A rapid increase in real estate transfers is taking place almost silently in the city of Patras in the first quarter of 2024, in contrast to the capital’s real estate market, which is “slowing down” due to the increase in the sales price limit for foreign investors with the “golden visa”.
The increase in real estate sales in Patras is unprecedented, as a rise of 121.95% is recorded compared to the same period in 2023 and even greater compared to previous years, based on the data of the Registry of Real Estate Transfer Values, a useful tool of the AADE, which enables all interested parties (citizens, professionals, agencies, etc.) to monitor the formation of the real estate market.
It is indicative that in the first quarter of 2024 (January – April) a total of 273 real estate transfers took place in Patras, involving 208 apartments, 28 detached houses, 19 shops and 18 parking lots.
In contrast, in the first quarter of 2023 there were a total of 123 real estate transfers, of which 93 concerned apartments, 18 detached houses and 12 shops. A similar picture prevails compared to previous years, where real estate sales in Patras are less than half.
According to estimates of the real estate market, since the beginning of the year all transfers are made with electronic contracts and this method seems to have significantly favored the buying and selling of real estate, giving new impetus to the region. The Digital Property Transfer File is a new service of gov.gr that consolidates and simplifies the transfer procedures of land-registered properties.
However, the factor that gave a big boost to housing transfers was the “My Home” program of DYPA (formerly OAED), since in Patras alone 268 housing purchases were made by new couples, many of which “closed” at the beginning of 2024 along with the first cycle of the program.
However, the notary sector points out the risks of slowing down the property transfer process, due to minimal differences found in the areas resulting from the measurements for the preparation of the Building Identity, in relation to those mentioned in their acquisition contracts. This results in two out of three contracts today having a problem due to the mismatch of the areas of the properties in relation to their titles.
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