Renovation vs New Build in Greece: Which Makes More Money in 2026?
If you're investing in Greek real estate in 2026, one key question matters:
Should you buy an older property and renovate it — or purchase a brand-new home?
Both strategies can work.
But they don’t offer the same risk profile, timeline, or return.
Here’s the realistic breakdown.
1. Entry Price: Renovation Wins (At First)
Older properties in Greece are typically cheaper per square meter.
You can often buy:
pre-1980 apartments in Athens
village houses in Crete
stone homes in the Peloponnese
at 20–40% below new-build prices.
This creates upside potential.
However, cheap entry does not always mean higher profit.
2. Renovation Costs in 2026
Renovation costs have increased significantly due to:
labor shortages
material price increases
stricter energy standards
Average full renovation cost:
€600–€1,200 per m²
High-end renovation:
€1,200–€2,000 per m²
Delays are common.
Unexpected structural issues are common.
Permits can slow you down.
Renovation = higher risk, higher management effort.
3. New Build Advantages
New construction offers:
Energy-efficient certification
Modern layouts
Lower maintenance
Higher rental appeal
Easier resale
In 2026, buyers increasingly prefer:
A-rated energy homes
Smart-home features
Minimal renovation needs
New builds are easier to rent and easier to sell.
4. Rental Income Comparison
Renovated old apartment:
Good ROI if bought cheap in strong location.
New build:
Often rents faster and attracts higher-quality tenants.
Long-term rental difference:
Usually 5–15% higher rent for new builds.
Short-term rental:
New builds outperform in luxury or tourist zones.
5. Risk Factor
Renovation risks:
budget overruns
structural surprises
contractor issues
timeline delays
resale uncertainty
New build risks:
higher upfront cost
developer reliability (must choose carefully)
New builds are lower stress.
Renovations are higher involvement.
6. Profit Potential
If you:
buy extremely well
control renovation costs
choose a strong location
Renovation can deliver higher upside.
But statistically in 2026:
New builds provide:
more predictable returns
easier financing
faster liquidity
lower stress
Final Verdict
If you are an experienced investor who understands construction and cost control, renovation can outperform.
If you want stable, predictable income and strong resale value, new build properties are the safer and more scalable strategy in Greece in 2026.
In today’s market, efficiency and energy rating matter more than ever.
«Smart Buyers Search Differently.»
