Greek property sales rose by 21.1% in 2023

Data from the Independent Authority for Public Revenue (AADE) showed expenditure of 18 billion euros by real estate buyers in total in 2023. The amount concerns sales of apartments, offices and plots of land. There were 174,475 property transactions, up 21.1% compared to 2022 when a total of 144,053 properties were sold. However, last year only about 14,621 mortgage loans were granted, with just one in 12 homes being bought using such loans.

The average value of real estate sold increased to €106,000 in 2023, from €96,000 in 2022. A further increase to €108,000 has been recorded in the first five months of this year. However, the value of the properties is significantly higher, as in many cases the transactions are made at the levels of property’s taxable rate (known as “objective value”).

The value of property in Greece has two actual values: The Objective Value and the Commercial Value.
The Objective Value is determined for every property in Greece by the Ministry of Finance through a formula that takes into account various factors such as location, floor level if apartment, size (square meters), year of construction etc. Objective Values are used primarily for tax purposes in the sale or donation of a property. The Commercial Value is what the sales value of a property is in today’s market. Historically in Greece the objective values differ from the market values.

Foreign direct investment (FDI) in Greece data show that real estate continues to contribute to the growth of the Greek economy. In January-September 2023 real estate investments reached €1.6 billion against €1.2 billion in January-September 2022, up 30% on an annual basis, according to the Bank of Greece.