Rising Real Estate Prices in Attica

According to data from the Bank of Greece (BoG), current housing prices in Attica exceed 2008 levels by 5.2%. This marks a significant recovery in the market following the crisis.

General Trends

Nationally, prices have risen by 71.6% over the past eight years but remain 1.3% below the 2008 peak, highlighting regional differences in market dynamics.

Differences by Property Type

• New Builds (up to 5 years old): Prices have surged by 77%, exceeding the previous peak by 3.7%.

• Older Properties (over 5 years old): Prices have increased by 67.8% but remain 4.4% below the 2008 peak.

Regional Trends

• Thessaloniki: Prices have grown by 84.6%, though they are still 1.67% below 2008 levels.

• Other Major Cities: Combined growth reached 51.5%, leaving prices 9.15% below 2008 levels.

• Rural Areas: Growth has been significantly lower due to a less pronounced decline during the crisis.

Shift in Demand Structure

In 2008, the real estate market relied heavily on domestic demand supported by bank loans—over 80% of transactions were financed this way, contributing to the crisis.

Today, a substantial portion of buyers are international. Key factors include:

• The "Golden Visa" program

• Popularity of short-term rentals

• Competitive prices compared to other European countries.