The prices of Greek properties, compared to those in 2008 when the financial crises started, have been considerably reduced, in some cases even by 42%. Some areas recovered really quickly due to the high demand, such as Kolonaki, Plaka, Thisio, Monastiraki and Glyfada. More specifically, the Greek Statistical Authority has already recorded an increase of 10,8% since 2016, which is present until today. Therefore, the sustainability of the Greek Land Market should be taken for granted and there are high expectations of achieving even higher records.
Greece is now out of memorandum and this creates a safe harbor and promising possibilities for the Greek Land Market. The recent examples of Ireland, Cyprus and Portugal, which came out of memorandum and are until today showing a great increase in property prices, support this view. Greece is crossing the same path, the confidence is gradually being restored and investments in Greek Land Market are becoming more and more attractive, as there are still some great opportunities of Greek properties. Besides, demand is very high for two main reasons: first, because of the availability of the Greek Golden Visa, and second, due to the ever-growing tourism which creates great opportunities for taking a financial advantage of the Greek properties, especially through Airbnb and other electronic platforms.
An important factor that may influence the Greek Land Market is the property’s fair value. This is determined by the Greek Government and it constitutes the basis of calculating the unified property ownership tax. Moreover, the property’s fair value serves as a point of reference for the buyer in order to compare the fair with the commercial value, which is considerably higher in most times. At this point, an independent financial assessment by a lawyer who has an experience in the Greek Land Market and is independent from the real estate agent or the company that found the property is crucial. A specialised Greek lawyer may consult the buyer regarding the difference between the fair and the commercial price and the true value of the property.
Our Law Firm ‘’Stefanos Economou and Partners’’ has the knowledge and the expertise to undertake not only the legal part ( legal check, purchase contract, issue of Golden Visa ), but to make also an independent and objective financial assessment of the property’s commercial value. Our Greek lawyers have a long experience and may indicate to you when a purchase of a Greek property deserves its money, after considering factors, such as the condition of the property, the year of construction, the area, the possibility of leasing that property and up to what price, and the possible changes of its value in the near future.
Below, the new property’s fair values, set by the Greek Government, are outlined concerning the most famous areas in the center of Athens and in Athens Riviera.
|FORMER PREFECTURE OF ATHENS||NEW PRICES|
|1st ATTICA DISTRICT||950||8450|
|2nd ATTICA DISTRICT||950||9000|
|3rd ATTICA DISTRICT||900||2350|
|4th ATTICA DISTRICT||900||1200|
|5th ATTICA DISTRICT||1050||1250|
|6th ATTICA DISTRICT||900||1500|
|7th ATTICA DISTRICT||1050||2850|
|EASTERN ATTICA||NEW PRICES|