Greece Property Market On The Up

The recovery in Greece's residential real estate market continued in the first quarter of this year Abode2 reports, despite COVID which caused an 8.2% economic slump last year. The housing sector recovery has been driven by a growing economy and foreign interest. Apartment prices rose 3.2% in the first quarter compared with the same period a year earlier, Bank of Greece data shows, and the pace was up from a 2.3% increase in the fourth quarter. The uptrend has also benefited all areas of the market - including old and newly built apartments - and in all regions, although price gains in the capital Athens led the way. Prices rose 5.4% year-on-year in Athens, where home-sharing platforms such as Airbnb and the Golden Visa programme - a renewable five-year resident's permit in return for a 250,000-euro ($285,000) investment in real estate - have also become popular. Greece's 180 billion euro economy is expected to recover by 4.1% this year with growth picking up to 6.0% in 2022, according to the latest EU Commission forecasts.