Greece construction costs rise 4.8% in Q3 2026
Building a new home in Greece cost 4.8% more in the third quarter of 2026 than a year earlier, as material prices added 5.1% and labour costs 4.3%.
The facts
- The construction cost index for new residential buildings reached 129.4 in the third quarter of 2026, +4.8% from 123.4 a year earlier and 1.4% above the second quarter's 127.6.
- Material costs carry a weight of 57.85 in the index and rose 5.1% over the year to 137.0; labour costs carry 42.15 and rose 4.3% to 119.0.
- Prices paid to contractors, which the Hellenic Statistical Authority (ELSTAT) publishes separately as the price index of work categories, rose 3.5% to 121.2 - a different measure from the cost a builder incurs.
- Earth-moving led the 17 work categories at 7.0% over the year, central heating installations followed at 4.9%, and glazing rose least at 1.5%.
- The index is a fixed-base series on 2021 = 100.0, and ELSTAT collects the prices in Greater Athens, Thessaloniki, Patra, Herakleion, Larisa and Volos.
What it means for your money
- A new-build quote now carries 4.8% more cost than a year ago. Renovation budgets move with the same index.
- Glopra data put the Greek national average at $3,221 per square metre, which is a price level and not a build cost - the 4.8% rise measures what a builder pays, not what a buyer pays.
- Repairs and upgrades on a property already let are where the 5.1% material increase bites, more than the 4.8% headline does.
What to watch
- ELSTAT publishes this index quarterly, so the next reading covers the fourth quarter of 2026.
- The 2021 = 100.0 base replaced the 2015 base in April 2024, so the series does not support comparisons with older index levels.
Sources: ELSTAT https://www.statistics.gr/documents/20181/73b694d6-9b57-f336-356c-3f7af032fd48