According to the data collected by Bloomberg, in October 2023, prices for apartments and houses in the Greek capital increased by 12.2%, which is almost three times higher than the growth in Stockholm and contrasts with the decline in other cities, including Paris.
This surge in the market was partly caused by the long-lasting effects of the debt crisis. Hundreds of thousands of homes are involved in legal entanglements, which leads to market exhaustion and price increases in Athens faster than in any other major European city.
While the end of the era of cheap money has hit purchasing power across Europe, housing shortages are taking over in many cities. In London, Paris and Berlin, a decrease in the latest monthly indicators was recorded on an annualized basis, however, in most markets tracked by Bloomberg City Tracker, there is an increase, while in Milan, Madrid and Stockholm, an increase of more than 3% was recorded.
"There are no real estate objects on the market," said Lefteris Potamianos, president of the Athens-Attica Region Real Estate Association. He also explains the price increase by demand fueled by the program "Golden visa".
The financial stability report from the Bank of Greece says that the housing market will continue to grow despite the uncertainty in the domestic and global economy. It is expected that in the short term, investment interest, mainly from abroad, will remain high.
