ΒΒΚ - Our News

Estimates for the real estate market, wherever they come from, domestic and international financial analysts of financial institutions and analytical houses, are more converging than ever before and speak of a change of page. According to APEMPE, in a market that experienced the ten-year crisis with a drop in jobs in general in all related sectors, the picture has now changed and is moving upwards.
The upward trend is now reflected not only in estimates but also in data that sees the light of day. Based on the data collected by credit institutions and published by the Bank of Greece in the middle of the week, it is estimated that in the third quarter of 2021 apartment prices (in nominal terms) were on average increased by 7.9% compared to with the corresponding quarter of 2020. Based on the revised data, in the first and second quarter of 2021 the increase compared to the respective quarters of 2020 amounted to 4.3% and 6.2% respectively, while for 2020 the prices of apartments increased at an average annual rate of 4.5%.
More specifically, the price increase in the third quarter of 2021, compared to the corresponding quarter of 2020, was 7.6% for the new apartments, ie up to 5 years old and 8.2% for the old ones, ie older of 5 years. Based on the revised data, in the first and second quarter of 2021 there was an increase in the prices of new apartments by 4.5% and 6.2% respectively, while the prices of old apartments increased by 4.1% and 6.2%, respectively. compared to the corresponding quarters of 2020. For 2020, prices for new and old apartments increased at an average annual rate of 4.8% and 4.2% respectively.
The analysis of data by geographical area shows that the increase in apartment prices in the third quarter of 2021 compared to the corresponding quarter of 2020 was 9.8% in Athens, 8.7% in Thessaloniki, 5.9% in other large cities and 5.7% in other parts of the country. Based on the revised data, in the first and second quarter of 2021 the average annual increase in apartment prices was 6.7% and 8.3% respectively in Athens, 4.6% and 5.4% in Thessaloniki, 2, 1% and 4.4% in other major cities and 1.3% and 3.6% in other parts of the country. For the whole of 2020, the increase of prices in the same areas compared to 2019 was 7.8%, 5%, 0.2% and 1.8% respectively.
Finally, for all urban areas of the country, in the third quarter of 2021 apartment prices increased by 8.3% compared to the third quarter of 2020. Based on the revised data, the first and second quarters of 2021 the corresponding average annual increase in apartment prices in urban areas was 4.4% and 6.4%, while for 2020 the average annual increase was 4.7%. Areas in which infrastructure or regeneration works are carried out, the price increase is expected to be greater.
Will this upward trend continue? Does it concern all areas? If not which ones will increase the most? Stavroula Vamvaka, president of the newdeal real estate group, says that we have been entering a price curve for the past three years – as in all of Europe – which slowed down in the first wave of the pandemic but did not stop, due to the central policies for liquidity and financial support for households and businesses. “In this new trajectory we will see periods of greater or lesser increase in property prices that will depend on GDP growth, but also other factors (eg taxes, bureaucracy, international investment wave, golden visa, etc.). ) », Estimates the president of the newdeal real estate group in ΑΠΕ – ΜΠΕ. Ms. Vamvaka also adds that “it makes sense for areas where infrastructure (eg metro) or renovation (eg Greek) projects are being carried out to increase prices. On the contrary, areas that are less “trendy” than Greek and foreign investors the price performance will be lower.
At the same time, a new generation of newcomers is appearing on the market. In some areas they will squeeze the prices of old real estate, while in others they will pull them up. In any case, however, it is certain that we will not return to deep crisis prices as in the previous period. “