Landscape change in the Greek real estate market
After seven years of falling property prices, things seem to change, thanks to improved economic conditions.
In urban areas of Greece, house prices increased by 2.51% during 2019. This is the highest annual increase in house prices since distant 2008, according to the Bank of Greece. This improvement has been observed to a greater extent in large cities as well. Athens led the country's housing market with an annual home price increase of 3.71% in 2019. In fact, it's been the capital's best output since 2007.In the country's second-largest city, home prices rose 1.9% year-on-year in 2019 - as opposed to 1.3% year-on-year decline in 2017 - the largest increase since 2008. In other cities (excluding Athens) and Thessaloniki), home prices rose 1.2% in 2019, up to 0.5% improvement from the previous year. An indication of the improvement in the real estate market is indicative of the decline in house prices in Greece, when the decline reached 42.7% from 2008 to 2017.