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Greek Property Market Bouncing Back, Prices on the Rise

Greece’s property market is showing signs of recovery with prices moving upward by 1 percent and set to rise further, according to a study released recently by real estate company RE/MAX Greece.

The stable market conditions together with an improved consumer climate are set to give the country’s property market a much-needed boost with sector professionals expecting it will spur investment activity and hopefully become a driver of the Greek economy.

According to RE/MAX data backed by Hellenic Statistical Authority (ELSTAT) figures, 93 percent of all sales concerned residential properties, with plots and commercial real estate accounting for 3 percent and 4 percent, respectively. In Attica, 83 percent of all sales concerned homes, 7 percent land, and 10 percent commercial real estate.

The majority (98 percent) of sales in the northern port city of Thessaloniki concerned residential properties and 2 percent for land.

Older homes (over five years) accounted for most of the sales countrywide at 93 percent, with 24 percent of all buyers opting for real estate constructed six to 15 years ago and 47 percent for 30 years-plus properties.

In Attica, the majority of properties sold (64 percent) were over 25 years of age with new buildings (up to five years) accounting for a mere 4 percent.

According to real estate experts, yet-to-announced home values (known as “objective values” in Greece), which in turn dictate property taxes, are expected to determine market activity as well as new trends.

In the meantime, according to ELSTAT, the number of real estate transactions in 2016 grew by 10.8 percent compared to 2015, with RE/MAX data pointing to an upward trend in 2017.

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