Newly built or pre-owned? The critical choice in luxury real estate in 2026

As the luxury housing market enters 2026 with expectations of further price appreciation, the question of which investment path is the right one returns with greater intensity, according to Ms. Corina Saia, General Manager of Premier Realty.

According to the latest market data, prices for newly built luxury residences have recorded a cumulative increase over the last two years at levels significantly higher than the general housing market. This reflects both rising construction costs and a shift in demand toward modern specifications. At the same time, the limited volume of new construction is now a primary driver of price pressure. According to ELSTAT (Hellenic Statistical Authority) data, new building permits remain modest relative to demand, with Attica recording a decrease of approximately 23.4% in the January–August 2025 period (7,053 permits compared to 9,210 during the same period in 2024). “This development limits the range of choices for buyers and maintains pressure on the prices of high-quality, newly built properties,” notes Korina Saia.

In practice, pre-owned luxury properties are marketed at prices significantly lower than new builds, with the difference often exceeding 20%. In markets like Voula, for example, it is not uncommon to find existing luxury homes priced between €6,000 and €8,500 per square meter, while new projects in the same broader area are moving at levels exceeding €10,000 per square meter.

This discrepancy raises the valid question of whether existing properties represent a better investment. As Ms. Saia mentions, “Comparison should not be made solely on price per square meter, as is common. The true cost of acquiring an older luxury property often includes high-end renovations, which in Greece now exceed €1,000 per square meter, while experts also recommend a contingency reserve of 15%–20% for unforeseen works. In many cases, the final cost approaches the price of a new property, but with increased implementation risk.”

Existing luxury properties maintain a strong investment footprint when they combine architectural identity, a prime location, and a limited supply of new projects in the same area. In markets such as Psychiko and Filothei, value is not determined solely by the age of the property, but by the rarity of a set of features that are difficult to reproduce today, such as large plots of land. At the same time, this very scarcity further fuels demand for selective new projects that manage to be developed in these same areas. The combination of modern specifications with a strong element of rarity creates conditions for timeless value and effective capital protection.

With the same logic, newly built projects are gaining even more weight heading into 2026. High energy efficiency substantially limits annual operating expenses—in large luxury properties, this difference can translate into thousands of euros in annual savings. Furthermore, [some] new properties are not burdened with 24% VAT, a factor that decisively affects the total acquisition cost. Simultaneously, they offer construction warranties and staged payment plans linked to project milestones, reducing the initial capital burden.

As Corina Saia notes, with the guidance of experienced real estate consultants, buyers are no longer limited to comparing prices per square meter. Instead, they evaluate comprehensive investment scenarios: entry cost, operating expenses, risk level, time horizon, and potential for capital gains. In a high-valuation market, the right decision is not a matter of simply choosing between “new” or “existing,” but a matter of in-depth financial analysis over time and correct positioning within the specific area of interest.