Explosive rise in real estate prices in Greece in the third quarter of 2023: what caused it?

The Greek real estate market has shown stable positive dynamics in recent years. Prices are rising steadily, and the economy is recovering well from the 2008-2015 debt crisis. From late 2017 to early 2023, prices for older residential buildings and apartments increased by 2-4 times, depending on the location and condition of the property, while new buildings increased in price by 49.3%. This year has become a record for the sector. Prices have increased even more, showing a 23% increase in the third quarter of 2023. According to the Bank of Greece, overall growth for the year was 14.5%, compared to 11.8% in 2022.

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