Right now, the Greece housing market is seeing big changes in prices for each square meter. This is happening because of different things happening in each place and the overall economy. In the second quarter of 2024, we found that some places, like the south suburbs of Athens, have high prices at €3,750 for every square meter. On the other hand, Kastoria is more budget-friendly with costs at €566 per square meter1.
Piraeus has seen a huge jump in price, growing by 28.90% compared to last year1. But, Karditsa’s prices dropped by 8.80%1. Also, renting places can cost a lot or a little, depending on where you are in Greece. For example, Chalkidiki has some of the highest rent, reaching €35.71 per square meter. All of this shows why keeping up with the latest property trends, especially on real estate Greece, is really important.
Key Takeaways
- Average house prices vary significantly across Greece.
- Piraeus has shown the largest increase in property values recently.
- Kastoria remains affordable compared to other regions.
- Rental prices fluctuate widely, with some locations commanding premium rates.
- Staying informed about market trends is essential for potential buyers and investors.
Contact us if you are Interested in Buying Property Abroad!
Current State of the Greece Housing Market
In recent years, the Greece housing market has grown a lot. Especially in 2024, with housing prices in Greece going up a lot. This growth is mainly in cities, where property prices went up by 10.9% from last year in March 2024. This was after a previous increase of 12.5%2.
In places like Athens, property values have surged. This shows the higher demand caused by better infrastructure and more short-term rentals. Here, the prices for homes in the southern suburbs went up by 14.7%3.
Overview of Housing Price Trends
The most recent Greece housing statistics show that property values have really grown since 2012 from a very low point. This growth is mainly because of investments from abroad and the popularity of the Golden Visa program. Central Athens saw an 11% rise in housing prices during the last quarter. This makes it an attractive place for investment3.
The overall average increase in Greece’s real estate prices since March 2000 to March 2024 is 3.3%. This shows a consistent rise in the value of properties2.
Impact of the Economic Environment
The economy has a big impact on Greek housing trends. Better GDP growth and more confident consumers have moved the housing market forward. But, there are still problems like red tape and the risk of too many properties in places with lots of tourists4. Moreover, the increase in foreign investments, especially from the Golden Visa program, points to a strong demand from buyers from other countries3. This means there are still great chances to invest in homes all over Greece.
Average House Prices by Region in Greece
The average house prices in Greece vary by region. This shows the different market conditions for those interested in Greek property. If you’re thinking about investing in Greek real estate, it’s important to know these trends. This is especially true for major cities and tourist areas.
Athens: Capital Growth in Real Estate Prices
Athens is a city where real estate prices are going up. In the center, the average price is €2,120 per square meter. In the northern suburbs, it’s even higher, at €3,043 per square meter. The southern suburbs are the most expensive, with prices hitting €3,750 per square meter1. This growth shows there’s a lot of demand for property here, from both locals and foreigners.
Thessaloniki: An Emerging Market
Thessaloniki is becoming a key player in Greece’s housing market. Right now, the average price there is €2,342 per square meter. This city is attracting buyers looking for good opportunities. They’re excited about the chance to make money in Greek real estate.
Greek Islands: High-End Market Dynamics
The Greek islands, like the Cyclades, have a market that draws in wealthy buyers. Prices there can reach €3,542 per square meter. This is because of strong tourism and high demand for seasonal rentals. For those interested in luxury homes or smart investments, the islands offer great possibilities
| Region | Average Price (€/m²) |
|---|---|
| Athens (Central) | €2,120 |
| Athens (Northern Suburbs) | €3,043 |
| Athens (South Suburbs) | €3,750 |
| Thessaloniki | €2,342 |
| Cyclades (Islands) | €3,542 |
| Kastoria | €566 |
Greece’s house prices show the diverse investment chances in its property market. Homes for sale in Greece are drawing attention from buyers around the world5.
Contact us if you are Interested in Buying Property Abroad!
Factors Influencing the Greece Housing Market
The Greece housing market is currently shaped by many factors. One key factor is the high demand from foreign investors. They find the property prices in Greece more appealing than other places in the Mediterranean.
Demand from Foreign Investors
Investing in Greek real estate has become more popular recently. Cities like Athens and Thessaloniki offer good deals, attracting buyers from all over the world. According to recent trends, there was a 28.7% rise in investments from foreigners in September 2023 compared to 20226. Also, the Golden Visa program saw a 117% increase in applications from January to November 20236.
The Role of the Golden Visa Program
The Golden Visa program has been a big boost for Greece’s property market. It lets non-EU citizens live in Greece if they buy real estate starting at €250,000. This has brought a lot of international buyers. This demand raises property values and makes investing in Greece more appealing6. It also helps the local economy grow.
Local Economic Developments and Infrastructure Projects
Improvements in infrastructure and local economic projects are key to the housing market’s growth. Upgrades in cities like Athens and Thessaloniki make these places more attractive. Because of these developments, housing prices have gone up 57.5% compared to before the financial crisis, says the Bank of Greece6. People now prefer areas with good investment potential and modern facilities.
Greece Housing Market: Insights and Statistics
The Greek housing market is growing fast. Demand for homes is up, causing prices to vary across regions. Big cities like Athens and Thessaloniki have the highest prices. Meanwhile, country areas are more affordable.
Average Price per Square Meter Comparison
The price per square meter varies by region. In 2022, the Cyclades had an average of €3,542 per square meter. This area is great for vacation rental investments. Santorini even offers a rental yield of 5.98%. The rise in foreign investment has pushed residential real estate prices up.
Sales vs. Rentals in Key Areas
Sales and rentals tell different stories in Greece. Big cities, like Athens, see more people buying homes. Piraeus and Lefkada have seen price jumps up to 28.9% and 21%. But, coastal spots prefer rentals, driven by tourism. This shows the Greek real estate market’s varied paths.
| Region | Average Price/Sq Meter (€) | Rental Yield (%) |
|---|---|---|
| Cyclades | 3,542 | 5.98 |
| Piraeus | N/A | 4.86 |
| Athens – South | N/A | 4.00 |
| Athens – Center | N/A | 10.6 |
| Athens – North | N/A | 7.0 |
The Greek housing market is seeing big changes, with a €45 billion investment expected by 2030. This will refresh both old and new properties. Check out more about this investment here7. The market’s growth looks strong, offering many chances for investors7.
Conclusion
The Greece housing market is facing both tough times and chances for growth. Prices are climbing and more people from other countries want to buy homes here. This shift, along with Greece’s improving economy and government efforts to attract investors,
Athens and Thessaloniki are seeing higher sales and prices, showing great opportunities. Yet, it’s important to know that some places might see price drops, especially those less popular. Understanding local trends is key to making the most of Greece’s growing appeal, especially for those interested in vacation or luxury homes8.
The real estate market in Greece offers great reasons to invest, with projects like the Ellinikon project in Athens showing big growth potential9. For those looking to buy, either as their main home or as an investment, keeping up with market changes and what buyers want is crucial. This knowledge allows investors to thrive in the changing Greek real estate scene.
Explore detailed insights on the Greek real estate as you consider your options.
Contact us if you are Interested in Buying Property Abroad!
FAQ
What factors are contributing to the rising house prices in the Greece Housing Market?
The increase in house prices in Greece is due to several factors. Foreign investors are keen, drawn by the Golden Visa Program. Local economic growth and city improvements also make regions more attractive.
How do house prices vary across different regions of Greece?
In Greece, house prices vary greatly by region. In the south suburbs of Athens, prices reached €3,750 per square meter in Q2 2024. In contrast, Kastoria had much lower prices, at €566 per square meter.
The Greek Islands like the Cyclades see high prices too. They average €3,542 per square meter, driven by strong tourism.
What is the average rental price per square meter in Greece?
Rental prices in Greece differ a lot. For example, in June 2024, Chalkidiki had the highest rate at €35.71 per square meter. Other places are more affordable. This shows how tourism shapes rental rates.
What is the significance of the Golden Visa Program for the Greek real estate market?
The Golden Visa Program is vital for Greece. It lets non-EU citizens get residency by investing in property. Starting at €250,000, this boosts the market by bringing in foreign money.
Are there investment opportunities in Greece’s residential real estate?
Greece’s real estate offers many investment chances. With prices going up and foreign investor interest, buying here can be profitable. People look for primary homes, vacation spots, or properties to rent out.
How have economic conditions influenced housing prices in Greece?
Economic factors greatly impact Greece’s housing prices. After the pandemic, there’s more demand. This, combined with local building and foreign interest, pushes prices up.
What trends can be observed in the current Greece housing market?
The Greece housing market is seeing prices rise, especially in cities like Athens and Thessaloniki. Demand from abroad is high. The rental market is also growing, mainly in tourist areas.
Source Links
- https://www.spitogatos.gr/en/property-index
- https://www.ceicdata.com/en/indicator/greece/house-prices-growth
- https://www.goldenvisa-greece.com/greek-real-estate-market-2023-prices-stats-and-status/
- https://www.prestigiarealty.com/real-estate-market-in-greece/
- https://tradingeconomics.com/greece/house-price-idx-eurostat-data.html
- https://solandworld.com/how-will-house-prices-move-in-greece-in-2024-and-what-are-the-opportunities-today/
- https://capital.com/greece-house-price-crash
- https://rewize.com/en/articles/buyers/real-estate-forecast-2023
- https://theluxuryplaybook.com/athens-real-estate-market-overview-2024/
Comments