Greece’s economy is showing consistent signs of being on the road to recovery, with property prices having recouped 4.2 per cent of the ground lost during the financial crisis.
This was backed up in a recent survey titled ‘The Prospects of the Property Market in Greece’ by Tasos Anastasatos, chief economist at the Eurobank group, which highlighted that property rates have been showing signs of a rebound since the start of 2018 with the pace of growth increasing.
Th price rise was highest in Attica, seeing an annual rate increase of 11.1 per cent in Q2 – higher than the rates recorded during a six year property boom from 2002 until 2007.
Meanwhile in Thessaloniki prices rose 7 per cent, and in other major cities 4.1 per cent. The rest of Greece had a 4.9 per cent increase in property prices.
READ MORE: Greeks abroad will spearhead Greece’s Renaissance
To put this into perspective, from the third quarter of 2008 to that of 2017, the country’s property rates shrank by 42.4 per cent.
It’s not just property prices that are showing Greece is on the mend. Since the third quarter of 2013, employment has been on the rise, resulting higher private consumption.
READ MORE: How Brexit uncertainty is hurting the UK economy – in four charts