The Central Bank of Greece collects and analyzes data on real estate market activity: quarterly prices, rental prices, and various quality characteristics. Reports are published quarterly and semiannually.
The residential and commercial real estate index is the most important statistical indicator. It is developed by a special department of the bank, which analyzes the real estate market. In order to calculate the index, the specialists of the analysis department collect data from all Greek credit institutions and real estate investment companies.
Greece Real Estate Index from 2011 to 2021
The index's qualitative characteristics include real estate and rental prices, construction activity, government spending, and foreign investment in construction. The index more accurately assesses supply and demand in the Greek real estate market, as well as its prospects on the world stage.
The starting point of the analysis was in 2011 when the index was set at 10,000. The Bank of Greece notes, the index is a useful tool for benchmarking, but it is not necessarily accurate in the final values. The monthly or annual figures act as a statistical measure of change.
The Bank of Greece cites index figures by city and district in the country. Three popular destinations for foreign investors are Athens, Crete, and the Cyclades. Let's look at the dynamics of the real estate index of Greek areas on the charts.
The charts show that after the global crisis in 2008, demand for real estate began to decline. But after 2017, the economy began to grow and real estate prices followed. The coronavirus pandemic triggered a new crisis in the economy, which the state is handling better.
The dynamics of real estate prices in different areas of Greece
The minimum value of the index was observed in 2017 - the demand for housing decreased by half. In 2020, the index has not increased to a stable mark, so the bank experts predict an increase in real estate prices
In Crete, residential real estate prices declined until 2019 - a drop of 40%. Prices in 2021 are still at the level of 2011
Residence in Greece by investment: real estate prices in the Cyclades islands
Greek real estate market in 2021
Real estate prices began to rise slowly at the end of 2020. But the increase was half that of the same period in 2019. We talked about this in the article "Real Estate Prices in Greece in 2021".
Restrictions on the backdrop of the pandemic caused Greece's economy to shrink by 9% in 2020. The government believes that the tourism sector will recover in the second half of 2021. This will lead to growth in the economy, housing prices, and rental demand.
Real estate prices will begin to rise faster when the economy recovers. The European Commission predicts Greek GDP growth of 5% in 2021. This will be facilitated by the removal of certain restrictions. Greece plans to open its borders to Russians from May 15.
The government is also striving for transparency and is improving the processing of real estate documents.
Greece has allowed property owners to file their property transfer tax returns online. Filing takes 15 minutes, whereas previously the process could take weeks.
Data on any property is now available online to anyone. On April 17, Greece opened access to its national land registry, which has been connected to the country's public services website.
What an investor gets for buying Greek real estate
The investor will get a residence permit in Greece for himself and his family. The conditions of the program are some of the most attractive in the European Union. The minimum investment amount is €250,000. Term of registration of residence permit card - from 3 months.
The status of a resident of Greece may travel visa-free to Schengen countries to 90 days a half year, makes it possible to quickly leave to Europe and keep savings in European banks. Also after 7 years, the investor and his family can apply for citizenship in Greece.
To obtain a residence permit, the investor buys any real estate property from €250,000 in Greece and keeps them in ownership for at least 5 years. Instead of buying real estate, it is possible to rent a hotel for 5 years or an apartment in a tourist complex for 10 years, to buy land for construction or a share in a tourist property.
Examples of real estate under the residence permit program in Greece
Apartments with one or two bedrooms in the residential complex of Glyfada, the center of the Athenian Riviera. Values range from €265,000. Rental income up to 4% p.a.
Two-bedroom apartment with smart home function
Studio of 40 sq.m. in the center of Athens. Near the house, the city park Pedion Areos and the National Archaeological Museum are open. The price starts from €85,000. It is possible to buy more studios in order to fulfill the investment condition of the residence. Rental income - up to 4%
Villas individually designed and "turnkey" in the resort of the Peloponnese peninsula with spectacular views of the mountains and the Aegean Sea. Price - from 1,6 million euros. Rental income - up to 5%.
Immigrant Invest is a licensed agent of the residence permit program in Greece by investment. If you want to move to Greece and buy real estate, seek advice from experts in investment programs.