What is the real situation of real estate in Greece under the epidemic? A report from a global autho
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In the first quarter of 2021, Greece continued to implement restrictive measures, but preliminary data from its central bank showed that housing prices continued to rise at a rate of 3.3%.
The analysis believes that the Greek real estate market is highly dependent on foreign investment, leading to a sharp increase in prices in Athens and other popular tourist destinations. In contrast, investors' interest in investing in other areas of Greece is generally not high, and prices and transactions are at a low level.
Preliminary data released by the Central Bank of Greece show that house prices in Athens and Thessaloniki have risen sharply, reaching 7.6% and 4.8% in 2020, and 5.4% and 3.7% in the first quarter of 2021. Prices in other cities have remained low.
Construction activity, measured by the number of building permits, continues to show an upward trend, increasing by 8% in 2020 and 13.7% in the first quarter of 2021.
However, housing prices in areas with lower investor interest are still in decline. Recent legislative interventions clearly and powerfully demonstrate the government’s support, including measures to reduce taxes on renovation costs, suspend the three-year value-added tax on new construction permits, adjust fair value, minimize bureaucracy, and improve the efficiency of public administration. Or it will improve the investment environment and accelerate the pace of sales.
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(Source from: China Greece Times Newspaper)
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