The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Greek real estate market: No sign of a slowdown

Greek real estate moves into catch-up mode

By Dimitris Kontogiannis

THE GREEK REAL estate market is likely to remain buoyant in the medium term. It is expected to benefit from a rise in disposable income, low real interest rates, demographics and a change in household housing preferences, according to bankers and other business executives.

“We are very positive about the prospects of the Greek real estate market, especially the residential market,” says Michael Masourakis, head of economic research at Alpha Bank. “We think demand for housing is going to remain strong in the years ahead, with GDP projected to grow annually by 3.5% or more and real interest rates to remain low.”

Masourakis says the evolution of house prices will also be influenced by supply, noting that the limited supply of land for development in Greece supports prices.

Economists and real estate business executives put the average house price increase in 2005 at between 10% and 15%. Buyers rushed to purchase property before the beginning of 2006 to avoid paying additional taxes since the finance ministry had pre-announced an increase in what is known as the objective value of properties, on which taxes are calculated, as well as the introduction of value-added tax on new building permits issued from the start of this year.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree