Athens housing prices up nearly 6 pct in Q1-data

Housing prices raced ahead in the first quarter of the year, advancing nearly 6 percent in Athens, according to the latest data from the Bank of Greece, the country's central bank.

Figures show that residential property prices in the capital added 5.8 percent on an annual basis, versus a rise of 4.3 percent in the previous quarter.

On a national level, prices moved ahead by an average of 4 percent, after advancing 1.6 percent in 2018.

Improving economic conditions in Greece are helping support a rebound in the country's real estate market that had been hit hard by a ten year economic downturn. Demand for property that can be leased out on a short term basis to tourists is pushing the market higher, particularly in areas in central Athens.

However, the supply of apartments in neighbourhoods close to the Acropolis have just about dried up, forcing buyers into areas that are further away from the city center but close to public transport.

Bank of Greece data shows that prices in Thessaloniki rose 3.9 percent in the first quarter of the year, versus a rise of 1.9 percent in other cities of the country.

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