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The significant recovery of the Greek real estate market has resulted in a rate of increase in housing prices that exceeds the rate of increase in the disposable income of Greeks, demonstrating a growing issue of securing affordable housing, according to an analysis by the Center for Planning and Economic Research (KEPE).
In particular, as noted in the study signed by Artemis Stratopoulou, residential property prices in Greece have returned to an upward trajectory since 2018, recording an increase of 8.7% in 2024, after a steady downward spiral during the period 2009-2017.
At the present time, the combination of continued economic growth, increased investment in housing and the implementation of various real estate-related policies are some of the key factors shaping the upward trend of housing prices in Greece.
In particular, as reported by KEPE, the rising prices of residential real estate are due, among other things, to the implementation of the “Golden Visa” program, which was adopted by the Greek government in 2013.
In the years that followed, the demand for housing from foreign investors skyrocketed, accelerating real estate transactions and pushing housing prices upwards.
This trend later exploded, particularly in large cities such as Athens and in popular tourist destinations such as Santorini and Mykonos.