BUSINESS

Home prices finally start to improve

NIKOS ROUSSANOGLOU

TAGS: Property

The first tangible signs of recovery in the Greek housing market were recorded last year, according to the latest survey by the RE/MAX Hellas network of estate agents, which showed prices had risen 1 percent on average compared to 2016.

Newly built homes (up to five years old) across the country saw their prices increase 1 percent, while for older ones the growth amounted to 1.1 percent.

In Attica, which has seen major investment interest in properties suitable for short-term rental, as advertised on home-sharing platforms such as Airbnb, the biggest price increases are to be found among older houses and apartments – up 1.2 percent year-on-year. In contrast, new properties saw a 0.3 percent decline.

In most other parts of Greece it was the other way round, with no change in the prices of older properties and a 1.6 percent rise in those of new homes. In Thessaloniki, though, older properties saw a 1.1 percent price increase and newer ones a 1 percent rise, RE/MAX data showed.

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