Greece: Intense Real Estate Activity Despite Soaring Prices

Despite soaring prices, real estate transfers in Greece remain robust, with Greek and foreign investors actively seeking market opportunities. From the start of the year to mid-May, the AADE’s MyProperty platform recorded 78,702 property sale declarations.

Property sales dominate the real estate transfer market, with parental transfers and donations also rising, spurred by the high tax-free threshold of 800,000 euros.

Data from the Real Estate Transfer Values Registry indicates a significant price surge, with thousands of properties changing hands. In the first four months of the year, 14,054 property sale contracts were signed, totaling 1.16 billion euros.

The Municipality of Athens leads in property sales, with 2,035 properties changing hands in the first four months of 2024. Many contract prices exceeded the objective values.

For instance, a 213-square-meter first-floor apartment in Kolonaki, central Athens, built in 1953, was purchased for 1.8 million euros, or 8,450 euros per square meter—double the area’s objective value of 4,250 euros per square meter.

Parking spaces are also in high demand. The shortage of parking, especially in Athens neighborhoods, has driven prices to soar. A 10 to 11 square meter parking spot in the heart of the city now sells for an average of 10,000 to 15,000 euros.