By Vasilis Kaltsas

The prices of real estate in our country, which are now comparable to the crisis, have been “unpleasant”.

After the voting of the new building regulation, it is of great interest to how prices will move from now on.

What will be the effect on property prices from the knockout

“The easy answer is that NOK” will raise prices, but in the vast majority of Greece’s regions we are approaching (or we have already reached) the limit above which increases in newly built will not be accepted by buyers, “he stresses,” At skai.gr, Mr. Elias Papageorgiadis, CEO of More Group of Companies.

“In practice, the effect will have to do with the prices of the plots, where the calculations are now strictly based on the building factor listed in the topographic and rejecting all kinds of discussions about the vagina with which you will build more,” he points out.

“Silent in some areas of Attica we have a reduction in land prices when one really wants to sell,” adds Papageorgiadis.

The role of supply and demand

Lately a number of measures have been taken to ‘relieve’ the housing crisis, such as Rules for Airbnb rules and Golden Visa.

But are it enough to reverses the course of prices? If the houses offered do not approach the number of demand, it is difficult to happen.

Building factor

In the first quarter of the year, a one was marked by one significant fall in new houses, at rates of over 40%.

If the trend continues in the coming months, the most likely scenario is the supply and demand gap to grow.

At the heights the prices of building materials

Another factor that affects the rise in prices of newly built real estate is and The increases in building materials. Specifically, in May this year continued, as a whole, as the whole building materials, as the their prices increased 3.1%despite the new major decline in the price of diesel.

In particular, the largest increases were recorded in: electricity (18%), radiators (7.3%), plastic pipes (7.2%), bricks (5.4%), bronze pipes (5.4%), aluminum windows.

How does Golden Visa influence the real estate market

Despite the “brake” in applications for golden visa in April, overall applications have seen a rise in the last twelve months.

In particular, at the end of ’24 and by February ’25, applications ran at high pace, as many investors wanted to prevent the deadline under the previous existing terms.

It is recalled that the limit in Attica, Thessaloniki and large islands increased to 800,000, while in the rest of the regions to 400,000 euros.

A role in the annual rise is also the liquidity of the situation in the Middle East, with Israelis and Turks coming to the “Sergiani” for a Golden Visa – applications for these two nationalities almost doubled in one year.

“Until the government changed the institutional framework, the Golden Visa was an irrational distortion, as we put the new pairs of Greeks who want a home to live to compete with rich strangers who are not interested in the property, except for Visa. We saw this in Piraeus, which when the only area was left in Attica with a limit of 250,000 euros to acquire Golden Visa, in a few weeks the 60,000 – 80,000 debt was now priced at 250,000, “Papageorgiadis said.

“Of course some people find it good all this, as many sellers have used the money (170,000 – 200,000 they stay out of 250,000) to buy elsewhere and move the market. But all this didn’t make sense for the average citizen and he stopped, “he adds.

“Now with new boundaries and changes, Golden Visa will slowly perform her real role (which is certainly not to expensive the cheap real estate that the Greek can buy),” he estimates.

Can it be purchased in Greece accessible?

According to the Elias Papageorgiadis, To make the housing market accessible ‘should to intervene substantially the state and allow many of the hundreds of thousands of closed houses to get on the market. “

“I have proposed from last year the opportunity to be able to buy real estate and arrange their own electronic identity within 3 years. Only in this way will the market (and even at a reduced price, due to risk of investment) enter the real estate of banks and funds, the public and the church, etc., “he says.

“If one believes that the public and the … monasteries will make electronic identities for their real estate, they probably don’t know the Greek reality,” concludes Mr. Papageorgiadis.