties accounted for 74.8% of all property sales in 2025.
• Homes older than 20 years made up 75.6% of residential transactions.
• Newly built homes up to five years old represented only 12.3% of sales.
• Properties aged 6 to 10 years were 0.3%, 11 to 15 years 2%, and 16 to 20 years 9.8% of residential sales.
• Across all types of property, plots of land were 14.3%, agricultural land 5.8%, and commercial properties 5.1%.

These figures point to a clear market dynamic. Demand for housing exists and transactions are happening, yet the supply that reaches buyers is heavily skewed toward older buildings. Where new construction does appear it is in short supply and often commands a premium because it typically meets modern energy efficiency and amenity expectations.

Regional picture: Attica and Thessaloniki show the problem at scale

The national trend is amplified in the largest urban centres. The REMAX data highlights Greater Athens and Thessaloniki as emblematic of the problem.

Attica

• Residential property sales in Attica were 85.3% of all transactions.
• Among those residential sales, 86.2% were homes older than 20 years.
• Newly built properties up to five years old made up only 3.3% of residential sales in Attica.
• Purchases of plots and agricultural land in the region rose by 1.8% year on year, which signals growing interest in development or self-build options.

This is a striking mismatch in the capital region. Buyers who want new standards of construction, better thermal performance, and contemporary layouts will find very limited stock on the market. The uptick in land purchases suggests frustration with the availability of completed modern homes.

Thessaloniki

• Residential properties were 87.4% of total sales in Thessaloniki.
• Homes more than 20 years old accounted for 87% of those residential transactions.
• Newly built homes were 2% of sales.

The similarity between Athens and Thessaloniki means the constraint on new supply is not limited to a single city. The country’s two largest markets are both being supplied mainly by older housing units.

Why is new construction so limited? Practical factors behind the numbers

The REMAX figures do not include a timeline of planning approvals or building permits, but the structural signposts are clear. From my reporting and conversations with developers and agents, several concrete reasons explain the shortage of new housing.

• Construction activity is still recovering from the post-crisis slowdown and from periods of tight financing for developers.
• Building costs, including materials and skilled labour, have increased in recent years and make small-scale new developments harder to justify economically.
• Permitting and planning processes remain relatively slow in many municipalities which increases development lead times and raises holding costs.
• Developers face uncertainty about demand segmentation; some buyers seek new-build energy performance while others prefer established neighbourhoods and price points.

None of these are myths. They are operational realities that elongate the time between a development concept and a finished, marketable unit. As a result, supply-side constraints push buyers toward the existing stock.

What this means for buyers and investors: practical takeaways

We have to be clear. The dominance of old housing stock changes both the opportunities and the pitfalls for anyone buying property in Greece.

For owner-occupiers:

• Expect renovation needs. Older apartments typically require upgrades to heating, insulation, windows, and sometimes electrical and plumbing systems.
• Insist on energy performance documentation. Newer properties will often have better energy efficiency, but when those are unavailable buyers should budget for thermal upgrades.
• Check building maintenance and common-element status. In older multifamily buildings, elevator condition, façade maintenance, and roof health can create large near-term costs.
• Verify compliance and permits for past renovations. Some older buildings carry unpermitted changes that can cause legal or insurance headaches later.

For buy-to-let investors:

• Modern units can attract rental premiums. Because new supply is scarce, refurbished or newly developed units that meet contemporary standards can command higher rents.
• Renovation yields may be attractive but factor in upgrade costs and vacancy periods. An old flat can earn better rents after a quality refurbishment, but the math needs to account for the investment and time to relet.
• City-centre locations with older stock still benefit from structural rental demand. Tourist and student markets in Athens and Thessaloniki offer steady occupancy if the property is adapted to market needs.

For development and redevelopment investors:

• Land is becoming more attractive, especially in Attica where plots rose in purchases by 1.8% year on year. That suggests a strategy to build new supply could be feasible if you can secure permits and control costs.
• Look for acquisitions that allow vertical or internal redevelopment within regulatory limits.
• Consider partnering with local contractors who understand municipal approval processes to shorten lead times.

Opportunities, risks and what to watch next

Opportunities

• Premium for new construction is real because new units are rare. If you can develop or refurbish to modern standards there is demand.
• Conversion plays make sense.