Key regions: Europe, Brazil, France, Asia, United States
The Residential Real Estate market in Greece has seen significant developments in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Greek Residential Real Estate market have undergone a shift in recent years. With an increasing number of young professionals and families looking for affordable housing options, there has been a growing demand for smaller apartments and houses. This trend is also influenced by changing lifestyles, where individuals are opting for more compact and low-maintenance living spaces. Additionally, there is a growing interest in properties with energy-efficient features and sustainable design elements, reflecting the increasing focus on environmental consciousness. Trends in the Greek Residential Real Estate market have also played a significant role in its development. One notable trend is the rise of the short-term rental market, driven by platforms such as Airbnb. This trend has created opportunities for property owners to generate additional income by renting out their properties to tourists and short-term visitors. As a result, there has been an increase in investment in properties that are suitable for short-term rentals, such as apartments in popular tourist destinations. Local special circumstances in Greece have also influenced the Residential Real Estate market. The country's beautiful landscapes, historical sites, and favorable climate have made it a popular destination for tourists and retirees. This has led to an increased demand for second homes and vacation properties in Greece, particularly in coastal areas and islands. Additionally, the Greek government has implemented various initiatives to attract foreign investors, such as offering residency permits to individuals who invest in real estate. These factors have contributed to the growth of the Residential Real Estate market in Greece. Underlying macroeconomic factors have also played a role in shaping the Greek Residential Real Estate market. The country has experienced economic challenges in recent years, including a financial crisis and subsequent austerity measures. As a result, property prices have decreased, making it an attractive market for both domestic and international buyers. Additionally, low interest rates and favorable mortgage conditions have made it easier for individuals to finance their property purchases. In conclusion, the Residential Real Estate market in Greece has witnessed significant developments driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for smaller, energy-efficient properties, the rise of the short-term rental market, the attractiveness of Greece as a tourist and retirement destination, and the economic conditions in the country have all contributed to the growth and evolution of the market.
Data coverage:
Figures are based on total and average value of residential real estate, residential estate transactions and leases.Modeling approach:
Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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