Greece’s red-hot housing market

Greek house prices continue to rise strongly, amidst increasing demand from foreign buyers and continued economic growth in the country.

In Greece’s urban areas, house prices soared by 14.14% during the year to Q2 2023, following year-on-year increases of 15.32% in Q1 2023, 14.75% in Q4 2022, 12.77% in Q3 2022, 11% in Q2 2022 and 10.6% in Q1 2022, according to figures released by the Bank of Greece. When adjusted for inflation, urban house prices rose by 11.33% y-o-y in Q2 2023.

The first half of this year has been the Greek housing market’s best performance in two decades.

Greece’s house price annual change

On a quarterly basis, house prices in urban areas increased by 2.45% (0.38% in real terms) in Q2 2023.

The strong growth was mainly seen in the major cities:

  • In Athens, Greece’s capital city, house prices rose strongly by 14.05% (11.25% in real terms) in Q2 2023 from a year earlier, its eighth consecutive quarter of double-digit growth. During the latest quarter, house prices were up 1.45% (-0.59% in real terms).
  • Thessaloniki, the country’s second-largest city, led the house price growth of 16.37% (13.51% in real terms), up from the previous year’s 11.45% increase. Quarter-on-quarter, prices increased by 3.27% (1.19% in real terms) in Q2 2023.
  • In other cities (excluding Athens and Thessaloniki), house prices rose by 14.63% (11.8% in real terms) in Q2 2023 from a year earlier, the highest y-o-y increase since Q4 2006. During the latest quarter, prices increased 4.46% (2.35% in real terms) in Q2 2023.

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