Greek Properties Prices Show No Ceiling: 38% Rise Since 2019

 Greek Properties Prices Show No Ceiling: 38% Rise Since 2019

# Greek Properties Prices Show No Ceiling: 38% Rise Since 2019
The relentless surge in Greek property prices shows no sign of peaking, undermining expectations for a slowdown or a price correction in the near future. While debates continue over whether the market is in a “bubble,” the underlying reality is that prices climb higher month after month. This trend has significant implications for buyers, sellers, and investors in the Greek Properties market.

## Overview
According to data from estate agency Greek Exclusive Properties, the national average asking price for properties in October reached €2,676 per square meter, marking a year-over-year increase of 4.45 percent. To put this into perspective, since 2019, when the construction sector emerged from its downturn, prices have skyrocketed. In October 2019, the average asking price stood at €1,936 per square meter. This means that property values have recorded a massive increase of 38 percent in the intervening period.

## Trend for Property Prices in Greece
Property price variation across Greece remains significant. Based on the October data, the Aegean Islands have the highest average asking price at €3,504 per square meter. The Attica Region, which includes Athens, follows closely at €3,089 per square meter. The Ionian Islands are also high at €2,894 per square meter. Other regions generally have lower averages, such as Thessaly at €1,340 per square meter and Central Greece at €1,379 per square meter. Thessaloniki’s average is €2,301 per square meter, and Crete is €2,480 per square meter. These regional variations highlight the diversity of the Greek Properties market.

## Focus on Attica (Athens Metropolitan Area)
After a brief pause earlier in the year, prices in the Attica region appear to be “galloping” again. The current average asking price of €3,089 per square meter is 1.95 percent higher than last year. However, this regional average masks intense movements in specific areas. The North Suburbs saw prices rise by a further 6.11 percent year-over-year, while the West Suburbs, despite traditionally being more budget-friendly, saw a significant increase of 6.18 percent. The South Suburbs saw a more modest increase of 1.37 percent, driven by the construction boom along the coastal front.

## The Most Surprising Surge
The most surprising surge in the Attica basin, excluding the specialized market of the Saronic Gulf islands, was recorded in the Center of Athens. The center saw an explosive increase of 7.84 percent, igniting neighborhoods such as Aghios Eleftherios, Attiki Square, Patision, and Sepolia. Within the center, Ano Patisia recorded the single largest jump at an astounding 23.74 percent year-over-year. This surge in prices highlights the enduring appeal of Greek Properties in the capital city.

## The Thessaloniki Market
Thessaloniki is experiencing a similar trajectory. The average asking price is now €2,301 per square meter. The city has seen a steep rise since October 2021, when the average price was €1,367 per square meter, which means prices are now nearly 40 percent higher than just four years ago. The price increases across the Thessaloniki region break down as follows: Thessaloniki Municipality saw a 5.80 percent increase, Periphery Municipalities saw a 9.10 percent increase, and the Rest of the Prefecture saw a 10.16 percent increase. These increases underscore the growing demand for Greek Properties in the country's second-largest city.

## Conclusion
In conclusion, the Greek Properties market continues to defy expectations, with prices rising steadily across the country. Whether you are a buyer, seller, or investor, it is essential to stay informed about the latest trends and developments in the market. With its rich history, stunning landscapes, and resilient economy, Greece remains an attractive destination for property investors. As the demand for Greek Properties continues to grow, it will be interesting to see how the market evolves in the coming years. One thing is certain, however: the Greek Properties market shows no signs of slowing down, and prices are likely to continue rising in the near future.