In 2023, the average increase in real estate sale prices was 12%.

In 2023, there has been a significant increase in interest in the real estate market in Greece, where the main flow of buyers still consists of citizens of the country. However, foreigners are also becoming active, purchasing properties not only in the most popular tourist areas or in major cities like Athens and Thessaloniki. According to RE/MAX Greece, property prices have sharply risen, reaching an average level of12%...which affected all segments of the market, regardless of the year of construction.

According to an analysis by RE/MAX, the reasons for such an increase include high demand, the recovery of the population's purchasing power after the economic crisis and the COVID-19 pandemic, as well as citizens' desire for higher quality housing. Greeks still view real estate as a reliable investment option. The real estate market is a significant part of Greece's economy. After a period of economic instability, the situation is starting to improve, and the sale of real estate is progressing more actively.

With the increase in tourist flow and the interest of foreign investors, there is a rise in housing prices. Official data from RE/MAX Greece shows that in 2023, the cost of new buildings is increasing by11%in the old fund — on13%compared to last year. An increase in the volume of transactions by26.14%and the numbers of the services on14.24%confirms the stable growth of the real estate market.

Greece, being a favorite destination for tourists due to its natural beauty and cultural heritage, attracts millions of travelers every year, making real estate investments here particularly appealing. However, it is worth noting that local buyers make up the majority of purchasers. Foreigners have also started to show interest in regions that were previously not considered popular.

Competition in the real estate market

The real estate market in Greece is becoming competitive compared to traditional destinations such as Spain, Portugal, and Italy.

Housing prices in the suburbs

In the suburbs of Athens, both new and secondary real estate properties are experiencing significant increases. For new constructions, the growth has amounted to7.6%and11.4%for secondary objects accordingly, with total amounts4.255 eurosand2.828 eurosper square meter. In the southern suburbs, there is a much more pronounced increase, where new buildings have become more expensive by15.8%.

In the western part of the region, the average price for secondary housing has increased by20.1%The highest growth was recorded in Germanica and New Ionia. In Piraeus and neighboring areas, the price of new buildings is3.303 eurosper square meter, while for older properties the price reaches2,490 eurosIn Greater Attica, the price increase for new buildings amounted to7.4%while for secondary housing —12.7%.

Prices in Thessaloniki

In Thessaloniki, the average cost of new construction has reached2.449 eurosfor square meter, which is9.6%compared to the previous year, and the price per square meter for old properties was1,690 euros, having increased by12.6%In the city center, the average price of secondary housing has increased by11.7%, having composed2.528 eurosper square meter. In the eastern part of the city, a price increase close to was recorded.20%in the Panorama area.

Current trends in the market

In the suburbs of the Greek Republic, there is also a steady increase in prices for both new builds and secondary housing. The average price for new builds has reached2.561 eurosfor the square, having increased by13%year on year. At the same time, secondary housing has increased in price by13.5%, having composed1.635 eurosper square meter. Thus, the current situation in the real estate market in Greece indicates significant interest from both local and foreign buyers. Notably, buyers from the country still remain the main players, but foreign investments are gradually filling previously neglected segments.