ράφηκε αύξηση μόλις 2,5%, ενώ στη ζώνη του ευρώ η αύξηση ανήλθε στο 2,3%. Παρά την αύξηση των τιμών στην Ελλάδα, η χώρα παραμένει ακόμα μία από τις πιο προσιτές για αγορά κατοικίας στην Ευρώπη.
Housing Prices in Greece Increase During First Quarter of 2021
During the first quarter of this year, Greece recorded the third largest increase in housing prices in the EU. Specifically, the rise reached 10.4%, behind only Poland and Bulgaria, where prices saw annual increases of 18% and 16% respectively. Among other Southern European countries, Portugal saw the largest increase in housing prices at 7%, followed by Spain, where prices strengthened by 6.4%.
However, overall in Europe, the picture is relatively stable, as the EU saw an increase of just 2.5%, while the eurozone saw an increase of 2.3%. Despite the rise in prices in Greece, the country remains one of the most affordable for buying a home in Europe.
μειωθεί κατά 1,3% σε σχέση με το προηγούμενο τρίμηνο. Αυτή η μείωση ακολουθεί την τάση που παρατηρείται σε πολλές ευρωπαϊκές χώρες, με την Ελλάδα να μην αποτελεί εξαίρεση.
Real estate market trends in Europe
According to recent data from Eurostat, housing prices in the Eurozone have seen a slight increase of 1.3%, while prices have dropped by 0.4% in Greece. This trend is consistent with the overall market trends in Europe, where several countries have experienced decreases in housing prices.
Among the countries with the largest decreases are Luxembourg with a 10.9% decrease, Germany with 5.7%, and France with 4.8%. Finland (-4.3%), Austria (-2.2%), and Sweden (-1.6%) have also seen declines in their housing markets.
Alpha Bank’s recent analysis highlights the decrease in housing prices in Greece, as reported by the Bank of Greece, by 1.3% compared to the previous quarter. This downward trend aligns with the broader European market trends, where many countries are experiencing similar decreases in housing prices.
Real Estate Market Trends in Greece
The real estate market in Greece has experienced a significant increase of 66% from the third quarter of 2017, which marked the lowest point in the market, up to the first quarter of this year. Only in 2023 did the average nationwide increase reach 13.8%, before slightly decreasing to 10.4% in the first three months of the year.
Comparison with the Rest of the Eurozone
On the contrary, in the rest of the Eurozone, housing prices have been slightly declining over the past year. This contrast can be explained by the fact that the Greek market is at a completely different point in the price cycle, as while prices are increasing in the rest of Europe, they are decreasing in Greece.
Real Estate Market in Greece
In Greece, the real estate market has been fluctuating over the years, with prices going up and down. Even today, property prices in our country have not fully recovered compared to the levels recorded before the economic crisis. Specifically, housing prices remain 4% below the peak recorded in the third quarter of 2008. The exception is only the Attica region. In the basin, after the annual increase of 9.4% recorded during the first quarter of this year, housing prices have seen an overall increase of 85% compared to what?
Real Estate Market Recovery in 2017
At the beginning of 2017, the real estate market began its recovery journey. Prices are now 2.4% higher than in 2008, when the previous historical high was recorded.
This is evident when comparing prices across Europe, as reported by Eurostat for the period from 2010 to the first quarter of this year. In the EU as a whole, the average increase reaches 49%, while rents have seen a 24% increase. The biggest increases are seen in the Baltic countries, as well as in central Europe.
Housing Prices on the Rise in Eastern Europe
In recent years, the housing market in Eastern Europe has seen a significant increase in prices. Estonia experienced a 223% growth, Hungary saw a 207% increase, Lithuania had a 170% rise, and Latvia saw a 140% surge. Other countries such as Czech Republic (125%), Austria (108%), and Luxembourg (101%) also saw substantial increases. However, Italy (-8%) and Cyprus (-1.2%) experienced a decrease in housing prices.
Factors Influencing the Housing Market in Greece
According to Alpha Bank, one of the reasons for the rapid increase in housing prices in Greece compared to the rest of the EU is the country’s economic growth, especially in the last three years.
Significant increase in GDP growth in Greece compared to the European average, a trend that continues this year. Specifically, in the first quarter of this year, real GDP increased by 2.1% on an annual basis in Greece, compared to 0.5% on average in the EU-27.
The Economic Growth in Greece
Greece has seen a significant increase in its GDP growth compared to the European average, with a growth rate of 2.1% in the first quarter of this year. This growth has been attributed to the performance of the tourism sector and the development of the sharing economy.
Tourism has played a crucial role in the rapid increase of housing prices in Greece, surpassing the rest of Europe. The number of overnight stays has increased from 20.3 million in 2018 to 36.4 million in 2023. Similarly, foreign investments in the country have also seen a rise.
The Greek Real Estate Market: Trends and Preferences
The real estate market in Greece reached 2 billion euros in 2022 and is projected to increase to 2.3 billion euros in 2023. This growth represents a significant increase compared to the annual average of 400 million euros from the previous decade.
Preference for Smaller Properties
Greek buyers are turning towards properties with smaller square footage, primarily targeting investment opportunities that can yield future profits. Larger properties, on the other hand, are mainly chosen for residential purposes. Buyers also prefer smaller properties due to their affordability and lower maintenance costs.
Real Estate Market Trends in Greece
Compared to last year, there has been an increase in the percentage of property sales with an area of up to 50 square meters, as well as those ranging from 51 square meters to 75 square meters, according to a nationwide survey by RE/MAX Greece, the country’s largest real estate network. However, the percentage of properties with an area larger than 76 square meters has slightly decreased. Recent data from RE/MAX Greece, which has 85 offices and more than 1,100 real estate advisors nationwide, reveals these trends.
Real Estate Trends in Greece
In Greece, 50% of buyers nationwide prefer properties up to 75 square meters in size.
Specifically in Attica, 25% of buyers have chosen properties ranging from 75 sq.m. to 100 sq.m.
According to nationwide real estate transactions through RE/MAX, one in four buyers (24.9% of the total) opted for properties ranging from 51-75 sq.m., while 24.7% chose smaller properties up to 50 sq.m. The market for larger properties remains relatively strong, with 23 out of 100 interested buyers purchasing properties ranging from 76 sq.m. to 100 sq.m.
Real Estate Trends in Greece
Around one in five buyers in Greece purchased properties ranging from 101 to 150 square meters. Properties with a size of 151 square meters and above were chosen by 8.8% of buyers, despite offering more comfort and spaciousness.
Real Estate Market in Attica
A similar trend can be seen in the Attica region. Specifically, 27.7% of buyers preferred properties ranging from 51 to 75 square meters, making them the most popular in the entire region. Additionally, one in four buyers opted for properties with a larger size.
Real Estate Market Trends in Greece
In Greece, properties ranging from 76 to 100 square meters are still in high demand. The most popular among buyers are the smaller properties, ranging from 1 to 50 square meters, accounting for 18.7% of purchases. Properties between 101 and 150 square meters are also very popular. However, only 10 out of 100 buyers choose properties larger than 151 square meters.
Similar Trends in Thessaloniki
Similar trends have been observed in Thessaloniki, with the majority of buyers opting for properties between 51 and 75 square meters. Properties ranging from 76 to 100 square meters are also popular among buyers in this region.
Small Apartments: Making the Most of Limited Space
Living in a small apartment can be a challenge, but with some creativity and smart design choices, you can make the most of your limited space. Apartments that are up to 50 square meters can feel cramped, but by utilizing clever storage solutions and multifunctional furniture, you can create a comfortable and functional living space.
One key tip for small apartments is to maximize vertical space. Install shelves and wall-mounted storage units to keep clutter off the floor and create the illusion of more space. Additionally, choose furniture that serves multiple purposes, such as a sofa bed or a dining table with built-in storage.
Lighting is also crucial in small spaces. Use a combination of overhead lighting, task lighting, and ambient lighting to create a bright and welcoming atmosphere. Mirrors can also help to make a space feel larger by reflecting light and creating the illusion of depth.
With some creativity and strategic planning, even the smallest of apartments can be transformed into a cozy and stylish home. By maximizing space, utilizing smart storage solutions, and incorporating light and mirrors, you can make the most of your limited square footage.
