Real estate in the centre of northern Greece’s Thessaloniki are showing resistance to price drops, with investors turning their back on larger sized apartments, according to the Hellenic Valuation Institute (HVI).
The group said that from HVI shows that buying interest in 2016 increased for small to medium sized homes of upto 110 square meters despite the large amount of supply as they considered by many investors as an alternative method of protecting their savings.
“The center of Thessaloniki is proving to be more resilient to the economic crisis and drops in residential property, mainly due to the lack of newly built apartments. The center of Thessaloniki is keeping its shine, drawing potential buyers that offer money needed to buy property.”
The rental market appears to be rebounding in Thessaloniki, after prices fell by up to 40% in 2009 though this depends on each in the city adds HVI.