Recovery of property prices in Greece expected to continue

Property prices in Greece have recouped 4.2 percent of the ground lost during the financial crisis, thanks to the steady course of recovery over the last 18 months.

Property rates shrank 42.4 percent from the third quarter of 2008 to that of 2017 , but have started to show signs of a rebound since the start of 2018, according to a survey titled "The Prospects of the Property Market in Greece" by Tasos Anastasatos, chief economist at the Eurobank group.

Bank of Greece data show that the pace of growth has been increasing, starting from 0.5 percent and reaching up to 7.7 percent, which was the national expansion rate in April-June 2019 on an annual basis.

In Attica, where demand is stronger, prices shot up at an annual rate of 11.1 percent in Q2, which is even higher than the rates recorded during the property boom of the 2002-2007 period. In Thessaloniki, prices...