Greece’s urban real estate market, especially the greater Athens-Piraeus area, appears to be rebounding after more than a decade (2007-2018) of unprecedented collapse amid an economic implosion, political instability and saturation in home ownership in the country – among the highest in the European Union.
The previous (1997-2007) decade before the real estate “bubble” burst witnessed a 170.4-percent cumulative increase in the prices of residences.
Although the repercussions from the pandemic are still being calculated, the previous two-year period before 2020 saw the “AirBNB” effect and “Golden Visa” regime (residency visas for property purchases of more than 250K euros) resuscitated a handful of downgraded inner city districts. The main protagonists in the “Golden Visa” program were PR China nationals, followed in a distant second and third place by Russians and Turks.
Inner city neighborhoods that dominated buyers’ interest are the Koukaki district, which lies adjacent to the southern side of the Acropolis and in the vicinity of other well-known monuments in central Athens, and is criss-crossed by all mass transit systems in the Greek capital. Close behind are Monastiraki, on the northern side of the Acropolis and next to the Plaka quarter; Metaxourgio, a much grittier neighborhood that’s also within walking distance to most central sites and hosts a metro station, along with the Exarchia district – Athens’ so-called Bohemian zone for many, and “anti-establishment” hub for others. Further off is Kypseli, one of the most congested and migrant-populated districts in the Greek capital.
Prices in the aforementioned have, in general terms, rose by 20 to 30 percent in the pre-Covid era and after 2018. The pandemic, however, practically froze all activity in the real estate sector.
On a nationwide level in 2020, according to the Bank of Greece (BoG), residence prices rose for a third straight year (in nominal terms), by 4.2 percent, down from 7.2 percent in 2019 and 1.8 percent in 2018. The highest increases were recorded in the greater Athens area, at 7.4 percent, and the greater Thessaloniki area, by 4.6 percent yoy.
The figures compiled by the BoG are based on transaction prices listed in official statements to the tax bureau. Often-times, however, transactions may involve a cash portion exchanging hands between buyer and seller “under the table”, in order to avoid paying taxes on the full sale price – a widespread phenomenon in previous decades.
Latest News
Greece Reacts Sternly to Turkish Decision to Open UNESCO Site Chora Church as a Muslim Mosque
"The decision of the Turkish authorities to start the operation of the Monastery of Chora as a Muslim Mosque constitutes a provocation to the international community", the Greek Foreign Ministry stated
DW: Greece Prepares for the 2024 Tourist Season Amid Climate Change Challenges
The Greek state has adopted measures to alleviate the impact of climate change
Greco-French Relations on Ice: Exploring the Chill between Mitsotakis and Macron
Macron allegedly sought increased military support for Ukraine, including weaponry and Western troop deployment for training in Western Ukraine, a request declined by Mitsotakis
Greece Secures Stable Tourism Flows at 30 Million Arrivals
However, despite this year’s bookings projected to rise slightly compared to last year, Yiannis Hatzis, President of the Panhellenic Federation of Hoteliers, stresses the importance of strategic planning
The 12 Tourist Traps to Avoid in the Greek Islands
Visit less popular islands for cheaper prices and fewer crowds
German Min. Lemke: «Climate crisis poses immediate threat to our health; well-being»
Europe recorded more days of “extreme heat stress” (with the ‘feels like’ temperature exceeding 46 degrees Celsius) than ever before
OECD: Major Spike in FDIs in Greece over 2021-23 Period
The international organization calculates an average of 6.7 billion USD in Greece over the 2021-2023 period, up from 4.15 billion USD in 2017-2019
How TikTok Lost the War in Washington
Combination of coordinated efforts by its critics and missteps by the company led to the law forcing a sale or ban of the popular app
Greece in the Top European Destinations for Aussies in 2024
This year 16% of surveyed Australians are planning a trip to Greece
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?