2021Residential real estate prices in Greece continue to rise in the third quarter of 2021.

Apartment prices rose 11.2% y/y in the third quarter Athens leads the way with a 13% price gain

Athens, Nov 29 (Reuters)

The recovery in Greece's real estate market gained momentum in the third quarter as the economy continued to expand and inflation approached a three-decade high, central bank data released on Tuesday showed.

Real estate makes up a significant part of household wealth in Greece, where the home ownership rate stands at around 73.5%, above the eurozone average of 66%, according to European Union statistics on income and living conditions.

The recovery of Greece's housing sector is due to the expansion of the economy and the interest of foreign investors.

Data from the Bank of Greece showed that apartment prices rose 11.2 percent in the third quarter compared to the sameThe market has been hit by property taxes imposed to cover budget deficits, tight lending to banks and unemployment peaking at 27.8% in 2013.

The economic outlook has improved subsequently, Greece exited the last bailout program in August 2018 and now has access to international markets for financing.

The following is a table of apartment prices in Greece provided by the Central Bank of Greece:

• 2016 2017 2018 2020 2021 Q3
• Index 59.6 59.0 60.1 67.3 72.4 81.9
• Change y/y % -2.4 -1.0 1.8 4.5 7.8 11.2
• New (under 5 years) 61.2 60.7 61.9 70.0 75.7 86.0
• Change % -3.0 -0.8 2.0 4.9 8.1 12.2
• Old (over 5 years old) 58.6 57.9 58.9 65.6 70.4 79.4
• Change % -2.0 -1.2 1.7 4.2 7.2 10.5

Source: Bank of Greece

Reporting: George Georgiopoulos; Editing: Clarence Fernandez

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