The real estate market appears to be moving in a direction of its own, not aligned with the reality imposed on the rest of the economy by the pandemic. At a time when everyone might have expected house prices to fall, it seems homeowners are expecting a rebound in the coming months, considering this crisis is almost over.
Data from the Spitogatos Property Index (SPI) that the online ads platform compiles showed that asking prices posted an annual increase of 2.7% in the last quarter of 2020.
Even more impressively, there was also an increase on a quarterly basis from July-September, at an equally accelerated pace, with prices increasing by 0.9%, following growth of 0.12% between second and third quarter 2020.
This trend extends to all areas represented in the PSI index. Thus, in the northern suburbs of the capital, the quarterly increase over the period October-December amounts to 2.07%, against 0.75% in the previous quarter. Even in central Athens, one of the few areas to show a slight drop in prices, the quarterly slide narrowed to 1.1%, from 1.65% in the third quarter.
On an annual basis, the picture is even more revealing of the intentions of the owners. In the northern suburbs, the increase in asking prices compared to the last quarter of 2019 was 4.1%, the average price being 2,314 euros per square meter, against 2,222 € / m². one year earlier. In the western suburbs, the increase reached 7%, with an asking price of € 1,333, against € 1,246 / m². in the fourth quarter of 2019.
The highest average rate in the fourth quarter of 2020 was recorded in the southern suburbs of Athens, measured at 2,642 € / m², up 2.6% from the previous year.
In the recent interim report on its monetary policy, the Bank of Greece noted that the upward trend in prices has eased on an annual basis. In the first nine months of 2020, prices rose 4.6% year-on-year, up from 7.1% during the same period in 2019. However, he added that the impact of the pandemic did not. had not yet been fully taken into account in property prices. In the big cities, the increase was even more noticeable, to 7.6% in Athens and 4.5% in Thessaloniki.