Why house prices jumped 7.2% in Greece in the third quarter

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House price for sale in Greece grew 7.2% in the third quarter of the year, according to the Spitogatos classifieds site, as demand drifted away from homes in the city’s central neighborhoods.

Based on a survey of ask prices for property for sale on the site, the largest increases were seen in the northern and western suburbs of Athens, reflecting the need for larger, cheaper and more remote housing caused by the pandemic.

This matches global trends. In a report, UBS said city life has suffered a Closures hit hard as entertainment and shopping options were curtailed and downtown offices were largely abandoned. The cost-benefit ratio of urban living has deteriorated sharply.

In Greece, figures from Spitogatos show that selling prices in the western area of Petroupolis jumped 25% to 1,923 euros per m², while in Holargos and Keratsini they increased respectively by 23.7% (to 2,767 euros / m²) and 22% (to 1,200 euros / m²).

A similar pattern appears in the northern city of Thessaloniki.

In the Polichni and Triandri area, selling prices increased by 21% to 26%. In the Vardaris region, the price of apartments sold climbed 32.2% over the year.

“The Covid-19 health crisis has caused significant changes in our way of life, the real estate market being affected. Based on the data that we regularly collect on our platforms during this period, which is long enough for conclusions to be even more certain, the pandemic appears to have definitely altered the requirements and needs of users, with potential buyers and tenants showing a preference for larger properties. outside the core network of the two largest cities in the country, ”said Dimitris Melachrinos, CEO of Spitogatos.

“At the same time, the overall increase recorded in the asking price and for rent across Greece is indicative of the general increase in demand for Greek real estate, both nationally and internationally, ”he added.

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