The lowest real estate prices in Europe are recorded in Greece, while in 2017 there will be stabilization trends, according to a survey of Real Estate Europe, which was among 18 countries.
In Greece, a dwelling of 100 square meters in an urban area is sold on average at 92,200 euros, while in the region 67,000 euros. On the other hand, higher property sales prices are recorded in Luxembourg where an apartment of 100 square meters in urban areas costs an average of 754,100 euros, while a little lower at 638,700 euros is sold a corresponding apartment in the same region.
At the same time, the Greek real estate market after the protracted crisis is much cheaper compared to other European countries, and now the sales prices have been stabilized. Even in competitive markets such as Italy for tourism real estate, Greece is still a much more economical solution, and Spain, which has experienced one of the most serious crises in the history of Real Estate, has prices almost double that of Those of Greece.
The data – for each country that participated in this study – was drawn exclusively from the RE / MAX Europe network for 2015 and 2016. The benchmark is the development of apartment sales prices in large urban areas as well as in provincial Regions in 2016 but also a moderate forecast for this year.
Although Europe’s diversity is reflected in various sectors of the economy, such as the real estate industry, it is commonplace that the European market has again moved into favorable economic conditions and is now one of the first choices of both investors and Simple buyers who just want to get their dream home. In particular, favorable lending conditions with low interest rates stimulate demand, leading to steadily increasing or even constant sales prices of apartments regardless of region and country.
Indicatively, prices per square meter have increased considerably in urban areas in countries such as Lithuania, Germany and Luxembourg (13%), While residential property prices (apartments) also increased in the region and are expected to increase further in 2017 by around 7% in Luxembourg and 4-6% in Estonia. However, in countries such as France, Switzerland and Italy, prices are projected to remain stable for 2017. Greece, which, along with Portugal and Scotland, after a period of long recession show signs of recovery and Increasing stability, with hope for even better prospects in the near future.
More specifically, in the case of Greece, in the past year an apartment could be purchased at an average price of 922 euros per urban area and 670 euros in the region. For this year, the forecast is positive, expecting stable prices for apartments and other types of real estate in urban areas as well as in the rest of Greece. The strong investment interest from abroad and the increase in domestic demand, the attractive real estate prices, banks’ lending to housing loans, even under strict conditions (which is confirmed by the 25.8% increase in sales and purchases in 2015 relative to With 2014 according to the Hellenic Statistical Authority) and the faint signs of stabilization or even overall growth of the Greek economy,
It’s no surprise that Greece is still one of the best overseas property destinations in the world. Greece is a naturally beautiful country, with largely unspoiled beaches; perfect Mediterranean climate, warm and friendly people and offers a relaxed lifestyle.