The Greek Residential Real Estate Market: A Five-Year Outlook

As the sun-drenched shores of Greece beckon, the country’s real estate market is experiencing a renaissance. Whether you’re a seasoned investor or a first-time buyer, understanding the trends and forecasts can empower your decisions. In this blog post, we delve into the residential property landscape in Athens and beyond, providing insights for potential clients of Peace of Mind Property Management.

Athens: A Rising Star

Athens Leads the Way

According to the annual Emerging Trends in Real Estate 2022 report by the Urban Land Institute (ULI) and PWC, Athens is at the forefront of the Greek property revival. Here are the key takeaways:

1. Investment Prospects: Athens scores an impressive 4.29 out of 5 in investment prospects, rivaling European capitals like Rome, Helsinki, Stockholm, and Prague.

2. Development Potential: With a rating of 4.24 out of 5, Athens matches the performance of other thriving cities.

3. Rental and Value Growth: Rents and property values are expected to rise in the coming year.

Factors Driving Athens’ Surge

1. Tourism Recovery: Anticipated strong tourism recovery post-pandemic.

2. Political Stability: A stable political environment attracts investors.

3. Investor-Friendly Climate: Athens offers a favorable environment for property investment.

Nationwide Trends

Greece’s Overall Outlook

1. Market Value: The Greek property market is projected to achieve a value of US$1.05 trillion by 20241.

2. Residential Dominance: Within this market, residential real estate holds the dominant position.

3. Growth Trajectory: Expect an annual growth rate of 2.08% from 2024 to 2028, resulting in a market volume of US$1.14 trillion by 20282.

Foreign Buyers Flock to Greece

1. Golden Visa Program: Attracted by the Golden Visa Program, foreign investors seek residency by purchasing or renting properties worth over €250,000.

2. Surging Demand: In the first half of 2023, real estate purchases by foreign buyers soared by 39.9% year-on-year, reaching €1.1 billion1.

Athens vs. Thessaloniki

1. Athens: The capital city boasts eight consecutive quarters of double-digit growth. In Q2 2023, house prices rose by 14.05% year-on-year, with strong demand from international buyers.

2. Thessaloniki: Greece’s second-largest city witnessed house price growth of 16.37% in Q2 2023, surpassing the previous year’s increase1.

Economic Resilience

1. Strong Economic Performance: Greece’s economy grew by 5.9% in 2023, supported by the National Recovery and Resilience Plan.

2. Optimistic Outlook: The IMF expects a 2.5% expansion in 2024, while the European Commission forecasts 2.4% growth1.

Conclusion

As the Greek property market basks in the Mediterranean sun, Athens shines as a beacon of opportunity. Whether you seek a charming historical apartment or a luxury beachfront villa, Greece’s real estate promises a golden future. At Peace of Mind Property Management, we guide you toward your dream property, ensuring peace of mind every step of the way.

For more information, contact Peace of Mind Property Management.