Greek residential property price recovery picks up in third quarter

Property market in Greece set to rebound after covid-19

According to figures released by the central bank on Tuesday, the third quarter saw a resurgence in Greece's residential real estate market as the country's economy grew and inflation increased to levels not seen in three decades.

According to figures from the European Union on income and living circumstances, real estate accounts for a sizable portion of household wealth in Greece, where the rate of property ownership is approximately 73.5%, higher than the average for the eurozone (66%).

According to data from the Bank of Greece, the growth rate for apartments increased from the second quarter's 10.1% increase to 11.2% in the third quarter.

The uptrend benefited all market areas, including old and newly built apartments, and all regions, although price gains in the capital, Athens, led the way.

Prices rose 13% year-on-year in Athens, where home-sharing platforms such as Airbnb and a "golden visa" programme - a renewable five-year resident's permit in return for a 250,000-euro ($285,000) investment in real estate - became popular.

Following is a table on Greek apartment prices from Greece's central bank:

2016 2017 2018 2020 2021 Q3

Index 59.6 59.0 60.1 67.3 72.4 81.9

Change y/y % -2.4 -1.0 1.8 4.5 7.8 11.2

New (up to 5 years) 61.2 60.7 61.9 70.0 75.7 86.0

Change % -3.0 -0.8 2.0 4.9 8.1 12.2

Old (older than five years) 58.6 57.9 58.9 65.6 70.4 79.4

Change % -2.0 -1.2 1.7 4.2 7.2 10.5

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source: Bank of Greece