Real estate purchases: interest remains despite high prices - What the data shows

The trend of rising prices for residential real estate in our country has been ongoing for the fifth consecutive year, with significant differences across various geographical areas. The main question remains whether the increased demand from Greeks, foreign investors, and households will continue. According to estimates from the Bank of Greece, collected from the country's credit institutions, there was a significant increase in apartment prices (in nominal terms) in 2022, rising by 11.1% compared to the previous year, 7.6% in 2021, and 4.5% in 2020.

The research also shows that the real estate market will continue to attract interest, especially high-quality properties, due to its reputation and the fact that price growth rates have been more moderate than in other countries, and returns remain attractive.

A comprehensive restructuring, either being implemented or already in the development stage, along with gradual improvements to infrastructure and modernization of the existing building stock, is expected to support the market's attractiveness and its current dynamics, according to the Bank of Greece.

Trends show an increased interest in the Athenian Riviera and the Cyclades islands, especially in premium-class villas and houses.

As the expert points out, under the conditions of inflationary pressure, rising mortgage costs, family needs, and increasing interest rates, average Greek families may show less interest in purchasing real estate. However, affordable housing programs for young people and offers with more favorable terms could stimulate the market.

Foreign investors continue to show interest in the Greek market, with some already making sales and achieving high returns, which attracts new buyers from various countries, such as the Middle East and Scandinavia. Reforms and improvements in the investment climate in Greece make the country appealing to foreign buyers.

Thus, the real estate market in Greece remains dynamic, attractive to investors and families, and contributes to the country's development.