RE/MAX: Greek Property Market Diversifies in 2018

Athens, Greece

An investor-friendly environment combined with a steady (and favorable) taxation framework are expected to set the pace of Greece’s property market in the upcoming period, according to real estate company RE/MAX.

With the Greek economy recovering and investors re-gaining confidence, the country’s property market is already showing signs of improvement as demonstrated by a nation-wide study conducted by RE/MAX which found that selling prices for 2018 increased by 7.3 percent compared to 2017.

More specifically, used property prices rose on average by 8.9 percent and by 6.9 percent for new constructions.

Attica real estate is in the lead with going prices for used properties up by 6.9 percent and for new constructions by 10.7 percent.

In Thessaloniki, prices for buildings five years or older increased by 7.9 percent with new builds by 3.1 percent. Selling prices for the rest of Greece rose by 12.9 percent for properties five years or older and by 8.1 percent for new constructions.

Thessaloniki, northern Greece. Photo Source: Visit Greece /H. Kakarouhas

At the top of investor options, according to RE/MAX, are properties which could be used for short-term rental purposes in Airbnb fashion. The demand in this segment has driven prices higher over the last few years, seeing that these investments have immediate returns, particularly in popular tourist areas.

Property investments, RE/MAX experts add, are also relatively safe, with interest also in real estate for professional use such as office spaces.

Following a healthy rebound, the Greek property market can gradually grow into a driver of the economy and of Greece’s recovery. RE/MAX experts attribute the increase in selling prices to limited demand, a result of a crisis-years freeze in construction activity.

Key to keeping the demand flowing is ensuring the government implements the post-bailout reforms as pledged and establishes an unchanging  taxation policy.