Following a period of stagnation due to Greece’s financial crisis, Greek banks are witnessing a consistent increase in mortgage lending.
In 2024, as per estimates from various banks, new mortgage disbursements reached €1.8 billion, representing a 38% rise from the €1.3 billion disbursed in 2023. This upward trend comes after a period of historic lows, with only €300 million disbursed annually at the crisis’s peak, which later increased to €600 million in 2020, signaling the start of a gradual recovery.
The positive momentum continued in the first four months of 2025, surpassing €500 million in disbursements. Bank forecasts indicate that this year’s performance will exceed last year’s, bolstered by the “My Home II” program. Currently, the average mortgage amounts to between €110,000 and €120,000, with an approval rate for new applications exceeding 70%. Banking officials have noted improvements in infrastructure and loan assessment teams, including trained personnel and advanced systems that facilitate quicker and more reliable evaluations of potential borrowers. However, they also recognize the challenge of limited property availability relative to demand, a situation expected to gradually improve through government initiatives.
The average mortgage now hovers around €120,000, with approval rates nearing 80%, as most applicants have no outstanding debts that could negatively impact their assessments. Typically, borrowers are aged between 35 and 50, often with one or two children, looking to purchase a primary residence in the 80 to 120 square meter range.
What Properties Did Buyers Choose in 2024?
What types of properties are Greeks opting to buy? Data from real estate agency RE/MAX Hellas for 2024 shows that buyers are favoring older, more affordable homes over newly constructed ones. This finding is based on thousands of transactions conducted last year by its 86 offices nationwide. Once again, residential properties topped the list, comprising 77.1% of all sales, followed by plots of land at 18.2%, while commercial properties like offices and retail spaces accounted for just 4.7% of transactions.
Looking at property age, 66.1% of residential properties sold in 2024 were over 20 years old. This trend reflects buyers’ preferences for affordable homes, where even after renovations, the total investment can result in significant future value.
Newly built properties (up to five years old) made up 19.3% of total sales, marking a notable increase compared to 2023 and indicating a gradual uptick in demand for modern homes, particularly in areas experiencing increased new construction.
In Attica, according to data from RE/MAX Hellas, residential properties were even more dominant, constituting 87.6% of all real estate sales. Commercial properties represented 6.7%, and plots accounted for just 5.7% of total transactions.
In terms of property age in Attica, 82.9% of sold homes were over 20 years old, while new constructions made up only 4%, highlighting the scarcity of new properties in the greater Athens area amidst strong demand for affordable options.
Thessaloniki shows similar trends, with residential properties making up 88.2% of total sales and commercial properties at 8.4%. Plots accounted for 3.4% of sales, and 80.6% of sold homes were over 20 years old. Newly built properties reached 7.6%, a higher percentage than in Attica.
In other regions of Greece, the picture is slightly different. Residential properties still lead buyer preferences at 71.7%, while plots and farmland have a stronger share at 25%. Commercial properties attracted only 3.3% of total buyers.
Although older properties remain popular in these regions, the trend is less pronounced, with 56.2% of homes sold being over 20 years old and new properties at 28% — the highest rate nationwide.
The RE/MAX Hellas survey on buyer preferences in 2024 reaffirms that buyers primarily target residential properties, particularly older homes due to cost. However, there is a gradual increase in demand for new homes, especially outside of Attica. Meanwhile, investment in land remains a viable option, particularly in regional areas.
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