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Economy

High Prices Don’t Scare Off Home Buyers in Greece, Big Increase in Sales

ATHENS – Propelled by the government’s My Home program providing low or interest-free young couples buying their first home, and Golden Visas given rich foreigners buying properties, sales of homes in Greece jumped in 2023, despite high prices.

That was shown in data of the register of property transfer values of the General Secretariat of Information Systems, edited by Green Estate which showed that in Piraeus there was an 85 percent jump in annual sales, said Kathimerini.

The average sale price rose 28 percent to 1,216 euros ($1382.12) per square meter (10.8 square feet) and the neighborhood was attractive to wealthy foreigners because the minimum investment to get a Golden Visa that provides 5-year residence and valuable European Union passports for investors and families is 250,000 euros ($273,064.)

Elsewhere across Greece in more popular areas the benchmark was doubled to 500,000 euros ($546,070) because the investors were buying up multiple units and converting them to short-term rentals, driving out residences and driving up rents and prices.

But there were hikes in the number of transactions elsewhere in Attica, the country’s biggest prefecture and home of the capital. In Athens’ southern suburbs there was a 47 percent increase in sales and the average price per square meter jumped 37 percent.

In central Athens – where the most desirable locations are –  the increase was 22 percent in prices and 24 percent in the number of transactions registered while the average sale value compared to 2021 was 36 percent higher, reaching 107,935 euros ($117,880.)

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