The latest global survey by Britain’s CIA Landlord Insurance has found that the Greek real estate market is booming with the lowest sale prices available for residential property in Athens.
According to Ekathimerini, the significant increase in investment interest from abroad is explained in detail in the recent survey, with a comparative analysis of the cost of acquiring an apartment in the centre of various European capitals. The survey revealed that Athens is the cheapest option.
The average sale price in the city center of the Greek capital is 1,940 euros per square meter, with Madrid in second place at a cost of €3,190/sq.m. Correspondingly, in Rome the relevant cost amounts to €3,790/sq.m., in London €4,826/sq.m., while in Stockholm the average price exceeds €6,000/sq.m.
That explains the significant increase in investment interest from abroad in real estate in Greece, especially in the region of Attica, which includes Athens.
During the first nine months of 2022 inflows of foreign capital for the acquisition of real estate amounted to €1.27 billion, per the Bank of Greece, up by 60.2% on an annual basis.
This is a historic high, surpassing even the first nine months of 2019, when the corresponding amount had risen to €1.03 billion (and to €1.45 billion euros in total that year).
In this context, it is estimated that total property purchases by foreigners in 2022 exceeded €1.5 billion, marking a record high.
Source: Ekathimerini
