The increase of prices in property market in Greece

The coronavirus pandemic has surely created a specific crisis in Greek Property market. But this concerns mostly the rental sector. Any individuals interested in purchasing properties in Greece should know that prices in the market have not decreased, but continue to actively increase.

The information which was received by the Administration of Statistics in Bank of Greece demonstrate that the cost of apartments in the country has increased at an average 3,2% in comparison to the related ratios for 2019. From early 2020 the value of residential properties in Greece has increased at an average more than 4,5%. This happens even though during 2019 the prices have already increased at 7,2%. We suggest examining the situation in further details.
During the period from July to September 2020, properties in new buildings (buildings erected during the last 5 years) have increased prices at 4,2% in comparison to the same period of 2019. The secondary market shows a medium development – the rations reached 2,6%. For reference: last year the price increase of apartments in new buildings was 7,7% and in old buildings (erected prior to 2015) it was 6,9%.

Particulars for different areas of the country

If you examine the map in detail, you will notice the high leap in property prices in Greece which focuses around Athens. Only the last trimester of the current year, the cost of square meters increased by 5,6%. The development rate in Thessaloniki is slightly lower – only 4,3%. In less popular areas, the residence cost increases less – the prices have increase at an average rate of 1,5%.
In small cities you may purchase properties in Greece at a decreased price – it was decreased by 0,3%.It is worth noting that the pandemic has been noticeable. During 2019, in comparison to records of 2018, the following areas had the following increases:

• Athens - at 10,5%
• Thessaloniki – at 6,9%
• Other resort areas – at 4,5%
• Small cities – at 3,7%

The average yearly raise in prices of residence sales is currently at 7,4%. The average three-month increase in prices for the third trimester of 2020 (in comparison to 2019) and third trimester of 2019 (in comparison to 2018) remained unchanged and reached 3,4%. The purchase of large and medium cities of the country was investigated. These records show that investments in Greece in residential properties continue to be beneficial for investors and for those who intend to acquire square meters in one of the EU countries.

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