Although the pandemic continues, experts note that real estate prices in Greece are rising steadily. This trend is being observed throughout the world today. According to the latest data of the Bank of Greece, the real estate prices in the country increase by 7.9% annually. Grekodom Development analysts report the same figures.
As for specific cities in Greece, in order to buy a property in Athens in the third quarter of 2021 one had to pay 9.8% more than last year. To buy an apartment in Thessaloniki, the second biggest Greek city, one will pay 8.7%. more than last year. In other major cities, real estate price increased by 5.9% in the province – by 5.7%.
Property prices in Greece were rising steadily throughout the year. In the first quarter they rose by 4.3%, in the second quarter - by 6.2%. Looking back to 2020, despite the economic freeze, the prices of the real estate in Greece were 4.5% higher than in 2019. Interestingly, in the last quarter of 2020 resale properties were in high demand. The rise in prices of resale real estate market in this period was 8,2%, while the value of the new properties increased by 7.6%. On the whole, in 2020 new properties (built in the last 5 years) were more expensive than older ones. The same trend was observed in the first quarter of 2021. However, in the second quarter, resale and primary properties showed a similar growth rate of 6.2%.
In the second half of 2020, the prices of the Greek properties slightly slowed their growth due to the first wave of the pandemic. However, during 2021 the index showed a steady increase. In the third quarter of the current year, the index for real estate in Athens is estimated at 76.2 (the index of 100 was observed in 2007). It is worth mentioning that prior to the pandemic the property value index was 63.9.
The real estate prices in Thessaloniki were not rising rapidly, the strong growth was observed only in mid-2021. The coronavirus crisis affected prices in other major cities of the country as well. Purchase of a property in Greece in the end of 2020 could have turned out as a profitable one. For a short period of time the prices decreased, but this trend was gradually reversed in 2021. According to the commentary of the international edition of the Financial Times, the rise of the real estate prices in Greece occurred due to the low interest rates and a shortage of real estate. At the same time, real estate prices are increasing by 9.2% worldwide in 2021 (data based on the real market analysis in 55 countries). Since 2005, it has been the fastest growing rate.
Below you can find the current real estate offers in Athens and Thessaloniki.
Athens:
- Duplex 147 m² in Athens
- Flat 123 m² in Athens
- Flat 108 m² in Athens
- Flat 96 m² in Athens
- Flat 102 m² in Athens
- Flat 88 m² in Athens
Thessaloniki:
- Flat 36 m² in Thessaloniki
- Flat 75 m² in Thessaloniki
- Flat 70 m² in Thessaloniki
- Flat 134 m² in Thessaloniki
- Flat 30 m² in Thessaloniki
- Flat 157 m² in Thessaloniki
Contact Grekodom Development specialists for more information.