Renovate - Rebuild or buy new? Making Smart Property Decisions in Greece for 2026

1. A Market at a Turning Point

After several years of strong growth, Greece’s property market in 2026 is entering a new phase of balance and maturity.
Prices for new developments remain high due to construction and energy costs, while older apartments still dominate the housing stock — especially in central Athens and established suburbs.

For buyers, the big question is clear:
🟢 Should I invest in a brand-new, ready-to-live home,
or 🔵 buy an older property with renovation potential?

Both can be excellent choices — the right answer depends on your goals, budget, and timeline.

2. New Builds: Quality, Efficiency, and Peace of Mind

Modern developments in Greece are setting new standards in design, sustainability, and comfort.
Most new apartments now include:

• High energy performance (A+ or A++), reducing utility bills.

• Smart home features and electric vehicle readiness.

• Contemporary layouts with large balconies, storage, and parking.

• High-quality materials and low maintenance for years to come.

📈 Average Price Range 2026:
Northern Athens suburbs: €5,000–€7,000 per m²

New builds are ideal for buyers seeking turnkey living and long-term stability. They also appeal to foreign investors looking for low-risk, high-quality assets in a stable EU country.

3. The Rise of “Off-Plan” Investments

A growing number of buyers are choosing off-plan purchases — properties bought under construction, before completion.
This approach offers major advantages:

• 10–15% lower entry prices than finished homes.

• Flexible payment stages during construction.

• Possibility to customize layouts, materials, and finishes.

• Capital appreciation as the project nears completion.

📉 Average Price for Under-Construction Properties (2026):
€4,500–€6,000 per m² in prime northern Athens areas.

Many off-plan projects yield 7–10% annual ROI, combining appreciation and rental potential.

🔹 Example:
In the Tymfristou project by Poli Real Estate in Marousi — a boutique residential building of six luxury apartments — investors can purchase under construction units at more attractive prices and secure a future-ready home tailored to their preferences.
It’s a smart, low-risk way to enter the premium Athens market before completion lifts prices.

4. The Drawbacks of New Builds

Even with their strengths, new constructions come with considerations:

• Higher initial capital compared to older stock.

• Limited supply in popular districts — new plots are scarce.

• Higher taxation based on updated property values.

• For rental investors, lower yield (4–6%) due to higher purchase price.

In short: new builds offer security, quality, and long-term value — but not necessarily the highest short-term return.

5. Older Properties: Where Vision Meets Value

Older apartments (20–40 years old) remain the core of Greece’s housing market, and in many areas, they present the best opportunities for value creation.
Prices per square meter can be 40–60% lower than new builds, leaving room for profitable renovation.

Key advantages include:

• Lower purchase price and better location options.

• Potential to add value through energy and design upgrades.

• Strong resale margin after renovation (up to +25%).

• Steady rental demand for well-renovated units near public transport or universities.

With the right approach and professional support, renovating can turn an old apartment into a high-performing investment.

6. The True Cost of Renovation in 2026

Renovation costs have risen slightly but remain manageable.

Type of RenovationCost per m²DescriptionBasic (kitchen, bathroom, paint)€300–€400Cosmetic upgradeFull (plumbing, electrical, windows)€600–€800Structural and functional renewalPremium (energy + design upgrade)€900–€1,200Full transformation with smart systems

A full renovation of an 80 m² apartment can cost €40,000–€60,000, potentially raising its market value by 20–25%.

7. ROI Comparison: Renovate vs Rebuild

New Build
Average Price: €5,000–€7,000 /m²
Expected ROI: 4–6%
Risk Level: Very Low

Under Construction (Off-Plan)
Average Price: €4,500–€6,000 /m²
Expected ROI: 7–10%
Risk Level: Medium

Older + Renovated
Average Price: €1,500–€2,000 /m² + €700/m² renovation
Expected ROI: 6–8%
Risk Level: Medium

Older (Unrenovated)
Average Price: ~€1,200 /m²
Expected ROI: 0–2%
Risk Level: High

📊 Bottom Line:
New builds deliver comfort, efficiency, and long-term safety.
Off-plan projects offer smart entry pricing and strong upside potential.
Renovated properties provide the best mix of yield and flexibility — ideal for investors who are hands-on and strategic about timing and upgrades.

8. How to Decide What’s Right for You

Your decision should depend on your profile and priorities:

• If you want a modern home for personal use, choose a new or under-construction property.

• If you seek strong returns, target older properties in good locations for renovation.

• If you aim for capital growth, an off-plan purchase combines both quality and potential.

In all cases, success depends on accurate cost estimation, legal clarity, and expert market guidance — to ensure your investment is protected and profitable.

9. The Market Outlook for 2026

Greece’s housing market remains healthy and resilient.
While prices for new developments continue to rise moderately, the renovation segment is expanding — fueled by demand for affordable, modernized homes.

Off-plan projects are the bridge between these two worlds: offering the standards of new construction at a more strategic price point.

Investors who understand timing, location, and construction quality will continue to see stable, inflation-resistant returns.

Conclusion: Strategy Over Trend

In 2026, there is no single “best” choice — only the smartest one for your goals.
New developments deliver confidence and lifestyle.
Renovations unlock value and flexibility.
Off-plan purchases — like Tymfristou project by Poli Real Estate — combine both worlds: lower entry cost today, higher value tomorrow.

At Poli Real Estate, we help investors and homebuyers identify the right balance between design, budget, and ROI.
Whether you’re looking to buy under construction, renovate for return, or secure your dream home in Athens, our team ensures you make every decision with clarity and confidence.