Athens ranks 26th among European megacities in terms of investment prospects in the real estate sector for 2026, down four places from 22nd place in 2025. This is the lowest performance in the last five years.
The lack of available land in the Greek capital, combined with the high cost of construction, makes new projects less attractive, both commercially and in terms of investment, while the housing problem continues to create dysfunctions in the market.
The above is reported in the annual survey “Emerging Trends in Real Estate 2026”, jointly prepared by the Urban Land Institute (ULI) and PwC, based on the responses of senior executives from across Europe (investors, developers, consultants, managers and financial actors) including representatives of the Greek real estate market.
This year’s edition covers a total of 32 European megacities.
Cities at the top of the investment outlook
The major European capitals remain at the top of the investment outlook for 2026: London (1st place), Madrid (2nd) and Paris (3rd). The three cities have maintained their leading position for the last three years, with Madrid “displacing” Paris from second place this year. As noted in the survey, “in an environment of constant geopolitical and economic uncertainty, the size and liquidity of a market remain the determining factors of investment decisions, favoring the already established centers of Europe.”
Cities in the European South, such as Milan and Barcelona, have strengthened their position thanks to competitive prices, while Warsaw continues to attract interest as the most open market in Central and Eastern Europe, offering satisfactory liquidity.
A common concern at the European level remains rising construction costs and limited access to financing, which continue to act as key factors for the sector. Added to this is geopolitical uncertainty, which is pushing investors towards more mature and stable markets.
The case of Athens
For Athens, the size of the market and limited liquidity seem to act as inhibiting factors, downgrading its position in relation to other European capitals. The Greek capital is falling lower this year both in terms of general investment prospects and in the individual categories examined by the survey: 26th place in new development prospects, 28th place in terms of rental prospects, 27th place in terms of capital value prospects.
Over the past five years, Athens stands between 22nd and 23rd place.
The survey also highlighted the limited land supply and the bureaucratic difficulties that burden the processes of renovating the aging buildings.
As for the real estate categories with the greatest prospects for 2026, data centers are at the top, followed by energy infrastructure (storage and transportation), student housing, serviced apartments and healthcare infrastructure, which complete the top five.
The top ten is completed by storage facilities, education-related properties, senior housing, co-living spaces and affordable – social housing.
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