“Greece’s appeal to international property investors now extends well beyond seaside holiday homes,” says Dika Agapitidou, director of Athens Economics–JLL Alliance Partner. Offices, retail premises, logistics facilities and hotels are attracting growing interest, with domestic and foreign buyers competing for prime assets.
Commercial property transactions reached approximately €600 million in the first nine months of 2026, with activity expected to accelerate towards year-end. Macroeconomic and political stability, a more business-friendly environment and investment-grade sovereign status have strengthened confidence. Greek commercial property also offers competitive entry prices and income returns compared with many established European markets. Prime office, retail and logistics assets in Greater Athens and, increasingly, Thessaloniki offer indicative net yields of 5-7%. “These returns are attractive, although investors must weigh them against liquidity, financing and execution risks,” she highlights.
Occupier demand provides further support. Technology companies, alongside education and energy businesses, are sustaining demand for modern offices, with prime Athens rents around €33 per square metre per month. Tourism supports investment in hotels, resorts and well-located retail space, while creating opportunities for mixed-use developments. Logistics is another important growth area. Greece’s position on regional trade routes and investment in the ports of Piraeus and Thessaloniki support demand for modern distribution facilities. Western Attica remains the principal logistics hub, with prime rents around €6-7 per square metre per month.
Urban regeneration is also reshaping the investment landscape, from the Ellinikon development on the former Athens airport site to the redevelopment of the former FIX and Allatini industrial sites in Thessaloniki. Such projects can revitalise neighbourhoods, although delivery schedules and infrastructure provision remain critical. “Perhaps the most compelling opportunity lies in the shortage of modern, energy-efficient buildings,” Agapitidou says. Years of subdued construction during the financial crisis left Greece with limited institutional-quality stock. Developers and investors able to refurbish older properties or deliver well-located, sustainably designed buildings can match demand and command rental premiums. Recognised environmental certifications, such as LEED and BREEAM, increasingly influence occupier and investor decisions. “Independent valuations prepared under recognised international standards are broadly applied and further support due diligence and financing,” she adds.
The market nevertheless requires selectivity. Bureaucratic bottlenecks, judicial delays, fragmented ownership and relatively small transaction sizes can complicate investment. Lease structures and tenant quality also warrant careful scrutiny.
Greece’s commercial property outlook remains favourable. Geopolitical tensions, persistent inflation and financing costs remain material risks. “For investors who understand these constraints, the opportunity is substantial, but success will depend as much on execution as on the broader recovery,” she concludes.
athenseconomics.gr
ATHENS ECONOMICS | JLL Alliance Partner
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