Bank of Greece (BoG) reports that property prices are on a steady rise, posting a double-digit annual growth rate for nine consecutive quarters, citing estimates from banks, real estate agents, and property consultants.
As the BoG reveals, from early 2018 until the end of 2023, average housing sales prices at the national level have increased by 60%. Over the same period, in the region of Attica, the increase reaches 79%, with prices returning to the “golden” era of 2007-2008.
The southern suburbs of the wider Athens area, Piraeus, and the center of Athens witnessed an even greater surge in sales prices, which are now higher than those of the pre-economic crisis period.
Despite this continuing upward trend, most Greeks are finding it nearly impossible to buy a new house. It is indicative that only 9% of the 200 executives in the Greek real estate market surveyed in Cerved Property Services’ annual market research expect a decrease in prices for old properties, and similarly, only 12% for newly-built ones. Conversely, 44% anticipate further increases, both for new and old properties, while 53% of respondents foresee the maintenance of today’s high housing sales prices.
Source: tovima.com
Latest News
Which Islands Will Have Italians Flocking to Greece this Summer?
Well-known Italian travel magazine details reasons why Skopelos, Naxos and Astypalaia are the go-to summer destinations for Italians
Antentokounmpo 5th Highest Paid Athlete in World
The basketball player rakes in 111 million dollars per year, between his salary at the Bucks and endorsements from big brands like Amazon, Nike and Pepsi
Greek FM Gerapetritis: Need to Immediately End Gaza Hostilities
Gerapetritis added that a humanitarian crisis was transpiring in Gaza, with the concerns now being spillover in the wider Middle East.
ETC Report: Greece 3rd Most Popular Destination for Europeans
Italy and Spain are tied as the top destinations, each attracting 8% of travelers
Greece Battles EC to Protect Rice Industry and Public Health
Together with several other EU countries, Greece successfully blocked the European Commission's proposal to increase allowable levels of a banned pesticide commonly found in rice imported from southeast Asia
Eurostat: 3.2% Annual Inflation in Greece in April
The data shows that Greece ranks seventh in overall inflation within the eurozone and second in food inflation
Intrum’s 2024 Report Unveils Greek Businesses Embrace Digitalization for Growth
Looking ahead, over 40% of businesses prioritize development for 2024, with 65% recognizing the potential of digital business models as sustainable investments
IOBE: Mild Drop in April Business Confidence Index (BCI) in Greece
The positive balance of expectations for employment witnessed a marginal decline, while the index for production forecasts also recorded a mild drop
Greek PM Mitsotakis Calls on EU to Intervene Over Multinationals’ Pricing Policy
Speaking about price fairness, the Prime Minister emphasized, "Europe should also mean similar or uniform prices for the products sold by our multinational corporations.
Greenhouse Gas Emissions: 4% Decrease in EU, 0.3% Rise in Greece in Q4 2023
The EU's GDP remained stable with a marginal 0.2% increase in fourth quarter of 2023