The residential property market in Greece showed resilience in 2020, despite the adverse overall economic impact of the pandemic. Following a 9.2% cumulative increase in 2018-19, residential property price growth slowed in 2020 due to the strict travel restrictions and other COVID-19 related measures, but price performance remained positive at 4.6%. Despite the reimposition of restrictive measures in the first quarter of 2021, preliminary data from the Bank of Greece show that property prices continued to rise at a rate of 3.3% YOY. The Greek real estate market is highly dependent on foreign investment resulting in more substantial price increases in Athens and in other popular tourist destinations. By contrast, prices and transactions in other areas of Greece that have seen more limited investor interest, although likely benefiting from spillover effects, are still at low levels. Over the longer term, the evolution of the residential property market as a whole will depend on Greece’s ability to create jobs and pursue policies to support real incomes growth, while maintaining a stable macroeconomic environment conducive to attracting foreign investment.
Articles from “The Washington Times online”
Piraeus Real Estate is the subsidiary of the Piraeus Bank Group, responsible for the complete design and implementation of the strategy and policies of the Group’s Real Estate division, while heading other subsidiary companies of the Group in Greece and abroad.
It provides the full spectrum of services related to the design, development, monitoring and management of the real estate sector at any value and size.
“Owning the largest real estate portfolio in Greece, Piraeus Real Estate focuses on the selection and sale of real estate, real estate development, construction management and administration, integrated real estate management, real estate evaluations and intermediation, as well as the provision of investment consulting services in companies and funds investing in real estate” explained the Executive General Manager, Group Chief Real Estate of Piraeus Bank Group and CEO of Piraeus Real Estate S.A, George Kormas.
Despite the pandemic, investments in Greece reached 18.4 billion in 2020, with the decrease compared to 2019 being limited to 0.6%. At the same time, the European Commission forecasts growth rates for the Greek Economy of 4.1% in 2021 and 6% in 2022. “In my opinion, there will never be a better time to invest in the Greek real estate market like today” highlighted Kormas. This is because property prices are still significantly low (in some sectors prices are lower by 50% compared to competitive countries such as Italy or Spain), while Greece is displaying all the advantages of a modern and investment-friendly economy, a renowned tourist destination, an energy node, an ideal destination for technologically advanced companies and a gateway to three continents. The huge upcoming investments supported by the Next Generation EU program on climate change and digital transformation will add significant value that will directly reflect to the real estate prices. “Greece is expected to be Europe’s success story” Kormas affirmed with confidence.
The real estate market in Greece showed resilience in 2020, despite the economic shock caused by the pandemic crisis.
As DBRS comments in its analysis, after the cumulative increase of 9.2% in the period 2018-2019, the increase in house prices slowed down in 2020 due to travel restrictions and other measures for the coronavirus, but price performance remained positive, at 4.6%.
Despite the imposition of restrictive measures in the first quarter of 2021, preliminary data from the Bank of Greece show that house prices continued to rise at a rate of 3.3% per year.
The Greek real estate market is highly dependent on foreign investment, resulting in large price increases in Athens and other popular tourist destinations.
In contrast, prices and transactions in other areas of Greece that are of limited investment interest, although likely to benefit from the effects of “overflow”, are still low.
DBRS estimates in the long run that the development of the real estate market as a whole will depend on Greece’s ability to create jobs and promote policies to support real income growth, while maintaining a stable macroeconomic environment to attract foreign investment.
Continue to … https://www.in.gr/2021/07/28/english-edition/dbrs-resilience-greek-real-estate-market-charts/
The recovery of the residential market is accelerating, Bank of Greece figures on prices in the second quarter of the year have shown.
House prices in Athens posted a significant 6.4% increase compared with the second quarter of 2020, while in Thessaloniki the rise amounted to 4.1%. In Greece’s other major cities they grew 3.2% while they they advanced 2.6% year-on-year in the rest of the country. Across Greece in April-June residential property prices expanded at an annual rate of 4.4%.
The central bank has also upwardly revised the price changes of the first quarter and the whole of 2020: The latest data show that in January-March 2021 house prices posted an annual 3.5% increase (revised from 3.2%) and last year the rise amounted to 4.4% (from 4.3% thought previously). That followed 7.2% growth in 2019.
Over the April-June 2021 quarter newly built apartments enjoyed a 4.7% price increase, while those aged five years or more saw a 4.6% rise. That was after respective increases of 3.4% and 3.6% in the second quarter of last year.
Continue to kathimerini online : https://www.ekathimerini.com/economy/1167662/house-prices-up-25-in-3-yrs/