A comprehensive analysis of transactions in the Greek residential property market

Alexandros Kontonikas and Emmanouil Pyrgiotakis

Essex Finance Centre Working Papers from University of Essex, Essex Business School

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.

Keywords: Greek residential property market; Property Transfer Value Registry; “My home” program; hedonic model (search for similar items in EconPapers)
Date: 2024-10-03
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Persistent link: https://EconPapers.repec.org/RePEc:esy:uefcwp:39310

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