Nearly half of Greece’s citizens (49.5%) desire to purchase property. Yet, over 60% (66%) characterize the increase in property prices as “absurd,” “incomprehensible,” and indicative of a “bubble,” as revealed by research conducted by the Research University Institute of the University of Macedonia (PAMAK) and published in “Nea“. Concurrently, more than half of the survey participants (56%) anticipate a further rise in property prices, while 16% anticipate a decline.
The study was conducted on a sample of 1,718 individuals residing in Attica and Thessaloniki.
Concerning borrowing for property acquisition, nearly seven out of ten individuals (69.5%) find it challenging or somewhat challenging to access bank loans, while eight out of ten (81.5%) perceive mortgage interest rates as high. Additionally, over seven in ten (72.5%) noted a decrease in their financial capacity to buy or rent real estate compared to six months ago. Participants in the study advocate for the reduction of rent taxation and ENFIA as primary incentives to increase the availability of rental properties.
Furthermore, six out of ten respondents indicated that they lack sufficient information or knowledge about off-plan construction, which involves building real estate outside designated city planning zones. Over two in ten (23%) confirmed ownership of an off-plan property, while a majority (56%) voiced support for the ongoing allowance of off-plan construction practices.
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