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Housing prices in Athens are rising faster than in other European cities

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Athens has become one of the most popular housing markets in Europe. Prices for apartments in the Greek capital are now higher than in wealthier European cities, and luxury developments are being built up along the coastline.

In October 2023, residential property prices in the Greek capital rose 12.2% year-on-year, which is several times higher than in Stockholm, Madrid, Paris and other European cities.

The price increase has several reasons. The first one is a housing shortage. Because of the shortage of living space, former warehouses and offices are being renovated into apartment complexes. But construction works are not carrying out fast enough to alleviate the current shortage.

In addition, the golden visa programme is fuelling price growth. The Greek residence permit can still be obtained for an amount starting at 250,000 euro in some parts of the country. In other European countries, the minimum threshold for property investment is higher.

Besides, the country’s economy is recovering and improving purchasing power of local residents .

Prices in the Greek residential property market are expected to continue to rise despite the uncertainty in the domestic and global economy. Investment interest, mainly from abroad, will remain high in the short term.

Source: Bloomberg

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