9/20/2024
According to the latest data from the Bank of Greece, the real estate market continues to show steady growth, although at a more moderate pace compared to previous years. In the second quarter of 2024, the average prices for apartments increased by 9.2% compared to the same period last year, confirming the sector’s stable recovery after the economic shocks of the past decade.
Comparison with Previous Years
The real estate market in Greece has gone through several phases of growth. In 2023, growth rates reached 12.8%, and the year before, they were 12.5%. In comparison, the current increase of 9.2% appears more restrained, indicating a gradual stabilization of the market. The growth rates are slowing, but this is not a sign of decline; rather, it points to the leveling of market dynamics after several years of significant expansion.
New Builds and Secondary Housing
Prices for new builds traditionally grow faster. In the second quarter of 2024, the cost of new apartments increased by 10.7%, while in the secondary housing market, growth was 8.3%. These figures reflect buyers’ preferences, as they increasingly focus on modern apartments with improved amenities and convenient infrastructure.
In 2023, there was even more significant growth: the cost of new builds rose by 12.8%, while prices for secondary housing increased by 14.5%. These numbers highlight that despite the slowing growth rates, the market remains active and attractive for both investors and homebuyers.
Regional Differences
Price growth dynamics vary by region. The most significant increase was recorded in Thessaloniki, where apartment prices rose by 12.1%. Athens also saw substantial growth—up by 9.1%. In other major cities, apartment prices increased by 7.3%, while in regional areas, they grew by 10.4%.
For comparison, in 2023, prices increased even more sharply: in Thessaloniki—by 16.5%, in Athens—by 13.8%, in other cities—by 14.9%, and in regional areas—by 11.6%. Despite some slowdown, the price growth in 2024 is still supported by strong interest from both domestic and foreign buyers.
Historical Perspective
It is interesting to note that the peak of real estate price growth in Greece occurred in 2008, when property was at its highest value. Compared to that period, the residential property price index in 2024 stands at -2.5%. This means that prices have not returned to pre-crisis levels, although they have significantly increased since their drop in 2017. Over the past seven years, housing prices in the country have risen by 69.3%, which is a clear indication of the market’s recovery.
Conclusion
The real estate market in Greece remains one of the key sectors for investment. Despite the slower pace of price growth in 2024, buyers continue to show strong interest in apartments in both new builds and the secondary market. Regional variations offer opportunities for favorable deals, and the steady price increase makes real estate in Greece attractive for both private buyers and investors looking for long-term prospects.
If you are considering purchasing property in Greece, now could be a great time to make a decision.
Contact our realtors for advice, and we will help you choose the best option based on your preferences and the current market situation!