Property Index 2022

2022 was a year of significant growth for the Greek real estate market, despite the turmoil caused by the war in Ukraine and the adverse effects on cost of borrowing, energy and construction materials in general.

Consistently positive expectations for the market and undiminished investment interest, especially from abroad, maintained the high growth rates of residential real estate prices, mainly in prime locations.

The dynamics of the residential real estate market during 2022 was significantly strengthened, due to strong external investment demand and tourism, which positively affected housing through short-term leases, as reflected in the inflow of capital from abroad for purchase of real estate. The dynamics of the market is confirmed by investment in housing, which increased by 36.1% in 2022 (compared to 27.3% in 2021), although it remained at a low level in terms of GDP (1.7%).

At the same time, the recorded slowdown in construction activity, due to sharp increases in energy and construction costs, is estimated to have contributed, and will continue to contribute, to further strengthening of prices, as the demand for high-end real estate specifications is not sufficiently covered by the existing offer in the market.