Tips from Housefinders Peloponnese: property in Greece increase in value! The pandemic may have caused property prices to stabilise in Greece, however the price monitoring group Geoaxis has documented surges in values with house prices growing twice as fast as before the pandemic (the source: Neoskosmos.com):
- The asking prices of newly-built apartments increased by 8.37 per cent year-on-year as well as 11.15 per cent from the same quarter in 2019
- The increase for older apartments was at 6.25 per cent for the year and 10.65 per cent compared to two years earlier
- The prognostics show greater increases over the next 12 months, though the pace may not accelerate as it has in recent months
- The losses of recent years are now being recuperated with asking prices for new houses higher than they were in 2013.
Geoaxis data reveals that suburbs with the highest increase in asking prices for new dwellings over the last year have been Ambelokipi (10.35 per cent increase), Paleo Faliro (9 per cent increase), Maroussi (8.75 per cent increase), Holargos (7.5 per cent) and Peristeri (6.25 per cent). The same follows suit for older houses with Holargos, Ambelokipi and Maroussi noting a 6.25 per cent annual incrase, followed by Paleo Faliro and Peristeri with 6.2 per cent.
Selling prices are currently at 2,785 euros per square metres in Holargos (up from 2,685 euros per square metres in 2013), 2,465 euros per square metre in Pelo Faliro (from 2,330 euros per square metres in 2013), 2,267 euros per square metre in Maroussi (from 2,060 euros), and 2,000 euros per square metre for Ambelokopi (up from 1,800 euros per square metre in 2013)
Geoaxis Founder Giannis Xylas said that the market will change in the years to come with “the gradual transformation of apartments into workplaces”, bringing huge changes to the design and construction of houses.