Recent reports from Bloomberg reveal a remarkable surge in Athens’ real estate market, establishing the Greek capital as one of Europe’s fastest-growing housing markets. Home prices in Athens soared by 12.2 percent in October, significantly surpassing increases seen in other major European cities, such as Stockholm, while standing resilient against declines witnessed in cities like Paris.
This substantial price escalation has been significantly fueled by Greece’s Golden Visa program, a trend that Lefteris Potamianos, president of the real estate association of Athens-Attica, attributes to the soaring demand for properties. The program’s impact has considerably constrained the available housing stock, thereby driving up prices in Athens at a faster rate compared to other European cities.
Greece’s economic growth outpacing the rest of the European Union this year, with per-capita output poised to return to pre-crisis levels, has further fueled the housing market’s dynamic growth. Gazi, once an aging industrial hub, has transformed into a sought-after neighborhood, witnessing conversions of former warehouses into contemporary lofts around Technopolis—an industrial museum and exhibition space.
Upscale areas like the Glyfada suburb have witnessed a surge in luxury complexes, catering to affluent international investors, notably those from China. Additionally, the development of Ellinikon—the city’s former airport—heralds an €8 billion redevelopment project set to deliver upmarket beachfront residences, albeit not soon enough to alleviate the current housing scarcity, thereby straining consumers.
Greece’s central bank anticipates a continued climb in residential property prices despite uncertainties in the global economy. The sustained interest in investment, particularly from foreign sources, is expected to buoy the market in the short term.
The surge in property prices isn’t confined to Athens alone. Bloomberg’s statistics indicate a ten-year high in holiday home sale prices across the immensely popular Cyclades islands, especially in exclusive properties on Mykonos. Renowned tourist destinations like Mykonos and Santorini continue to attract substantial interest, particularly in high-end real estate offerings, reflecting a broader trend across the Greek islands.
Rhodes Royce Properties is a licensed Realtor in Greece. If you are interested acquiring a Greek Golden Visa through real estate investment in Greece, please contact us for free consultation and advisory.
