Price trends in the domestic real estate market – The picture in Attica, Prefecture of Thessaloniki and Aegean islands
The limited supply of homes for sale, combined with rising prices, highlights interesting facts about the time it takes for homes for sale to be absorbed by the market. Spitogatos Insights presented a comprehensive analysis looking at the absorption time of homes for sale in different regions of Greece, as well as the average asking price per quarter for 2024. The analysis is based on the Spitogatos Price Index (SPI), which captures the price trends in the domestic real estate market through millions of real listing data on the Spitogatos platform – the No.1 real estate listing website in Greece.
Attica & Prefecture of Thessaloniki: How long is a house for sale on the market?
Athens and its suburbs, as well as Thessaloniki, gather the largest percentage of the country’s population, which further highlights the gap between supply and demand for homes for sale in these areas. This issue concerns both those who wish to acquire a residence, either through the “My Home 2” program or independently, as well as those who are interested in putting their homes on the market. Focusing on the region of Attica, it is observed that during the first three quarters of 2024 the absorption time of houses for sale fluctuates around six months.
In the Prefecture of Thessaloniki the picture is a little different. The rate of absorption of houses for sale from the market is faster by about 2 weeks compared to that of Attica. In particular, in the 3rd quarter of 2024 the absorption time rose to just over 5.5 months after minor fluctuations in the previous quarters of the year. The Suburbs of Thessaloniki, belonging to the Prefecture of Thessaloniki, are the most popular area in Greece for domestic buyers looking for real estate according to the SDI demand index, which is based on the search volume of the Spitogatos platform. The combination of these data highlights the high demand for homes for sale in the Prefecture of Thessaloniki.
Rest of Greece: Absorption time of houses for sale
In the Aegean Islands, the absorption time of houses for sale in the 3rd quarter of 2024 is around 7 months, after minor fluctuations in the previous quarters. Extending the analysis to all the islands of Greece, it is found that houses for sale have a relatively lower absorption rate in the Ionian Islands compared to the Aegean Islands and Crete, reaching 7.8 months in the 3rd quarter of 2024. Accordingly , the Aegean Islands and Crete show similar absorption times of the houses for sale from the market, which are formed at 7 months.
As far as mainland Greece is concerned, the rate of absorption of houses for sale in the 3rd quarter of 2024 is lower in Peloponnese, while it is slightly faster in Macedonia and Epirus, with the absorption time varying slightly above from six months during this quarter. The trend of the absorption rate of houses for sale in Macedonia is increasing from the 1st to the 3rd quarter of 2024 with the absorption time of houses for sale decreasing from 7.7 months in the 1st quarter to 6.4 3rd quarter of 2024.
Source: Skai
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