Greek housing sector rebounds at strongest clip in more than 12 years

The recovery in Greece's housing market gained speed in the second quarter with prices increasing at the strongest pace in more than 12 years, helped by an expanding economy and growing foreign interest, central bank data showed on Monday.

Property accounts for a large chunk of household wealth in Greece, where the home ownership rate is 80 percent, above the EU average of 70 percent.

Apartment prices rose 7.7 percent in the second quarter compared with the same period a year earlier, Bank of Greece data showed, accelerating from a 1.3 percent increase in the first quarter of 2018.

More specifically, prices rose by 11.1 percent year-on-year in Athens, where home-sharing platforms such as Airbnb and a "golden visa" program - a renewable five-year resident's permit in return for a 250,000-euro ($285,000) investment in real estate - have grown very popular.