International demand for real estate in Greece is growing.

Housing prices in Greece are rapidly rising, driven by the ongoing economic growth of the country and increasing interest from foreign buyers. Data from online search engines in other countries and statistics from the Bank of Greece indicate that in the fourth quarter of 2023, the average annual price growth for apartments in Greece was11.8%Despite the price increase, interest in Greek real estate from international clients continues to grow — compared to the first quarter of 2023, demand has increased by12%at the beginning of 2024. The nations that showed the most interest wereGermany, USA, United Kingdom, Australiaand, interestingly,Bulgaria.

Foreign buyers are most attracted to regions such asthe central part of Athens, Halkidiki, southern suburbs, outskirts of ThessalonikiandCyclades IslandsThe most popular categories of real estate areapartments, separate housesandvillasAt the same time, among Greeks exploring the housing market, the most desired locations have becomesuburban areas of Thessaloniki, central areas of Athensand also their southern and northern outskirts.

As for the demand for rental housing in the country, the most popular regions have becomecentral districts of Athens, southern suburbs, outskirts of Thessalonikiandnorthern districts of the capitalBased on the data on rental category preferences,apartments, studiosandindividual houseshave proven to be the most in demand among local residents. When it comes to international interest in buying and renting property in Greece, in 2024, the same countries remain at the forefront:Germany, USA, United Kingdom, AustraliaandBulgaria.

The key regions that remain interesting for foreign investors arecentral Athens, Halkidiki, southern suburbs, outskirts of ThessalonikiandCyclades IslandsThe suitable types of real estate for foreign clients areapartments, separate housesandvillasThe Greek real estate market is starting the new year with the intention of continuing the rapid growth observed in 2023. The forecasts are positive: the balance between supply and demand remains negative, and investors believe that the Greek market is still relatively cheap compared to other European countries.

Real estate sector analysts predict that foreign investments in Greek real estate have reached a record level in3 billion eurosIn 2022 and 2023, and if the trends of 2024 continue, there is a possibility of breaking this record again.

Chief Economist of Global Property Guide,Lalaina S. DelmendoIt also notes that even in the case of a relative decline in large cities, the increase in prices for vacation properties will continue at a corresponding or even faster pace in 2024. In light of this, Greece and its islands are becoming increasingly attractive to foreign investors interested in real estate.