A report by the Bank of Greece (BoG) reveals that property prices in Greece have increased 66.4% in just the past 7 years, according to reports at OT.gr.

And the BoG expects them to keep increasing in 2024, despite the fact that the soaring prices far outweigh any increases to Greeks’ income.

That being said, the report notes that the extreme divergence between property cost and the purchasing power of Greeks , which is the second lowest in all of the European Union, creates uncertainty for the market.

Looking at apartments in particular, OT.gr notes that nominal prices of apartments grew 10.4% year on year in the first quarter of 2024. Meanwhile, they rose 13.8% in all of 2023.

The preference for old versus new apartments ebbed and flowed between 2023, with old apartments outperforming new in 2023 (14.5% and 12.7% respectively).

The first quarter of 2024 however showed the trend shift with slightly higher growth rates for new apartments versus old (10.8% and 10.1%).

Increases in Athens grew 9.4%, which is lower than the national average of 10.3%, said OT.gr.

On the other hand, Thessaloniki outperformed, with prices increasing 12.2%.