May 18, 2020
LALAINE C. DELMENDO | January 17, 2020
After nine years of falling house prices, the Greek housing market is now growing strongly again amidst improving economic conditions and market expansionary measures.
In Greece’s urban areas, house prices rose by 9.32% during the year to Q3 2019, far higher than the previous year’s 2.35% growth and the highest annual increase in house prices since Q4 2006, according to the Bank of Greece. When adjusted for inflation, house prices increased by 9.39%. Quarter-on-quarter, house prices in urban areas were up 2.23% in Q3 2019 (3.46% in real terms)
This sharp improvement was also seen in the major cities:
Greek residential property prices fell 40.8% (-45.1% in real terms) from 2008 to 2018.
Demand is now surging, with residential property transfers in Athens rising by double-digit figures in the past four years. Construction permits soared 24.5% to 11,744 units during the first nine months of 2019, following annual rises of 10.1% in 2018 and 9% in 2017, according to the Hellenic Statistical Authority, though the total remains far below the 70,000 to 80,000 permits issued annually from 2004 to 2007.