Greek real estate market shows signs of recovery, RE/MAX survey says

“The Greek real estate market shows signs of recovery, with property prices rising by an average 1.0 pct – offering proof that stabilization trends which prevailed last year are gradually developing into rising trends,” RE/MAX said in a report released on Tuesday.

Both RE/MAX Hellas, in a panhellenic survey, and the Hellenic Statistical Authority (ELSTAT), showed there was a positive turn for the real estate sector which could offer investment opportunities both for individuals and professionals. A government decision on setting new official property prices could play a significant role in this effort, as they could affect both the local and the general real estate market.

The statistics service, in its latest report, said that purchases of real estate property grew 10.8 pct in 2016 from 2015 and continued rising in 2017 (RE/MAX Hellas figures). RE/MAX said the panhellenic weighted index of house prices grew 1.0 pct in 2017 compared with the previous year, with used house prices rising by an average 1.1 pct and new property prices rising 1.0 pct in the year.

In Attica region, used houses grew 1.2 pct, while in new houses prices fell 0.3 pct; in Thessaloniki, prices grew by 1.1 pct (used) and 1.0 pct (new); for the rest of the country, prices for used houses remained unchanged and prices for new houses grew 1.6 pct.

The survey showed that around 93 pct of sold property were houses, with land and commercial property assets following with 3.0 pct and 4.0 pct, respectively. In Attica, 83 pct of sold property was houses, while in Thessaloniki purchases of houses accounted for 98 pct of total transactions. Used houses (more than five years old) accounted for 93 pct of transactions, while medium-sized houses (71-110 sq.m.) remained the most popular, with 41 pct of total transactions.