How Housing Prices in Greece Changed in the 3rd Quarter
October 25, 2021
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According to Spitogatos, in the third quarter of 2021, housing prices in Greece increased by 7.2% year-on-year. At the same time, the demand for houses in the central areas of cities is weakening.
Assording to the website Spitogatos, housing prices in Greece increased by 7.2% year-on-year in the third quarter of 2021. At the same time, the demand for houses in the central areas of cities is weakening.
The largest price increases were recorded in the northern and western suburbs of Athens, reflecting the need for larger, cheaper and remote housing caused by the pandemic.
It corresponds to global trends. The UBS report says that urban life has suffered greatly from isolation, as entertainment facilities and the number of shops have decreased, as well as offices in the city center have been abandoned massively. The cost-benefit ratio of urban life has deteriorated dramatically.
Housing prices in the western part of Petroupoli jumped by 25% to €1,920 per sq.m, while in Cholargos and Keratsini they increased by 23.7% to €2,770 per sq.m and 22% (up to €1,200 per sq.m) respectively. A similar pattern is observed in the northern city of Thessaloniki.
In the area of Polichni and Triandria, housing prices increased from 21% to 26%. In the area of Vardaris – by 32.2% compared to last year.
"The crisis in the field of health protection caused by the coronavirus has led to significant changes in our lifestyle, affecting the real estate market. Judging by the data that we have been constantly collecting from our platforms during this time, the pandemic seems to have changed the requirements and needs of users forever, and potential buyers and tenants prefer larger properties outside the central network of the two largest cities in the country," says Dimitris Melachroinos, the CEO of Spitogatos.
"At the same time, the overall increase in the asking prices of sales and rentals throughout Greece indicates a general increase in demand for Greek real estate both domestically and abroad," he added.
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