Greek Property Market on Road to Recovery

Greece’s property market, which took a blow during the crisis years, is now showing signs of recovery with prices rising by 4 percent in the first three months of 2019 compared to a 1.4 percent annual increase recorded in 2017, according to the Bank of Greece. Bank data further indicates that compared to Q1 2018, prices for new apartments in the first quarter of 2019 are up by 4 percent and by 3.9 percent for older flats (more than five years). More specifically, for all of 2018, revised data indicates a 1.8 percent price increase for new apartments compared to 2017, when there was a 0.8 percent decrease in selling prices, with rates for older flats up by 1.4 percent in 2018 against a 1.2 percent decline in 2017.