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Greek News

Greek real estate market still strong despite Covid-19 pandemic, report shows

The Greek real estate market is demonstrating resilience in 2020 despite the fact that the pandemic had an overall negative impact on the economy, according to a report by the credit rating agency DBRS.

After an aggregate increase of 9.2% in the two years 2018-19, the increase in house prices slowed down in 2020 due to severe travel restrictions and other COVID-19 related measures, the report said, but the performance remained positive with a rate of 4.6%.

Provisional data from the Bank of Greece show that house prices continued to rise at an annual rate of 3.3%, despite the imposition of new restrictive measures in the first quarter of 2021.

The Greek real estate market is highly dependent on foreign investment, which results in larger increases in Athens and other popular tourist destinations. On the contrary, prices, and transactions in other parts of Greece, which attracted more limited investment interest, although they probably benefited from the transmission effect, are still low, according to the report.

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