New Digital Platform to Provide Transparency in Greece’s Real Estate Market

Starting next year, individuals looking to buy or rent property in Greece will have access to real-time data on the actual transaction prices of real estate.

The Greek government is set to launch a digital platform designed to enhance price transparency, addressing the rapid rise in property prices in recent years.

The platform, which will be available in 2025, will allow users to view prices of recently sold or rented properties based on their contracts, helping them compare these figures to those listed in ads.

As Akis Skertsos, Greece’s Minister of State, explained in a recent public television interview, the information will be anonymized, but will cover every neighborhood and area across the country.

Currently, there is a significant discrepancy between asking prices for properties and the prices recorded in contracts. In many cases, the sale prices are lower than those advertised, which can give potential buyers and renters a distorted view of the market.

According to the plan, from 2025 onwards, the Greek Land Register will have access to real sale prices for properties nationwide. Konstantinos Kyranakis, Deputy Minister of Digital Governance, added that the data on real sale prices and the actual size of properties will be incorporated into a new application called “Price Map.”

The platform will leverage artificial intelligence to collect and analyze data from multiple sources beyond just sales contracts, including advertisements, tax records, and the Greek Land Register.

Greek Property Market Trends

Property prices in Greece continue to rise, with housing prices nearing their historical peak from 2008.

According to the Bank of Greece, while rental prices have significantly increased in recent years, they are still below their record highs from 2011. However, analysts expect rental prices to continue to rise, putting increased financial pressure on households. It is estimated that one in four Greek households spends 40 percent of their income on rent.

Since the market recovery began in 2017, apartment prices have increased by 69.2 percent, although they remain 2.4 percent lower than the 2008 peak. The Bank of Greece anticipates that real estate prices will continue to rise in the short term, especially with strong demand from international buyers.