The upward trends in real estate market prices persist according to the results of research and data published by real estate agencies and companies. At the same time, however, the characteristics of the properties that are requested both at the residential level and at the professional level are different.

Particularly, according to the latest research by RE/MAX Greece on an annual basis for 2023 there was a noticeable increase in the sale prices of real estate with the average increase being 12% for all real estate categories regardless of the year of construction. This increase is largely due to the increased demand, the gradually improved purchasing power of the Greek consumer after the end of the memoranda and the health crisis of the corona virus, the search for better and better quality housing, but also to what the Greek still he trusts real estate as the safest investment. The real estate market in Greece continues to be one of the main pillars of the economy and after a period of economic instability and recession, the real estate market in Greece is recovering. The return to economic stability and positive growth rates, combined with the increase in tourism and the attraction of foreign investors to the country, have given a strong impetus to the market, significantly contributing to the increase in interest in real estate and dragging prices along, RE/MAX estimates

According to the official data collected from sales carried out in 2023 through RE/MAX Greece, the largest real estate network in the country for 22 years with 81 offices and over 1,100 real estate consultants throughout the territory, the resulting increase in sales prices of newly built properties up to 5 years old is 11% and 13% in properties from 5 years and older compared to the previous year. Indicative of the upward trajectory of the real estate market is the fact that RE/MAX Greece in 2023 showed a total increase in sales by 26.14% and transactions (transactions) by 14.24%.

The largest volume of real estate buyers come from Greece, while foreigners are not limited to buying real estate only in touristic places or in Athens and Thessaloniki, but have expanded their interest to other areas that did not show strong demand until recently. This element proves that Greek Real Estate is a key “player” in the global real estate market and competes well with traditional markets such as Spain, Portugal and Italy in terms of the interest of foreign buyers, the research also states.

In particular, for the prefecture of Attica, an increase in the prices of newly built properties up to 5 years old was recorded by an average of 10.6%, for used properties over 5 years old, the increase reached an average of 13.1%. In particular, in the center of Athens, for newly built properties up to 5 years old, an increase of 4.9% was observed, setting the average selling price at 3,439 euros per sq.m. The upward trend was a result of the increase in prices in all areas of the center, with the biggest changes occurring in the area of ​​Ampelokipi and Zografou. At the same time, a significant increase of 9.9% was recorded in properties aged 5 years and over, with the average sale price standing at 2,299 euros per square meter. According to the completed sales of the RE/MAX Hellas network in Athens, the Zografou and Hilton areas recorded the largest price change per sq.m. in properties older than 5 years.

North Suburb – Prices in the popular suburb

Information about a popular area of ​​Athens, the Northern Suburbs is provided by Prosperty. In particular, based on Prosperty’s data, the ten areas with the highest prices for buying a home in the northern suburbs are highlighted. At the top of the list, Paleo Psychiko stands out as the most expensive area with an average price per square meter that reaches 3769 euros and an average area of ​​properties for sale of 260 sq.m. In second place is Filothei with an average price/sq.m. 3,604 euros/sq.m with an average area of ​​227 sq.m., while in third place is Vrilissia with an average price of 3,604/sq.m and an average area of ​​150 square meters. Next is Neo Psychiko with an average sale price of 3,527 euros/sq.m with an average surface of 120 sq.m, Papagou with 3,489 euros/sq.m with an average surface of 144 sq.m, Agia Paraskevi with 3,485 euros/sq.m and an average surface of 118 sq.m . Melissia with 3,156 euros per square meter and an average area of ​​150 square meters.

Prosperty has data concerning the neighborhoods of the above suburbs since there is also variation in prices per neighborhood in each suburb. Knowing the prices and concentration of properties for sale and rent, important conclusions can be drawn at the neighborhood level as well.

At the same time, Prosperty provides data on the 5 most affordable areas in the Northern Suburbs to buy a home: Specifically, the five areas with the lowest prices are Cryoneri with 1,823 euros/sqm, o ‘Saint Stephan with 1,838 euros per sq.m., Stamata with 2,048 euros per sq.m., Dionysos with 2,054 euros per sq.m. and Rodopoli with 2,081 euros per sq.m. from average square meters ranging between 214 sqm and 370 sqm depending on the area.

If someone is looking to rent a property in the Northern Suburbs, Philothei appears first in the list of the most expensive areas to rent, with an average price of 14.23 euros/sq.m. (for a residential property of 90 sq.m). It follows Old Psychic with 1,272 euros (always for a property of 90 m2), h Kifissia with 1,073 euros, the Maroussi with 1,039 euros, the Chalandri with 1,032 euros, the New Psychic with 1,024 euros, h Ekali with 1,011 euros, h Saint Paraskevi with 1,009 and the Bees with 995 euros.

Respectively, the 5 cheapest areas to rent today in the Northern Suburbs for a house of 90 sq.m. are the following: Dionysos 732 euros, Rodopoli 762 euros, Agios Stefanos 771 euros, Dew 797 euros and Spring 808.

In the northern suburbs, an intense activity in relation to new constructions has been observed in recent years. Below we see the percentage of properties that are currently for sale and what percentage of these properties are properties that have been built from 2015 until today.

●Brillisia with 61.33%

●Agia Paraskevi with 50.23%

●Holargos with 42.67%

●Chalandri with 38.33%

●Neo Psychiko with 38.14%

●Pine with 36.20%

●Bees with 35.30%

●Heraklion with 34.42%

●Papagou with 33.51%

●New Eritrea with 27.03%

The challenges

Assessments of the real estate market and individual challenges were formulated by market executives at the recent Delphi Economic Forum.

In particular, the Aristotle KarytinosCEO Prodea Investments emphasized that the now exorbitant property prices have resulted from the 12-year crisis, the “caging” of many properties, but also from the huge demand.

THE Yannis Delikanakis, Founder & CEO, Southrock Asset Management, pointed out that adding value to real estate investments and especially tourism real estate is today completely intertwined with sustainability and the creation of benefits for all parties involved, especially for local communities. Lean building, infrastructure projects, provision for staff housing and green certification are value-added elements of the investment, not costs.

THE Paradise Army, president of POMIDA & UIPI, Greece described the pan-European phenomenon of reluctance to rent a main residence, with the main reasons for this being the aging of the real estate potential, the bad behavior of a portion of tenants, without corresponding measures being taken by the state, while it is also the big tax burden on rents. POMIDA’s proposal is the absence of income tax for every empty house that goes on the market.

Data on unused buildings in Athens was given by Dimand’s managing director Dimitris Andriopoulos. In 2015 we discovered that cities are full of abandoned buildings. In the last 9 years, from 220,000 m2 in 15 projects, we added only 27,000 m2 in new construction, he said. It is very important that these new uses are offices and processes of the “orange” economy with actions of innovation, creation and culture, even residences.

THE Christopher Stratos, CEO Resolute Hellas, stated that the biggest challenge in Europe and Greece at the moment is to find new uses for old buildings and make them efficient for modern societies. In the current phase, more social housing is needed, but also changes in the regulatory and fiscal framework that will lead to an easier transformation of cities.

THE George KormasResolute Cepal Greece Senior Advisor/ Resolute Group Greece Vice Chairman, Board of Directors, Greece referred to the need for proper planning in the energy transition of real estate, in order to smoothly integrate into the urban fabric.

O Panagiotis Kapetanakos, CEO of Noval Property pointed out that there is a structural imbalance between supply and demand. We have, he explained, a low supply of quality products, but a strong demand, unlike other European markets, where the opposite is the case. In particular, there is a great demand for green offices, logistics, for all types of housing, as well as for shopping centers and commercial parks. In my opinion, he added, this imbalance between supply and demand does not look like it will change in the coming years. In this context, the role of real estate investment companies is very important, which can in an environment of political and economic stability carry out their work effectively, while contributing to the promotion of sustainable development, he added.