Is it smart to buy a home in Greece in 2024?

If you are wondering when is a good time to buy a house in Greece, it is important to consider the current market.

Opinions on the current state of the property market in Greece can vary. While one Greek real estate agent may suggest that it is a good time to buy property, another, for example a friend living in Athens, may advise waiting a few more months.

We have thoroughly researched all official reports and statistics available on government websites, allowing us to provide you with reliable information to help you determine whether it is currently a good time to buy property in Greece.

Greece: a stable market to invest

Now let us discuss the current state of the real estate market in Greece. Greece offers investors peace and stability, making it an attractive destination for real estate investments.

When investing in real estate, stability is an important factor to consider as it reduces risks and provides security, especially for foreigners buying property in Greece.

Fortunately, Greece is currently considered a stable country for investors. The latest Fragile State Index reported a satisfactory score of 55.8 for Greece. As part of the European Union, Greece benefits from a strong economic and political union that promotes peace and stability. In addition, Greece has a well-established economy and a political system that has existed for many years, creating a safe environment for investors.

Current real estate market status in Greece

In addition to the safe basis for investments, it is important to analyze the economic outlook for Greece. The Greek real estate market is currently stable and offers investors peace and stability. This is important information for foreigners who want to buy real estate in Greece, because stability reduces risks and provides security.

According to the IMF, Greece is expected to experience growth of 2.6% in 2023 and 1.5% in 2024. Over the next five years, the Greek economy is expected to grow by 8.1%, resulting in an average GDP growth of 1.6%. This moderate growth rate is favorable for real estate investors, as it indicates steady and reliable appreciation over time, with less risk compared to countries with volatile or rapidly increasing growth rates. However, it is important to monitor other indicators as well.

Positive news about building permits in Greece

Greece has seen a significant increase in the number of building permits issued. According to the National Statistical Service of Greece, the number of building permits issued by Greek municipalities has increased by 13.2% in the past twelve months. This increase indicates positive sentiment in the real estate market and suggests that this could be a favorable time to consider investing in real estate.

Furthermore, this increase in building permits also means that there will be more homes available on the market.
Furthermore, Greek properties are consistently increasing in value every quarter. According to the Bank of Greece, house prices in Greece have increased by a whopping 41.3% over the past five years. This upward trend in property prices further supports the idea that investing in the Greek property market could be a wise decision. The increase in prices has mainly occurred in cities such as Athens and Thessaloniki.