The property market in the biggest Greek cities showed spectacular growth in 2019. The costs increased not only for the buyers but also for tenants. The Greek real estate market is one of the most rapidly growing in southern Europe, depending on the location of the property in the country. The most active actors in this market are foreign investors, who are interested in the local residency-by-investment program.
2019 price statistics
The biggest growth was recorded in 2019 Thessaloniki – the second biggest city in Greece. The average growth rate here was 28.4% compared to 2018. Athens shows a statistic similar to that of Thessaloniki. The average price growth rate in the capital is at 21.8%. Piraeus is in third place in this list – the prices here grew by 16.3%.
The rent prices also started going up. The list is led by Piraeus – the third biggest city in Greece, situated on the northeast coast of the Saronic Gulf. The growth of the rent prices in Piraeus shows a yearly average of 25.2%. The rent rates on the Ionian islands, Corfu, the city of Heraklion (Crete), and the central area and western suburbs of Athens grew from 19% to 23.1%.
Before the highest, real estate prices were registered in Athens. However, this year Thessaloniki took over the lead. According to the property price index, the average price growth is about 6.5%. Yet, due to the COVID-19 crisis, a minimum drop of 5-7% is expected. This means that in the future the investors might get a real chance to make profitable investments into real estate.