The cost of building a new home in Greece rose 4.8% in the year to the third quarter of 2026, according to the Hellenic Statistical Authority (ELSTAT). That is almost double the 2.5% rise a year earlier, and the fastest annual rate in the two years of data we checked.
ELSTAT released the figures on 23 October 2026. Its construction cost index for new residential buildings, which tracks what builders pay for materials and labour on a standard block of flats, reached 129.4 points (2021 = 100). It rose 1.4% in the quarter alone.
The numbers
Both parts of the cost index rose faster than a year earlier. Materials, which make up 57.85% of the index, were 5.1% dearer than in the third quarter of 2025. Labour, the other 42.15%, cost 4.3% more.
| Index (2021 = 100) | Q3 2025 | Q2 2026 | Q3 2026 | Change in a year | Change a year earlier |
|---|---|---|---|---|---|
| Construction cost, overall | 123.4 | 127.6 | 129.4 | +4.8% | +2.5% |
| Materials cost | 130.3 | 135.0 | 137.0 | +5.1% | +2.6% |
| Labour cost | 114.1 | 117.4 | 119.0 | +4.3% | +2.3% |
| Prices of work categories (paid to contractors) | 117.1 | 119.9 | 121.2 | +3.5% | +2.1% |
The cost index has now accelerated for three quarters in a row. Its annual rate slowed from 3.6% in the third quarter of 2024 to a low of 2.2% at the end of 2025, then climbed to 2.8% in the first quarter of 2026, 4.0% in the second and 4.8% in the third.
| Quarter | Construction cost index | Annual change |
|---|---|---|
| Q3 2024 | 120.5 | +3.6% |
| Q4 2024 | 121.5 | +3.6% |
| Q1 2025 | 122.1 | +3.5% |
| Q2 2025 | 122.6 | +2.8% |
| Q3 2025 | 123.4 | +2.5% |
| Q4 2025 | 124.1 | +2.2% |
| Q1 2026 | 125.5 | +2.8% |
| Q2 2026 | 127.6 | +4.0% |
| Q3 2026 | 129.4 | +4.8% |
What is driving it
ELSTAT does not give reasons for the rise. Its figures show where it comes from. Materials account for the larger share of the index and rose faster than labour. Labour costs have also picked up steadily, from annual growth of 2.3% in the third quarter of 2025 to 4.3% now.
ELSTAT’s separate monthly materials index, also out on 23 October 2026, shows the same direction. The index stood at 137.61 in September 2026, 5.6% higher than a year earlier, led by paints and varnishes, up 20.4%. We cover that release in our report on September building materials prices.
The prices builders charge for each stage of work rose more slowly than their costs. ELSTAT’s index of work categories, which tracks prices paid to contractors, was up 3.5% in a year. Every one of its 17 groups rose. Earth-moving rose most, by 7.0%, and glazing least, by 1.5%. Concrete work, the largest group with a weight of 32.85%, was up 3.0%.
| Work category (selected) | Q3 2026 index | Change in a year |
|---|---|---|
| Earth-moving | 123.6 | +7.0% |
| Central heating installations | 122.2 | +4.9% |
| Electrical installations | 124.4 | +4.8% |
| Plastering | 121.6 | +4.3% |
| Insulation | 120.6 | +4.2% |
| Concrete, reinforced or not | 120.4 | +3.0% |
| Painting | 118.7 | +2.8% |
| Glazing | 118.0 | +1.5% |
What it means for buyers
Off-plan and new-build buyers. Builders’ input costs are rising faster than a year ago. As an illustration only, a building budget of €300,000 that moved exactly with the index would have risen to €314,400 in a year (€300,000 × 1.048).
Renovation buyers. For buyers of older flats or village houses who plan to renovate, the work-category index is the closer guide, because it tracks what contractors charge. It rose 3.5% in a year, with heating, electrical and plastering work above that average. Painting rose 2.8%, although paint itself was among the fastest-rising materials in September.
Golden Visa and rental investors. The figures do not change any Golden Visa rule. For investors weighing a new build against a resale, rising building costs are one of the inputs behind the price of new stock. ELSTAT’s index measures costs, not sale prices.
How we got these numbers
All figures come from ELSTAT’s quarterly releases on price indices of work categories and construction cost of new residential buildings, from the third quarter of 2024 to the third quarter of 2026, and from its monthly materials index for September 2026. The indices use 2021 as the base year (2021 = 100) and have done so since April 2024.
The construction cost index is an input index: it measures what builders pay for materials and labour on a standard block of flats. The work categories index is an output index: it measures prices paid to contractors for each stage of construction. Prices are collected in Greater Athens, Thessaloniki, Patra, Heraklion, Larisa and Volos, from 489 price observations for work categories and 402 for labour. The materials index uses 1,490 price observations from 260 suppliers.
ELSTAT publishes indices and rates rounded to one decimal place, so rates worked out from the rounded index levels can differ by 0.1 point. For example, 129.4 divided by 123.4 gives 4.9%, against the published 4.8%. We did not find any revisions to earlier quarters in the releases we checked.
Sources
- ELSTAT: Price indices of work categories and construction cost of new residential buildings, Q3 2026 (released 23 October 2026)
- ELSTAT: Price indices of work categories and construction cost of new residential buildings, Q3 2025 (released 24 October 2025)
- ELSTAT: Price indices of work categories and construction cost of new residential buildings, Q2 2026 (released 23 July 2026)
- ELSTAT: Price indices of work categories and construction cost of new residential buildings, publication page with release history
- ELSTAT: Material price index in the construction of new residential buildings, September 2026 (released 23 October 2026)
