Resicom – Holiday Investment – 04-21 – LB

Greek Property Prices and Rents Strong Annual Rise

Greek property prices and rents both registered strong annual rises over the course of 2019, as overseas property investors returned to the Greek property market.

Greek property prices posted an annual increase of up to 28 percent last year, while rental rates rose by up to 25.2 per cent, with those figures recorded in Thessaloniki and Piraeus respectively.

Across the country property sale prices rose by 8 per cent on average, while rents on Greek properties showed an average increase of 10 per cent, according to data from the Spitogatos Property Index of property ad website Spitogatos.

The company’s chief executive, Dimitris Melachroinos, commented: ‘In certain areas, for the first time in the last 10 years, we are seeing property sale prices climb to levels unseen since the outbreak of the crisis.’

He continued: ‘Investors from Greece and abroad are showing a strong interest and trying to make the most of this opportunity by investing either in areas already developed or in developing ones.’

Besides Thessaloniki, the centre of the capital, Athens, also showed a major increase in property sale prices – by 27.2 per cent – in 2019, followed by Piraeus (16.3 per cent) and the southern suburbs of the capital (10.8 per cent).

Despite the overall positivity in the Greek property market, there was a decline on Zakynthos (10.4 per cent) and on the islands of the Cyclades (8.3 per cent).

Rental rates also rose strongly in many areas. After Piraeus at 25.2 per cent came the Saronic islands at 23.1 per cent and in Trikala a rise of 21.4 per cent was registered.

Greece has long been a favourite destination for British overseas property investors, and it seems that after a long downturn since the global financial crisis, the Greek property market is now finally back in vogue with foreign property investors.

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