The annual report by the Bank of Greece (BoG) governor, which was unveiled for the ongoing year this year, sounded the latest “warning bells” for the increasingly high cost of housing in the country’s urban areas, pre-eminently in the greater Athens-Piraeus region.
As with similar warnings in the post-pandemic period, the BoG report points to the “onslaught” of short-term leasing properties and heightened demand for the “Golden Visa” scheme as behind both the shortage of housing and the skyrocketing residential lease rates.
“Significant issues are materializing for the possible taking of measures by the state,” is the phrase used in the central bank report.
According to BoG Gov. Yannis Stournaras, “interventions towards boosting supply and restricting investment demand for residential real estate (short-term leasing, Golden Visa) in first residence areas is considered as ameliorating the increase in rate of price increases for leases, and possibly leading to a correction of prices at a local level.”
According to the BoG, net revenues from property sales in the country purchased by foreign nationals in 2023 exceeded 2.1 billion euros.
Source: tovima.com
Latest News
Greece’s Assets Body Launches Tender for Business Park in Fyli
Once completed, the Fyli business park will serve as a national transport hub, creating jobs and revenues for Western Attica.
ELSTAT: 3.4% Rise in Retail Trade Turnover in Q1 – 2.9% Drop in March
Regionally, Thessaly experienced the highest increase in turnover in the first quarter of 2024 compared to the same period in 2023, with a 5.3% rise.
Fruit and Vegetable Exports Increase by 5.8% in Value in Q1, 2024
Conversely, the import of fruits and vegetables surged in the first quarter of 2024, increasing by 17.1% in volume and 20.9% in value compared to the same period in 2023.
Greek Shipowners in 1st Place for New Orders and Secondhand Ships
Research at Allied QuantumSea shows Greek ship holders are also first in ship sales, showing they are modernizing their fleets
PDMA: Yield of Greek 10-Year Bond Set at 3.51%
Bids surpassed expectations, exceeding the 250 million euros initially offered by approximately 3.5 times, totaling 835 million euros.
IOBE: Olive Oil Drives April Food Inflation to 5.4% in Greece
This discrepancy occurs because the weighting of olive oil in the consumer price index, as prescribed by Eurostat regulations, is significant due to its historically high consumption by Greek households
UK Tourists Boost Growth in Greece’s Off-Peak Season
British Airways has significantly contributed to this growth, reporting a 6.6% increase in passengers in the first four months of this year compared to last year.
INSETE Report: Greece a Hotspot for European Vacationers
Greece among top five countries on travelers' itineraries from Germany, France and the UK
Study: Cost of Basic Food Basket in Greece and Other Countries
The findings are based on IELKA's regular report, which includes a price comparison study using data from price comparison platforms in each country and direct price checks from supermarket chains.
DBRS: Greece’s Economic Reforms Boost Growth Prospects, But Investment Gap Remains
However, despite these advancements, Greece still faces a substantial investment gap compared to its eurozone peers.