7/2/2026
Thessaloniki is entering a new phase of growth, driven by major infrastructure projects, technological development, and steadily increasing demand in the property market. While Athens has already experienced much of its investment cycle, Greece’s second-largest city continues to offer attractive opportunities and significant room for further appreciation.
Recent market data presented at industry events, including the Real Estate Forum of the German-Hellenic Chamber of Industry and Commerce, indicate that residential property prices in Thessaloniki have risen by more than 10% in recent years, with average values approaching €3,500 per square meter. Despite this growth, the city remains considerably more affordable than many areas of Athens, where prices often exceed €4,000–6,000 per square meter.
This combination of lower entry costs and strong growth prospects has attracted not only domestic buyers but also investors from Germany, Austria, Switzerland, the United Kingdom, and the United States. Thessaloniki’s strategic location, large university population, expanding tourism sector, and ongoing urban transformation are increasingly recognized by international investors.
Major projects such as the operation of the city’s Metro system, the FlyOver motorway, the planned suburban railway network, waterfront upgrades, and the development of Thess INTEC are reshaping the city and creating new economic hubs. Areas that were once considered peripheral are now gaining increasing importance in investment planning.
Particular attention is being directed toward Western Thessaloniki. Traditionally overlooked in terms of infrastructure and investment, the western districts are experiencing renewed interest thanks to improved transport connections, port development, growing demand for commercial spaces, and opportunities related to student housing and short-term rentals. Many analysts believe the area offers considerable potential for future capital appreciation.
Meanwhile, eastern districts such as Thermi, Pylaia, Kalamaria, and Panorama continue to attract strong demand from both owner-occupiers and investors. The Municipality of Thermaikos is also expected to benefit from the expansion of Thess INTEC, which is likely to create additional demand for residential and commercial properties.
Another positive factor for the city's housing market is the diversity of buyers. Demand comes from local families, members of the Greek diaspora, young professionals, and international investors, creating a balanced market with a lower risk of overheating.
As infrastructure projects, tourism, and technological investments continue to reshape the city, Thessaloniki is gradually establishing itself as one of the most attractive real estate markets in Greece. For investors seeking long-term growth potential and relatively affordable entry prices, the city may represent one of the country's most compelling opportunities over the coming decade.
Source: https://www.makedonikanea.gr/arthrografia/thessaloniki-apo-deyteri-epilogi-orimi-ependytiki-agora-akiniton