House Prices in Greece Soar in 2024, But Demand Remains High

July 17, 2024

House prices Greece — House prices in Greece soar. Apartment building in Kolonaki, the most expensive neighborhood in downtown Athens. Credit: Dimitris Kamaras Wikimedia Commons CC BY 2.0

While Greeks complain about house prices and rentals going through the roof, there is great interest from foreign buyers in several parts of Greece.

Foreign investors, digital nomads, and Golden Visa seekers constitute a burgeoning niche in the housing market. Based on economy figures, credit institutions predict that, in 2024, house pricing will reach the 2008 high. This was a year before Greece’s economic crisis began.

Housing prices showed a double-digit increase in 2023. The Attica region and the wider area of Thessaloniki remain the most popular areas in the country, although the volume of sales has partially declined, as a result of high prices.

The house price index in Greece shows a cumulative rise of 66 percent over the past six years compared to the lowest price recorded in the third quarter of 2017. House prices remain 4 percent below the highest point recorded in the third quarter of 2008. According to BNP Paribas, 2024 is expected to be a landmark year for the Greek real estate market since it will move higher than the pre-debt crisis levels of 2008.

The house price index in Greece shows a cumulative rise of 66 percent over the past six years compared to the lowest price recorded in the third quarter of 2017. House prices remain 4 percent below the highest point recorded in the third quarter of 2008. According to BNP Paribas, 2024 is expected to be a landmark year for the Greek real estate market since it will move higher than the pre-debt crisis levels of 2008.According to the Global Property Guide, Greek house prices continue to accelerate due to high demand from foreign homebuyers. There is also increased construction activity that goes along with a gradual economic growth.

Based on Bank of Greece research, the main driving force behind increasing house prices is rising construction costs. Simultaneously, the Golden Visa program and annual increase in tourist arrivals also correspond to a growth in the construction sector and hence housing prices.