Plots in Attica at the peak of the decade: land prices rise for the seventh year in a row

Asking prices for land plots in Attica reached a decade high. According to Geoaxis, they grew by 4.21% for the year, and by 48.08% over ten years.

Land prices in Attica have risen to their highest levels in ten years. The market is growing for the seventh year in a row, although the rate of increase is beginning to slow.

According to the new Παρατηρητήριο Αξιών (Market Price Monitor) by Geoaxis for the second quarter of 2026, median asking prices for plots in the five Attica areas monitored increased by an average of 4.21% compared to the same period in 2025. A year earlier, the growth was 5.60%, that is, the market is still going up, but not so sharply.

Over the decade, the overall increase in prices for plots reached 48.08%. According to Geoaxis, the market is in an upward phase of the cycle and may be approaching a new peak. Great news for land owners and another reminder to everyone else that in Attica, not only an apartment is becoming more expensive, but also the very possibility of someday building an apartment.

Where land prices are rising the most?

The most noticeable annual growth was recorded in Paleo Faliro. There the median price of a plot reached €1,703 per sq.m. against €1,621 a year earlier, which means an increase of 5.07%.

The most expensive zone in the sample remains Ambelokipi. There the median price is €2,727 per sq.m.increasing by 4.68% over the year. This is not surprising: dense urban development, high development rates and a shortage of available land turn each site almost into a construction ticket in a limited edition.

IN Holargose prices increased by 4.17%, to €1,350 per sq.m. IN Marusi the increase was 3.96%, and the median price reached €972 per sq.m. This is the lowest price among the five study areas. IN Peristeri the growth turned out to be the most moderate – 3.21%, up to €998 per sq.m. The data is published by Geoaxis in the Attica plot market research for the second quarter of 2026. Geoaxis Research.

Growth over ten years: almost plus 50%

On a ten-year basis, the growth has grown the most Ambelokipi: prices there are 54.34% higher than in 2017. The most moderate growth showed Peristeri – 41.60%.

Geoaxis notes that the site market has proven to be more resilient than some other property categories. It sank less during the recession and grew confidently during the subsequent recovery phase.

This stability is understandable. Finished apartments can be resold, renovated, rented out or kept empty. But building plots in dense Attica do not appear out of thin air. Land is limited, demand for new housing is high, old housing stock requires renovation, and construction companies continue to look for sites for new projects.

Athens News previously wrote that the Greek housing market as a whole remains overheated for local buyers: according to the IMF, housing in Greece has risen in price by about 85% since 2016. IMF: housing prices in Greece have risen by 85% since 2016.

Why does demand for land persist?

The main factor is the imbalance between demand for new housing and limited supply. There is a shortage of modern apartments in Attica, especially in areas with good transport accessibility, infrastructure and strong demand from buyers and tenants.

The second reason is the aging of the housing stock. The majority of transactions in Greece are still for old apartments, but demand for new homes is growing. Athens News has already discussed that Greeks are mainly buying old housing, while the land market in Attica continues to grow amid a shortage of high-quality new supply. Greeks buy mostly old houses.

The third factor is investment demand. New housing remains attractive to capital buyers, foreign investors and developers, especially in areas where apartments can be sold above the market average.

But rising land prices are increasingly colliding with another problem—rising construction costs. Geoaxis points out that construction costs have increased by about 10% in recent months, due in part to geopolitical factors and logistics disruptions. The more expensive it is to build, the more difficult it is for the developer to agree to a high price for the site and at the same time maintain the profitability of the project.

Anti-steamers: old mechanism under new pressure

A separate issue is αντιπαροχή, a traditional Greek scheme in which the owner of the plot transfers the land to the developer, and in return receives part of the future apartments or areas.

According to Geoaxis, the highest range of plot owner’s share is recorded in Paleo Faliro – from 33% to 40%. In Marousi we are talking about 30-37%, in Peristeri – up to 37%, in Ambelokipi – 32-36%, in Holargos – 30-36%.

But the higher the cost of construction and financing, the more difficult the negotiations. Plot owners want a larger share because land is becoming more expensive. Developers want to maintain margins because materials, labor and loans cost more. As a result, the market gets a classic Greek conflict: everyone understands that the project is profitable, but everyone is sure that it is the other who must give in.

Fuzyri or a new peak?

Geoaxis emphasizes that there are currently no signs of a classic “fuzzy”, that is, a bubble, on the land market. Growth is supported by real demand for new housing and land constraints.

However, the slowdown in the rate of increase shows that the market is entering a more cautious phase. If construction costs continue to rise, loans remain expensive, and the purchasing power of the population does not keep up with prices, some projects may become less attractive.

This does not necessarily mean a fall in land prices. But this could mean longer negotiations, postponement of projects, revision of shares in the project and more selective interest of developers.

A similar logic can be seen in the market for residential projects along the Athens Riviera: demand from investors remains strong, but new properties are increasingly targeted not at the average Greek income, but at buyers with a noticeably higher budget. Real estate on the Athens Riviera is being bought at the project stage.

Main conclusion

The rise in prices for plots in Attica shows that the housing crisis begins not from the window of a real estate agency, but from the land. If development land becomes more expensive, construction becomes more expensive, new apartments come onto the market at higher prices, and the affordability of housing for ordinary buyers decreases even further.

The market doesn’t look like a bubble yet, but it is already near the top of the ten-year cycle. For site owners, this is a moment of power. For developers, this is the moment of reckoning. For home buyers, this is another signal that it is becoming increasingly difficult to wait for cheap new buildings in Attica. Apparently, the only real estate that is not going up in price yet are castles in the air. But, to be honest, a cadastral valuation will soon be introduced for them too.

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