House prices to rise an annual 4.9% on average up to 2027

Residential property rates are projected to post an average annual increase of 4.9% up until 2027, when they are expected to revert to the level they were at before the outbreak of the financial crisis – i.e. 20 years earlier – according to a Piraeus Bank analysis.

It noted that the next few years will witness rapid growth in the property market, fed by the gradual recovery of households’ disposable incomes and the anticipated course of mortgage interest rates that will remain low.

This year Piraeus expects residential property rates to advance 5.7% year-on-year, followed by a 6.4% rise in 2022, 5.7% in 2023 and 5% in 2024, to get back to 2007 levels in 2027.