Housing Prices in Greece are Rising Twice as Fast as Before the Pandemic
November 09, 2021
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In the third quarter of 2021, new apartments in the country rose in price by 8.37% year-on-year and by 11.15% compared to the same period in 2019.
According to the real estate services company Geoaxis, the asking prices for new apartments in Greece rose by 8.37% year-on-year and by 11.15% compared to the same period in 2019 in the third quarter of 2021. Old apartments have risen by 6.25% year-on-year and by 10.65% compared to two years earlier.
In the study, Geoaxis notes that the growth in the value of residential real estate will continue for the next 12 months at least, albeit at a slower pace. The main reason for the acceleration of price growth is a significant increase in construction costs, which are taken into account in real estate sales prices.
In most areas of Attica, the asking prices for new buildings are now even higher than in 2013. Geoaxis data show that in Ampelokipoi new apartments are now being sold at a price of €2,000 per sq.m compared to €1,800 per sq.m in 2013, while in Maroussi the current price is €2,270 versus €2,060 per sq.m in 2013. A similar pattern is observed in Palaio Faliro (€2,470/€2,330 per sq.m.) and Cholargos (€2,790/€2,690 per sq.m).
Ampelokipoi (+10.35%), Palaio Faliro (+9%), Maroussi (+8.75%), Cholargos (+7.5%) and Peristeri (+6.25%) are among the districts with the most significant increase in prices for new buildings over the past year. As for older housing, Cholargos, Ampelokipoi and Marousi show an annual price increase of 6.25%, ahead of Palaio Faliro and Peristeri (+6.2%).
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