Are you looking to buy a home in Greece?
If so, then it’s important to be aware of the current and future housing trends. Knowing what to expect can help you make an informed decision on where to buy your home. From real estate cycles to prices in specific locations, here is a look at some of the key trends that are impacting the Greek housing market today.
Real Estate Cycles
Real estate cycles refer to the cyclical nature of the real estate market, which is typically divided into four stages: expansion (rising prices), peak (stable prices), contraction (falling prices) and recession (lowest prices). In Greece, the most recent cycle began in 2017 with an expansion phase that saw an increase in housing sales and rising demand for residential properties. This was followed by a peak phase from 2019-2020, wherein housing prices were relatively stable. The current cycle has now entered its contraction phase, which is expected to last until at least 2022. During this period, we will likely see a decrease in home sales as well as falling demand for residential properties.
Real Estate Prices
Another important factor influencing the Greek housing market is real estate prices. These vary widely across different regions and cities within Greece. For instance, Athens has one of the highest median home values in the country at €250,000 while Crete has one of the lowest at €125,000. Generally speaking, coastal areas tend to have higher real estate values than inland areas due to their proximity to tourist attractions and amenities such as beaches or resorts. On average, homes in Greece are also more expensive than those located elsewhere in Europe due to their desirable location and Mediterranean climate.
Real Estate Advice
Finally, it’s important to take into account advice from experienced mentors when considering buying property in Greece. Many times these people will have firsthand knowledge about local laws and regulations that could impact your purchase decision. They can also provide insight about hidden costs associated with owning property such as closing fees or taxes that may not be obvious during initial negotiations with sellers or agents. Additionally, they can offer invaluable advice about how best to negotiate a fair price on your desired property or how to handle any potential complications during the process of buying a home in Greece.
When it comes time for you to purchase property in Greece—whether it's for personal use or investment purposes—it's essential that you understand current and forecasted housing trends so that you make an educated decision about where you should buy your next home or rental property. From real estate cycles and price points across different regions of Greece to advice from experienced mentors—all these factors contribute towards creating a successful real estate transaction abroad! With all that said—happy house hunting!