Apartment prices in Greece rose 5.5% a year in the second quarter of 2026, according to provisional Bank of Greece data. Rents paid by tenants rose 7.1% a year in June 2026, Eurostat figures show. Both are slowing, but rents are still rising faster than prices.
The two series measure different things. The Bank of Greece apartment price index draws on a database of about 971,800 bank property valuations (65.3% of them apartments) up to the end of June 2026. The rent figures come from the actual rentals component of the harmonised consumer price index (HICP), which Greece supplies to Eurostat. It tracks rents actually paid by tenants, not asking rents in listings.
The numbers
| Indicator | A year earlier (%) | Latest (%) |
|---|---|---|
| Apartment prices, Greece, Q2 2025 and Q2 2026 (annual change) | 8.1 | 5.5 |
| Rents (HICP actual rentals), June 2025 and June 2026 (annual change) | 11.4 | 7.1 |
| Rents (HICP actual rentals), September 2025 and September 2026 (annual change) | 9.9 | 5.9 |
| Apartment prices, annual average, 2024 and 2025 | 9.1 | 8.3 |
| Rents (HICP actual rentals), annual average, 2024 and 2025 | 5.1 | 10.0 |
Prices rose 8.1% a year in the second quarter of 2025, and rents 11.4% in June 2025. A year later the figures were 5.5% and 7.1%. Comparing the quarter with its last month, the gap narrowed from 3.3 to 1.6 percentage points, but rents stayed ahead.
Rent growth slowed further after June, to 5.9% in September 2026, the latest month available. In September 2025 it was 9.9%. On the Eurostat index, rents rose about 16.4% over the two years to September 2026.
Prices by area
| Area | Q2 2025, annual change (%) | Q2 2026, annual change (%) |
|---|---|---|
| Athens | 6.3 | 5.0 |
| Thessaloniki | 10.0 | 4.7 |
| Other cities | 10.3 | 5.4 |
| Other areas of Greece | 9.1 | 7.1 |
| Greece, all apartments | 8.1 | 5.5 |
Price growth slowed in every area. The sharpest slowdown was in Thessaloniki, from 10.0% to 4.7%. “Other areas”, outside the main cities, rose fastest in the second quarter of 2026, at 7.1%. New apartments (up to five years old) rose 6.2% and older ones 5.0%.
Prices are still at record levels in nominal terms. The national index stood at 114.2 in the second quarter of 2026 (2007 = 100). That is about 11.7% above the 2008 peak of 102.2 and about 94% above the low of 58.9 in the third quarter of 2017.
What is driving it
In its October 2025 Financial Stability Review, the Bank of Greece linked rising prices to strong domestic and foreign demand and to limited supply. It named three supply factors: the widespread commercial use of residential properties, homes tied up as collateral for bad loans, and low construction between 2010 and 2020.
The same review put housing costs at 35.5% of disposable income in 2024. Its October 2026 executive summary again lists residential property prices among emerging cyclical risks. Neither source gives a reason for the slowdown in 2026.
What it means for buyers
Rental investors. On these national series, rents rising faster than prices would mean implied gross yields edging up rather than down. The national figures do not give a yield, and local rents vary widely. Listing data point the other way for new lets: see our report on Q3 2026 asking prices and rents.
Second-home buyers. Price growth slowed most in Thessaloniki, from 10.0% to 4.7%. Outside the main cities (“other areas”), prices still rose fastest, at 7.1% in the second quarter of 2026.
Golden Visa buyers. Athens prices rose 5.0% a year, below the national rate. The Athens index is still the highest of the four areas, at 118.3.
How we got these numbers
Price figures are from the Bank of Greece release of 15 September 2026 and its tables of apartment price indices by age and by area (2007 = 100). The Q2 2026 data are provisional. The Bank of Greece often revises recent quarters: its first estimate for Q1 2026 was 5.7%, now 6.6%. The Q2 2025 figures are the revised ones.
Rent figures are Eurostat’s HICP series for actual rental payments for housing in Greece (code CP041), annual rates of change, as published in October 2026. Percentages above the 2008 peak and the 2017 low, the 16.4% two-year rise in rents and the gaps in percentage points are our own calculations from the published figures. Figures are nominal, not adjusted for inflation.
Sources
- Bank of Greece: Indices of residential property prices, Q2 2026 (15 September 2026)
- Bank of Greece: Index of apartment prices by age
- Bank of Greece: Index of apartment prices by geographical area
- Eurostat: HICP monthly data, Greece, actual rentals for housing
- Eurostat: HICP annual average rates, Greece, actual rentals for housing
- Bank of Greece: Financial Stability Review, October 2025
- Bank of Greece: Financial Stability Review, executive summary, October 2026
