The market has been on a noticeably rising course again since 2018, and prices have risen strongly in recent years. On average, over the last four years, properties have recovered about half of the 40% loss in value caused by the prolonged financial crisis. In premium locations, prices have risen even more strongly.

The financial crisis from 2010 to 2018 also resulted in a very low level of construction activity, which, in conjunction with the increased demand, is now leading to a shortage of new/prime properties.

Greece is once again very popular with national and international investors, and the wait-and-see attitude – especially in the primary residence market – is gradually giving way to great interest in attractive investments.

The real estate prices, which remain moderate compared to other European countries – both in the metropolitan areas of Athens and Thessaloniki as well as on the islands – combined with the good availability of real estate and corresponding impulses from the Greek government, seem to be keeping the market stable despite all the turbulence. Due to the dynamics of the Greek economy and the actual demand for real estate, market participants are likely to abandon the current restraint in the coming months.

The prospects for the Greek real estate market in the coming years can be described as positive and promising. In 2023, it can be assumed that, after the upcoming elections in spring at the latest, the real estate market will continue to rise significantly.

(Source: Engel & Völkers Market Outlook Q1/2023)