Greek residential property prices rose in Q3 2020

Residential property prices in Greece continued to rise during the third quarter of the year. According to data released by the Bank of Greece, an increase of 3.2% was recorded on an annual basis. Based on data for July-September, the largest annual increase on average was recorded in Attica, of 5.6%, while in Thessaloniki the increase was 4.3%. In other large cities of Greece, there was a drop of 0.3%, and in the rest of the country, prices rose by 1.5%. Prices of newly built houses increased by 4.2% in July-September, while older residences increased by 2.6%.

Market experts point out that the impact of the 2020 recession will still not be reflected in the asking prices, but it will happen sooner or later. As long as there are no foreign buyers, the pressure on prices will increase, because purchases from abroad in previous years have influenced the increases in the market.