Greece construction costs rise 4.8% annually

Construction costs for new residential buildings in Greece increased by 4.8% in the third quarter of 2026 compared to the same period in 2025, according to data from the Hellenic Statistical Authority (ELSTAT). This rise is driven by a 5.1% increase in material costs and a 4.3% rise in labor wages.

Specific sectors show significant price hikes. Earthworks recorded the highest increase at 7.0%, followed by central heating installations at 4.9% and electrical installations at 4.8%. Among individual materials, diesel saw the most dramatic annual surge of 31.2%, while electricity rose by 14.9%. Other notable increases include bricks at 12.4% and copper conductors at 11.3%.

On a quarterly basis, the general construction cost index rose by 1.4% from the second quarter of 2026. For a project valued at 200,000 euros in the third quarter of 2025, the annual cost increase would amount to approximately 9,600 euros.