Full recovery of realty prices
The areas of the country where home sales prices have now exceeded – indeed far exceeded – the previous all-time high of the market, recorded during 2008, are increasing on a steady basis.
Nationwide, there may still be a short distance from the highs of the period before the outbreak of the financial crisis, but this does not apply to areas of high demand, especially in Attica and in popular tourism destinations in the Cyclades islands.
According to data from valuation company Solum Property Solutions, in many parts of Attica, the average sale price of houses (newly built and second-hand) has now far exceeded the 2008 prices. That is especially true in the center of Athens and the northern and southern suburbs, while gradually this trend is extending to Eastern Attica, as well as the western suburbs.
However, the biggest increases are observed in the capital’s southern suburbs and on the islands in the Cyclades, especially Mykonos and Santorini, where demand by foreign investors has fueled significant investments for the development of new and luxury constructions, raising the average sale price accordingly.
For example, in Glyfada, southern Athens, the average selling price today is 7,750 euros per square meter, or 93.75% higher than the 2008 highs.
