Nominal residential property prices in Greece increased by 7.8% year-on-year in the third quarter and by 9.2% year-on-year in the first nine months of 2024. Office and retail prices increased by 4.2% and 7.8% respectively year-on-year in the first half of 2024.
The growth rates of house and office prices are slowing down, while on the contrary, the retail price index continues to increase at an accelerating pace.
These are some of the data on the real estate market, presented in Alpha Bank’s economic bulletin entitled “Greece, economic & financial outlook” by Economic Research.
90% in Athens – 85% in Thessaloniki
However, the explosion of real estate prices in the period 2017-2024 is significant. As noted, since 2017, when real estate prices began their upward trend again, residential property prices have increased cumulatively by 71%, office prices by 32% and retail prices by 43%.
The most significant increases have been recorded in the two largest cities, Athens and Thessaloniki, where the total increase in residential property prices between 2017 and 2024 reached 90% and 85% respectively.
Strong investment interest in commercial real estate
According to a recent report by the Bank of Greece, investment interest in commercial real estate remains strong, with funds in the first half of 2024 being directed mainly to the tourism sector, professional warehouses and office spaces with modern bioclimatic features.
In the medium term, the sectors with the greatest growth prospects remain approximately the same, namely special-purpose housing, professional warehouses near the center and suburbs of Athens, data centers, high-end tourist facilities and offices with bioclimatic design.
