News

Crazy price rally for real estate and demand in Greece

Real Estate Market Hotspots

On the real estate market, value rises in areas such as Kukaki, Kolonaki, Likavitos, Glyfada, Elliniko, as well as Kallithea, Kipseli and Metaksurgio. Housing sales prices in these areas soared to record highs – even up to 70%.

How much have the prices for the sale of houses increased over the past five years (euro / sq.m)

Study data: the average asking price for an apartment for 5 years is 90 – 110 sq.m on the 2nd floor in comparison with the same apartment (5 years) in 2019

District

2015

2019

Difference

Kolonaki3700480029,73%
Kukaki1900320068,43%
Kipsels1250175040%
Lycabettus3050400031,15%
Voula2410360049,3%
Vouliagmeni4800555015,6%
Glyfada2195320045,7%
Elliniko2090315050,7%
Kallithea1300225073%
P. Faliro1815255023,9%

Real estate is a new “stock” in which the Greeks and foreigners prefer to invest, seeing that they offer extra cost and profit. In many areas of the capital, houses become over-demand as soon as they appear on the market. They change hands for a maximum of two months, and only three years ago they were not in demand.

The real estate market has overcome the difficult days of the crisis. It seems that it has warmed up well, and real estate brokers are expecting even better days in the coming months due to a suspension of VAT for three years. This measure will give a new impetus to the real estate market and is expected to lead to the sale of about 100,000 real estate properties that have been in the hands of developers for many years due to the crisis and high taxes.