NATIONAL BANK OF GREECE: THE HOUSING MARKET RECOVERY CONTINUES
Until 2024: Excess demand, slow de-escalation of construction costs, prices are expected to rise +7% annually. Until 2030: +45 bn€ additional investment to maintain demand and supply equilibrium and meet the targets for the energy-efficiency upgrade of around 10% of existing residential building stock, +35Κ new residential units.
APARTMENT PRICES CONTINUED TO RISE IN Q1_2023
Y-O-Y change broken by area: Country + 14.5%, Athens + 16.5%, Thessaloniki + 16.1%, Major cities + 13.1%, Rest: + 10.6%. Y-O-Y change broken by age: New apartments + 12.8%, Old apartments + 15.6%. Price Index (Country level) reached 87.9 (2007 = 100).
BANK OF GREECE: +68% THE ANNUAL GROWTH RATE FOR INVESTMENTS FROM FOREIGN INVESTORS IN GREEK REAL ESTATE FOR FY2022
Historic high for the total amount in 2022: 1,975 bn €. Previous: 1,450 bn € (2019). Euro Area: 590 mn € (Germany: 160 mn €, Cyprus: 134 mn €), Europe non-Euro Area: 106 mn €, Other countries: 1,268 bn € (Hong Kong: 294 mn €, Switzerland: 179 mn €, USA: 166
BANK OF GREECE: +11,1% THE ANNUAL GROWTH RATE FOR THE PRICES OF THE APPARTMENTS IN GREECE FOR 2022FY
Athens: +13%, Thessaloniki: +11,8%, Other cities: +10,0%, Other areas: +7,4%
THE TREND OF GREEK REAL ESTATE IN 2023
High-end offices, logistics and housing for rent will be at the center of investors’ interest. The catalysts in this direction will be: the Hellinikon project, the development of Public real estate, the Recovery Fund and the investments planned in Greek real estate by large multinational companies.