Specialists of the Greek analytical agency Geoaxis Property & Valuation Services analyzed the situation in the real estate market and concluded that in 2020 prices will rise. In 2019, the cost of residential facilities in the country increased by 10%. And in some regions, a significant rise in price was recorded, for example, in the center of the Greek capital, the price increased by about 30%.
Analysts say the real estate market will continue to recover in the next 12 months, as the country’s economy is recovering rapidly. Giannis Xilas, head of the Geoaxis analytical agency, is confident that in about a year the price growth rate will begin to slow down.
How prices are rising by district
The average cost of apartments in new buildings in annual terms has increased by 9%. Real estate on the secondary market has risen not so much – only 8% year on year. Analysts who monitor the price dynamics in Athens said that the most in the 3rd quarter of 2019 increased in five districts of the capital: in Amarousion (northern suburbs of Athens), Peristerion (western), Holargos (eastern), Abelokipi (eastern) and Paleo Faliro (south).
In Abelokipi, it is now possible to purchase apartments in new houses at a price of approximately € 1,790 per square meter. This means that the rise in price over the past year was 9.85%. In Holargos, residential real estate is sold at € 2570 per square meter – prices for the year increased by 8.72%.
In Amarusion, residential property is priced at € 1,830 per square meter. The price increase here amounted to 9.75%. The cheapest is to buy an apartment in Peristerion, because, despite a 9.2% increase in price, the price remains quite loyal – only € 1,500 per square meter.
In Thessaloniki over the year, the value of real estate increased by 28.3% year on year. On average, in a city, you can now buy a square meter of housing for € 1300.
Advantages of Greece
But, in any case, in comparison with other European capitals, Athens still offers affordable prices due to the recent crisis in the country from which Greece is successfully emerging.
Due to the instability of the economy, the cost of apartments, cottages, and offices began to plummet several years ago. Now prices are rising, foreign investors are showing great interest in Greek real estate in the primary and secondary segments. And sales transactions also motivate representatives of other countries to participate in the Golden Visa program.
Recent data proves that more than 0.8% of the Greek population is focused on the purchase of the residential real estate, which is 165% higher compared to last year.