Greece: Real-estate prices explode

Greece: Real-estate prices explode

The real estate market in Greece records an upward trajectory, which is fully reflected in the rise in property prices. Significant increases are recorded in apartment prices, according to the Bank of Greece. Based on the data presented, it estimates that in the fourth quarter of 2019 apartment prices (in nominal terms) rose by an average of 7.5% compared to the corresponding quarter of 2018, while for the whole of 2019 apartment prices went up by 7.2%, versus 1.8% in 2018.

Age of property and geographical area

Specifically, the increase in prices in the fourth quarter of 2019 compared to the corresponding quarter of 2018 was 8.9% for “new” apartments, that is, up to 5 years old, and 6.6% for “old” apartments, meaning more than 5 years old. For 2019, the average annual growth rate for new apartments stood at 7.7%, versus 2.0% in 2018, while the average annual growth rate for old apartments was recorded at 6.9% in 2019, against a 1.7% surge in 2018.

Analysis of data by geographical region shows that apartment prices in the fourth quarter of 2019 compared to the corresponding quarter of 2018 went up by 11.0% in Athens, 5.5% in Thessaloniki, 4.2% in other major cities and 4.9% in the rest of the country. For 2019, the average increase in apartment prices in the same areas compared to 2018 was 10.4%, 6.8%, 4.1% and 4.6% respectively. Finally, for all urban areas of the country apartment prices increased by 7.9% in Q9 of 2019 compared to Q4 of 2018, while for 2019 the average annual increase was 7.5%. /ibna