Residential prices in Athens have risen 30% over the last 3 years

The Greek market is growing steadily, especially in Athens and Thessaloniki, as reported by the Greek newspaper Ekathimerini.

According to Solum Property Solutions, residential property prices in Greece have increased significantly over the past three years, even despite the pandemic. Thus, average prices in Athens at the end of 2021 are 30–32% higher than in 2018. In Thessaloniki, at the same time, they have risen by 21–25%, in other major cities by 9–14% and in the rest of the country by 10–16%.

Despite this serious upturn, Greek property is still 22–37% cheaper (depending on the area) than during the market peak of 2007.

On the one hand, there is an increased demand and, consequently, an increase in prices of new buildings located in prestigious areas. However, on the other hand, the pandemic has had a serious impact on the Greek economy. The majority of the middle class still cannot afford to buy a property and have to rent an apartment instead.

There is also demand for older constructions since they are often well located and are sold at an affordable price, though buyers also have to spend money on renovations in such cases.

Source: Ekathimerini