In Greece, 20% of properties are classified as holiday homes – This year there has been a 4.7% increase in asking prices and searches for buying holiday homes from abroad have increased by 15%
Dimitris Melachrinos, Founder and CEO of the Spitogatos group, gave the x-ray of the country house market using the data from the Spitogatou platform at the 24th Prodexpo Conference which started on the 25th and ends on the 26th of October at the Athens Concert Hall.
As he pointed out, 85% of the demand for housing in Greece comes from from within and by 15% from abroadwith most foreign stakeholders coming from Germany, the United States, France and the United Kingdom.
In Greece, 20% of properties are classified as holiday homes. This year there has been an increase in asking prices for sale by 4.7% and searches for buying holiday homes from abroad have increased by 15%.
Halkidiki emerges as a “champion” of searches for a holiday home by users living outside Greece, and they follow Cyclades, Kavala, the outskirts of Thessaloniki, the southern suburbs of Athens, the center of Athens, the Dodecanese, the rest of Attica, Messinia and Chania.
On the contrary, at the top of searches of Greek users for a holiday home are the southern suburbs of Athens, followed by the rest of Attica, the suburbs of Thessaloniki, the Cyclades, the center of Athens, Evia, Halkidiki, Magnesia, the Argosaronic islands and Messinia.
The increased demand has led to an increase in prices with Paros as a typical example, where 73% of all properties listed for sale are classified as holiday homes. There is a 21% increase in asking prices today compared to the third quarter of 2022, with most interested parties looking for villas, maisonettes and penthouses.
Luke Brucato described how new technologies can help accurately assess the true value of real estateChief Strategy Officer of Immobiliare.it Insights, who pointed out that in Greece a strong price increase is observed, in contrast to Italy, both over a year and over three years.
“In such a market, the use of new technologies for the correct valuation of values is critical” pointed out Brucato, noting that in Greece the range of deviations depending on the region is very large and in many cases property values can be undervalued or overvalued.
Using AVMs models allows banks to correctly value properties that they have in their portfolio and thus be in compliance with the ECB’s requirements for more accurate valuations.
“These new models can update the value of banks’ portfolios” noted Brucato, adding that of the best applications is the ability to do back testing on a periodic basis. These procedures reveal and how “green” the properties are, thus giving the banks the opportunity to step in and modernize their properties so they don’t lose much of their value.
You can find Spitogatos’ presentation in detail here
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