House sale prices are projected to continue rising in 2020, as market professionals consider the existing momentum to be sustainable.
The average growth rate this year is already approaching 10 percent compared to 2018, although in the center of Athens, where demand is greatest, asking prices have risen by 30 percent.
Over the course of 2019 to date, the average price growth rate in the capital has come to 9 percent, according to Giannis Xylas, head of Geoaxis Property & Valuation Services. He expects this trend to continue next year too.
“Prices are showing a clear rising trend, which we expect to be sustained next year at the same pace – i.e. around 10 percent on average,” states Xylas. He adds that “we believe the ongoing recovery of the apartments market will be sustained over the next 12 months, based on the understanding that the country returns to economic normalcy.” On the other hand, Xylas concedes “it would be utopian to speak of sustaining the current pace of price growth for the next three to four years.”
According to his company’s House Price Observatory, which records the course of rates in the districts of Maroussi, Peristeri, Holargos, Ambelokipi and Palaio Faliro, the increase amounted to 8.5 percent on an annual basis in the third quarter of the year. The growth is higher for newly built properties, at 9 percent, compared to 8 percent for used ones.
The biggest growth is reported in Ambelokipi, north of central Athens, where rates grew by 9.85 percent year-on-year to 1,790 euros per square meter for a new apartment. Rates also grew 9.75 percent in Maroussi to 1,830 euros/sq.m., by 9.2 percent in Peristeri to 1,500 euros/sq.m., and by 8.73 percent in Holargos to 2,570 euros/sq.m.
It is noted that as far as Holargos is concerned, north of the city center, this has been the first time since the financial crisis broke out in 2010 that the average price of a new apartment in the area has topped 2,500 euros/sq.m.