In 2024, property prices in Greece managed to surpass the peak of 2008. At the end of the current year, the average price per square meter of residential area was 5.2% higher than in 2008, according to data from the Bank of Greece.
The National Bank of our southern neighbor has examined the property market in detail from 2017, when the recovery of the sector began, to today. During this period, properties in 13 regions of the country have increased in price by over 90%. In Attica, the average price per square meter of residential area is 3808 EUR. At the national level, the average price increase is 71.6% compared to 2017, and compared to the peak in 2008, the growth is 1.3%.
For new construction housing, the price increase is 77% for the period 2017-2024 and 3.7% compared to 2008. For old construction, the increase for the last 7 years is 67%, still remaining 4“ below the levels of 2008.
In Thessaloniki, which is visited by many Bulgarians, and some of them also buy properties there, the price increase since 2017 so far it is 84%, and compared to 2008 it is 1.67%.
The main reason for the increase in housing prices over the past 7 years in our southern neighbor is dictated by the strong demand, both from the local population and from foreigners. The intensity of demand is almost identical to that after 2000, but the reasons for it are different. 24 years ago, demand was led by the local population, who took advantage of low interest rates on mortgage loans and decided to invest in housing. Back then, 80% of transactions were with a bank loan. Today, Greeks buy guided by the forecast that prices will continue to rise and in time they will be able to sell the homes at a profit. Most transactions are carried out without a bank loan, the main reason being that the "Golden Visa" program has developed, which has significantly increased the percentage of foreign buyers.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be seen HERE