Greek house prices are rising again, as the economy continues to recover.

In Greece’s urban areas, house prices rose by 2.51% during the year to Q3 2018, the highest annual increase in house prices since Q1 2008, according to the Bank of Greece. When adjusted for inflation, house prices increased 1.53%. Quarter-on-quarter, house prices in urban areas were up 1.2% in Q3 2018 (2.01% in real terms).

Athens led the country’s housing market with an annual house price increase of 3.71% in Q3 2018 (2.71% in real terms). In fact, it was the capital’s best performance since Q4 2007. During the latest quarter, house prices rose 1.65% (2.48% in real terms).

Euro Currency Appreciation in past 2 Years : 7.8%

6th June 2017: 1EUR=72.58INR

6th June 2019: 1 EUR=78.25INR

Greek Economy

The Greek economy grew by around 2% in 2018, according to the European Commission (EC) – an improvement from last year’s 1.5% expansion and the highest growth since 2007. After a short-lived recovery in 2014, Greece’s economy returned to recession in 2015, with GDP contracting by 0.3% and by another 0.2% in 2016, amidst the imposition of capital controls and the closure of most of its banks. Before this, the country’s real GDP had contracted by 3.2% in 2013, 7.3% in 2012, 9.1% in 2011, 5.5% in 2010, 4.3% in 2009 and 0.3% in 2008.

The EC expects the Greek economy to grow by 2% this year but the International Monetary Fund (IMF) is more optimistic, projecting 2.4% growth.

Why now is the perfect time to buy property in Greece?

No one needs convincing of Greece’s seductive lifestyle, incredible beaches, and stunning villages, so it’s no wonder why so many people worldwide dream of owning property on the Aegean. And here are some key reasons why right now may be the perfect time to snap up your picturesque Greek home!

-The golden visa: Greece grants a residence permit for those who buy real estate in Greece above €250,000 — this is the most inexpensive program to get a residence permit in the EU.

-Record high number of foreign tourist arrivals: according to the Bank of Greece, more than 30 million overseas travelers visited the country in 2017 and over 32 million are expecting to make their way through by the end of 2018, making Greece a very popular holiday destination.

-Low cost: so far, the cost of the property per square meter in Greece is less than in other European capitals. Now the market is at the bottom of its cycle, but is beginning to grow: the Bank of Greece notes the growth in residential property prices for the second quarter in a row.

–  Positive changes in the economy: Greek GDP has been growing for the consecutive quarter; in August Greece successfully concluded the third program of macro- nancial assistance.

“The current low real estate prices and high demand contribute to higher returns for investors. Thus, the net yield on the short-term rent of a renovated city-center apartment in Athens is 5–7% per annum vs 3% in most European capitals. Moreover, there is potential for real estate prices to grow 20–30% over the next 2–3 years,” says the founder of Tranio, George Kachmazov.

So what are you waiting for?

Call us today on 98156 09111 or email us on info@key2visas.com