After an active first quarter, the Greek real estate market is showing signs of cooling. According to the Greek Real Estate Authority, in April and May 2026, there was a decrease in property transfer tax revenues compared to the same period last year. This was the first clear signal of market fatigue after a period of intense growth caused by both government support programs and increased interest from foreign investors.
Despite the recent slowdown, the results of the first five months remain positive. From January to May inclusive, income from the tax on the transfer of real estate (including buildings, plots and farmland) reached 246.81 million euros, which is 4.6% higher than last year. The main driver of growth is transactions with residential and commercial buildings, which brought 207.47 million euros to the treasury (+6% by 2025). At the same time, the sector of land and agricultural plots showed a decrease: fees decreased to 39.34 million euros from 40.26 million euros a year earlier.
Experts attribute the slowdown to two key factors. Firstly, the high demand fueled by the My House II program and the influx of foreign buyers has led to a shortage of affordable housing. The limited supply on the market has led to a further increase in prices, which is gradually displacing some potential buyers.
Secondly, the current situation is not considered by analysts as a reversal of the long-term trend. Rather, we are talking about a natural respite after a powerful breakthrough at the beginning of the year.
The scale of activity, however, remains significant. According to the Real Estate Registry, in the first half of 2026, more than 16.4 thousand properties were sold for a total of 1.75 billion euros. These figures confirm that the sector remains sluggish, but the growth rate has noticeably decreased compared to the beginning of the year.
In the near term, market development will depend on the balance between continued demand and the ability of supply to adapt to current price realities. In the meantime, analysts are recording a transition from a phase of rapid growth to a phase of restrained correction, which may lead to price stabilization in the event of a further decline in consumer activity.
Source: Ekathimerini
