Greece’s real estate market is entering an interesting new phase, with smaller apartments increasingly leading property price growth.
This trend is not simply a reflection of rising property prices. It also points to a deeper shift in Greece’s housing market: buyers are increasingly prioritizing more affordable properties, while the supply of smaller apartments in major urban areas remains limited.
Why are smaller apartments rising faster?
According to recent market analysis reported by Greek media, demand for smaller apartments is being driven by two key factors.
The first is affordability.
As property prices have risen faster than the income of many households, buyers are increasingly choosing smaller properties to reduce their overall purchase costs. A 50–60 sqm apartment can therefore be a much more practical option than a larger property.
A newly built apartment of approximately 50–60 sqm can cost around €200,000–€250,000, while older properties, particularly those more than 20 years old, can be available at lower prices. This segment is becoming increasingly aligned with the purchasing power of domestic buyers.
The second factor is changing household structures.
The number of single-person households is increasing, while Greece’s overall population is declining. This is creating stronger demand for smaller apartments, particularly in urban centers where residents want convenient access to workplaces, universities, and public transportation.
Supply is struggling to keep up with demand
One of the most notable characteristics of the current market is the mismatch between supply and demand—not only in terms of the number of properties, but also their size.
While demand is increasingly concentrated on smaller and more affordable apartments, new supply remains relatively limited. This imbalance is putting upward pressure on prices within this segment.
In Athens, apartments of approximately 40–70 sqm are attracting strong interest from both buyers and tenants, while suitable properties are becoming increasingly difficult to find.
This is also prompting developers to adjust their strategies. Rather than focusing heavily on larger apartments, some developers are shifting toward projects with a greater proportion of smaller units to better match actual market demand.
Rising prices are supported by real demand
Perhaps the most important aspect of this trend is underlying demand.
Unlike certain luxury property segments that depend heavily on high-net-worth buyers, smaller apartments serve a much broader market, including single professionals, students, young couples, international workers, and people seeking accommodation close to city centers.
The rental market also reflects this trend. In Athens, student housing rents have continued to rise. In 2026, average asking rents for student accommodation nationwide increased by 5.3%, while rents in the Municipality of Athens rose 6.6%, reaching approximately €13.3 per sqm per month.
This suggests that the rise in smaller-apartment prices is not driven solely by property transactions. It is also supported by genuine demand for housing and rental accommodation.
What does this mean for international investors?
For international investors, this trend offers an important perspective when evaluating the Greek real estate market.
Rather than looking only at average price growth across the market, investors should consider which property segments have genuine demand, how supply is evolving, and how effectively an asset can be operated and monetized.
A property with a strong location, an appropriate size, and genuine rental demand may have a significant advantage in a market facing limited supply.
This is particularly relevant in major urban areas such as Athens and Piraeus, where housing demand is supported by local residents, international professionals, students, tourism, and improving transportation infrastructure.
Keranis Residences: Positioned for evolving housing demand in Piraeus
Against this backdrop, Keranis Residences in Piraeus stands out as a development aligned with the market’s shift toward properties offering practical scale, real-world usability, and convenient urban access.
The project comprises 408 residential units, redeveloping the historic Keranis building into a modern mixed-use residential complex spanning nearly 29,900 sqm.
One of the defining features of Keranis Residences is its professional operating model, combining residential real estate with an international hospitality ecosystem through its collaboration with Marriott International and the Tribute Portfolio brand.
This creates an important distinction: investors are not simply purchasing an apartment in Greece, but acquiring an asset within a large-scale development located in an area with genuine residential and accommodation demand.
Piraeus also benefits from its position as one of Greece’s most important maritime and logistics hubs, while offering direct connectivity to Athens through the public transportation network.
For international investors, these are important factors to consider alongside the Golden Visa: Does the property address genuine market demand? How can it be operated? And can its location generate long-term value?
The Golden Visa and Greece’s real estate story
The growth of the smaller-apartment segment also highlights an important aspect of Greece’s Golden Visa market.
The residency-by-investment program has helped channel international capital into Greek real estate for more than a decade. However, today’s market is increasingly shaped by broader factors, including housing demand, rental potential, infrastructure, tourism, and international capital flows.
For Golden Visa investors, therefore, choosing a project should go beyond simply asking:
“Does this property qualify for the Golden Visa?”
A more important question is:
“What value can this asset create over the next 5–10 years?”
Keranis Residences is positioned around this approach, combining European residency with ownership of an asset that has the potential to benefit from evolving housing demand in Greece.
Greece’s real estate market is changing and so should the way investors look at it
The rising prices of smaller apartments are a clear indication that Greece’s housing market is entering a new phase.
Property values are no longer determined solely by location or size. Demographics, affordability, supply, rental demand, and professional management are becoming increasingly important factors.
For international investors, this is an opportunity to view Greek real estate not simply as a vehicle for obtaining residency, but as a real asset within an economy that continues to attract increasing international capital.
In this environment, developments with strategic locations, significant scale, professional operating models, and the ability to respond to genuine market demand may have a stronger position over the long term.
Casa Seguro Capital supports investors in evaluating programs, projects, and property ownership strategies in Greece, with a focus on combining Golden Visa, wealth management, and long-term asset value.
