Greek apartment prices skyrocket, nearly doubling in value over the past decade

09:23 29/10/2024 - Πηγή: iEfimerida

Apartment prices in Greece have experienced a dramatic surge over the past ten years, with values increasing by more than 78% and approaching a near doubling, according to the GEOAXIS Apartment Observatory.

The rise is attributed to a combination of factors, including reduced supply and increased demand fueled by a booming tourism sector and the rise of short-term rentals.

Newly built apartments have seen the most dramatic increases, with values jumping by 8.51% in the past year alone and a remarkable 24.7% over the past

two years. Older apartments have also witnessed substantial growth, with prices rising by 7.81% in the past year and 22.68% over the past two years.

The report highlights a shrinking supply of apartments as a key driver of this price surge. The booming tourism sector, coupled with the popularity of platforms like Airbnb, has led to many property owners opting for short-term rentals, further reducing the availability of long-term housing options.

"The market is experiencing a significant imbalance between supply and demand," explains a GEOAXIS analyst. "The scarcity of available apartments, particularly in desirable areas, is driving prices upwards."

The data also reveals that newer, more expensive apartments are dominating the market, contributing to the overall increase in values.

Areas like Holargos, Palaio Faliro, Marousi, Ampelokipoi, and Peristeri have recorded the highest prices for both new and older apartments.

This trend is likely to continue as demand for housing in Greece remains strong, fueled by factors such as economic growth and increased foreign investment.

The GEOAXIS report suggests that potential buyers may face challenges in finding affordable housing options, particularly in popular urban areas.

The surge in apartment prices has implications for both homeowners and renters, impacting affordability and potentially influencing housing policies in the future.

Διαβάστε περισσότερα στο iefimerida.gr