Bank of Greece: Property Prices Rise for 9th Quarter

Bank of Greece (BoG) reports that property prices are on a steady rise, posting a double-digit annual growth rate for nine consecutive quarters, citing estimates from banks, real estate agents, and property consultants.

As the BoG reveals, from early 2018 until the end of 2023, average housing sales prices at the national level have increased by 60%. Over the same period, in the region of Attica, the increase reaches 79%, with prices returning to the “golden” era of 2007-2008.

The southern suburbs of the wider Athens area, Piraeus, and the center of Athens witnessed an even greater surge in sales prices, which are now higher than those of the pre-economic crisis period.

Despite this continuing upward trend, most Greeks are finding it nearly impossible to buy a new house. It is indicative that only 9% of the 200 executives in the Greek real estate market surveyed in Cerved Property Services’ annual market research expect a decrease in prices for old properties, and similarly, only 12% for newly-built ones. Conversely, 44% anticipate further increases, both for new and old properties, while 53% of respondents foresee the maintenance of today’s high housing sales prices.

Source: tovima.com