The latest property-related news with Athens prominently figured comes in the first days of 2024, with Knight Frank listing the Greek capital in fifth place internationally in terms of higher prices, out of 107 major cities surveyed around the world.
Specifically, residential prices in Athens were up by 2.4% in the third quarter of 2023 compared with the same quarter in 2022, according to the company.
On an annual basis, the increase for Athens stood at a noteworthy 12%, a figure that pales, however, when compared with hikes of 102.7% for Ankara and 77.6% for Istanbul. The latter two cities in Turkey were number one and two on the relevant list, owing to skyrocketing home prices due to often runaway inflation and continuing lira-dollar depreciation in that country.
Dubai is in third place, with prices up by 18% on an annual basis in 2023, followed by Zagreb, Croatia in fourth place.
For Knight Frank, the pace of a real estate sector recovery will ease in 2024, as despite forecasts for interest rate cuts by central banks mortgage costs will remain significantly higher than pre-pandemic levels.