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residential Market News: Spanish Real Estate Intelligence

Greece: 6.3% increase in property prices in the first half of 2019

According to the BoG's data, it is estimated that in the second quarter of 2019 apartment prices increased by 7.7%, compared to the corresponding quarter of 2018. In the first quarter of 2019 the corresponding increase was 4.9%.

The analysis of the data by geographical region shows that the increase in apartment prices in the second quarter of 2019 compared to the corresponding quarter of 2018 was 11.1% in Athens, 7.0% in Thessaloniki, 4.1% in other major cities and 4.9% in the rest of the country.

Based on the revised figures, it is estimated that in the first quarter of 2019 apartment prices increased by 7.1% in Athens, 5.4% in Thessaloniki, 2.5% in other major cities and 3.2% in other regions of the country compared to the first quarter of 2018. For the whole of 2018, the increase in prices in the same regions compared to 2017 was 2.7%, 1.0%, 0.8%, and 1.1 % respectively.

Finally, for all urban areas of the country, apartment prices were up 8.0% in the second quarter of 2019 compared to the second quarter of 2018. Based on revised figures, on the first quarter of 2019 the corresponding increase in apartment prices in urban areas was 5.2%, while for the whole of 2018 the average annual increase stood at 1.7%.

 
Radisson Hotel develops serviced flats in Cyprus

Radisson Hotel Group announced the signature of the deal for the first apartments in Larnaca, that will be called "Radisson Blu serviced Apartments Larnaca".

The project is part of the agreement with SunnySeeker Hotels and the Quality Group and consists of four projects and more than 550 rooms fully operational or under construction.

The new property will have 59 serviced apartments (studios, one and two bedroom flats). There will be a café on the ground floor, and a lounge bar on the top floor, while the facilities will include a fitness center, a spa with a swimming pool, and a 100m2 area for meetings and events.

The apartments are easily accessible to visitors as they are located only 7 kilometers away from the Larnaca International Airport.

 
Greek RE market 'skyrockets' according to BoG's first quarter figures

Foreign Capital inflow for the purchase and development of RE has increased by 130% at the first quarter of 2019, according to data provided by the Bank of Greece.

It looks like foreign investors will keep driving the demand in the Greek RE market. If the current rate of investment growth will remain the same throughout 2019, it is likely that at the end of this year there will be a total inflow of € 3 billion. The two main reasons for this rise are the short lease renting platforms such as Airbnb and the Golden Visa regulation. At least 80% of the Golden Visa investors, buy assets in Attica.

There is a high demand for luxurious RE assents on the Greek islands, especially Mykonos and Santorini. According to the data, for the first time there after ten years, there has been a rise in the prices of land plots in Attica.