Fluctuations in demand of Greek properties over the past decade
Real Estate | May 2021
Fluctuations in demand of Greek properties over the past decade

The price range in Greek property market has shown interesting fluctuations from 2011 to 2020.

Data and statistics of prices are calculated based on “SPI” factor, based on data extracted from listings of Spitogatos (www.spitogatos.gr), one of the most popular website with property listings in Greece. Overall, the rent prices appear to have increased during this decade, compared to the correspondent decrease in purchase and sale prices. More specifically, rents show an incline of 11,1%, while a 30% decrease is evident in purchase and sale prices of residencies. Commercial properties on the other hand, show a decline both in rent and sale prices, at 40% and 35% respectively.

An overview of prices according to location indicates that Koukaki area in Athens has shown the most significant increase in rent prices (41,4%) and sale prices (48,6%), while the central area was the most popular in Thessaloniki, with a correspondent increase both in rents (36,9%) and purchase and sale prices (57,4%).

According to Mr. Dimitris Melachroinos, Head of spitogatos.gr, the past decade was an unsettled period with multiple fluctuations in the market. Since 2015, with the establishment and bloom in Short term leases and Golden Visa, a boost was noticed to Greek property market, in combination with the gradual recovery of Greek economy. The two major cities, Athens and Thessaloniki, along with areas popular to tourists, were the center of attention, both in sales and rental agreements. Following the end of the pandemic, rapid developments and a whole new landscape is expected to be shaped in the property market.

 

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