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A comprehensive analysis of transactions in the Greek residential property market

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  • Alexandros Kontonikas
  • Emmanouil Pyrgiotakis

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

  • Alexandros Kontonikas & Emmanouil Pyrgiotakis, 2025. "A comprehensive analysis of transactions in the Greek residential property market," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 204, Hellenic Observatory, LSE.
    • Handle: RePEc:hel:greese:204
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    File URL: https://www.lse.ac.uk/Hellenic-Observatory/Assets/Documents/Publications/GreeSE-Papers/GreeSE-No204.pdf
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    References listed on IDEAS

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    1. Michalis Doumpos & Dimitrios Papastamos & Dimitrios Andritsos & Constantin Zopounidis, 2021. "Developing automated valuation models for estimating property values: a comparison of global and locally weighted approaches," Annals of Operations Research, Springer, vol. 306(1), pages 415-433, November.
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    4. Horn, Keren & Merante, Mark, 2017. "Is home sharing driving up rents? Evidence from Airbnb in Boston," Journal of Housing Economics, Elsevier, vol. 38(C), pages 14-24.
    5. Brent W. Ambrose & N. Edward Coulson & Jiro Yoshida, 2015. "The Repeat Rent Index," The Review of Economics and Statistics, MIT Press, vol. 97(5), pages 939-950, December.
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    Keywords

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