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A comprehensive analysis of transactions in the Greek residential property market

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  • Kontonikas, Alexandros
  • Pyrgiotakis, Emmanouil

Abstract

We study the Greek residential property market during the recovery period using data from the Property Transfer Value Registry. We examine 132,189 transactions from 2017 to 2024 and find a significant increase in both the number and value of transactions. Markedly, this increase is more profound among older properties and flats. The findings indicate potential overheating in the residential property market, as we move away from an era of relative undervaluation and head toward higher levels of transactions and prices. However, there is significant geographical heterogeneity both across the country and within the Athens area. The econometric analysis reveals a significant relationship between the market value and the objective value of properties. Finally, we find that the “My Home” government program is not associated with an increase in transaction values for homes that meet its criteria.

Suggested Citation

  • Kontonikas, Alexandros & Pyrgiotakis, Emmanouil, 2024. "A comprehensive analysis of transactions in the Greek residential property market," Essex Finance Centre Working Papers 39310, University of Essex, Essex Business School.
    • Handle: RePEc:esy:uefcwp:39310
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    Keywords

    Greek residential property market; Property Transfer Value Registry; “My home” program; hedonic model;
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