Greece has become the world’s strongest market for rising house prices
After nine years of falling house prices, the Greek market is growing strongly again thanks to measures to support it and improve economic conditions.
The Greek property market was the strongest in 2019 in terms of house price growth, according to the Global Property Guide.
Real estate in Athens in 2019 rose by 11.3 % — the best result in the world, according to inflation-adjusted data. This is a sharp jump from a year earlier, when growth was only 3.5 %. This is also the highest annual increase for the country since 2001.
The Greek market is supported by the program for granting residence permits to foreigners when buying real estate in the country worth more than 250 thousand euros.
Recently elected Greek Prime Minister Kyriakos Mitsotakis of the center-right New democracy party has introduced a number of measures to stimulate the market, including VAT exemption for the purchase of new buildings until 2022 and a reduction in the enfia property tax.
The Greek economy grew by about 2 % in 2019. This is the highest growth since 2007. Last year’s figure was also 1.9 %. The IMF expects Greece’s GDP to grow by 2.2 % this year, while the European Commission forecasts growth of 2.3 %.