The many advantages also bring increased purchase prices. For comparable properties, of the same area, location, age and floors, the available ads show a price difference starting at the most common 20% and reaching up to 50%. Obviously, in terms of price, newer buildings built as energy efficient cannot be compared to older buildings, even if they are upgraded.
According to the brokers, even if the purchase of an energy-shielded house comes with a “cap” of around 20% on the price, such are the advantages that approximately 50% of those interested in purchasing reject properties with low energy efficiency ratings. Attention: Although newer buildings are usually at the top of the energy pyramid, with A+ or A ratings, even older buildings can significantly improve their performance through a renovation.
According to the experts, the “explosion” of residential renovation works, in the last 5 years, is also the “steam engine” that brought about the great return of Greek construction. Programs such as “Excoionamo”, had and have a great contribution to the development of the market, with “Excoionamo 2024” involving approximately 45,000 households for the energy upgrade of their properties.
Power consumption
The ranking in each of the energy categories shows the behavior of each building and its operating costs regarding energy consumption for heating, cooling and hot water. The scale starts at A+ which corresponds to very efficient homes with low consumption. Properties belonging to the A, B+ and B grades are considered highly efficient. Class B represents the reference property. This means that if the property is included in class B, then it consumes 75%-100% of the reference property. Class A+ consumes less than 33%, Class A consumes 33%-50%, C consumes 100%-141%, D is in the range 141%-182% and E corresponds to 182%-227% .
From here on down are the fairly old properties where there is essentially no modern provision for energy shielding. Unfortunately, in Greece they make up the majority of the real estate stock. They are characterized as not at all efficient, with high energy consumption. Class Z consumes 227%-273%, while class H more than 273%.
Saving
Mechanical engineer and energy inspector Michalis Christodoulidis is responsible for huge energy savings. He explained that “generally an energy-intensive residential building in the B climate zone (e.g. Attica) annually consumes approximately 200 KW/m2 to 250 KW/m2, for 14 minutes, with an average thermal kilowatt-hour value, this corresponds to an operational energy cost from 28 euros to 35 euros per sq.m. That is, in an apartment of 100 sq.m. the annual energy cost to cover his energy needs starts from 2,800 euros and can reach up to 3,500 euros”.
A big cost for the average Greek household that could achieve great savings if they had a newer or renovated property. Specifically, he emphasizes that “on the contrary, in the energy-upgraded apartment, which has, for example, reached a high energy class, e.g. in A, energy savings can reach 65% to 70%. This means that the annual energy costs can reach 980 euros or a maximum of 1,050 euros. So it’s one thing for someone to pay 233 euros or 291 euros per month for energy bills, and another to pay around 82 euros or at most 88 euros.”
Classes D, E, Z and H
One of the problems of the Greek market is that it has many old and unrenovated properties, with the result that households and businesses spend a lot of money on heating and insulation. According to expert estimates, about 80% have energy class D, E or even lower, especially if they have not been renovated for insulation, frames, heating system, etc. In the middle category (C, D, E,) the highest average asking price is found in the southern suburbs of Athens with 3,133 euros/sq.m., while the lowest is in the western suburbs, which had the biggest price increases. It is usual where there are the lowest prices to record the biggest increases, as a percentage, since the amounts are lower. Compared to 2021, the increase in prices in the west reached 28.3% this year. Regarding the lower classes, the market is full in the center of Athens and where there are old structures. Given the financial crisis that cost Greece almost a decade, unrenovated properties remain 60% of the market. The cheapest average sales price is in the western suburbs with 1,429 euros/sq.m., while the highest is in the north with 2,514 euros per square meter.
What does energy mean? home class
The house energy class is the classification of a property in an energy class made using relative energy consumption values. There are nine energy classification categories with A+ being the best, followed by A, B+, B, C, D, E, Z and finally H. They are determined by a range of values based on the calculated total primary energy consumption of the building compared to a reference building. The “reference building” is the same building, but with specific specifications and ideal technical characteristics (heating and cooling system, shading systems, ventilation, lighting system, automation).
From 450 to 600 euros the square, the renovation cost
With energy prices climbing, more and more people are looking for cheap and quality solutions for renovating their property. Although costs vary greatly depending on interventions, materials and labor cost agreement, home renovation is not a cheap undertaking. On the plus side, that everything goes to the commercial value of the property. Especially when new buyers are oriented almost exclusively to energy “shielded” properties.
Large offices, which undertake total renovations, give as a basis for calculation 600 euros per square meter for small properties and 450 for larger ones. In the example of two properties of 80 sq.m. and 100 sq.m., a large company that specializes in these works and in an offer that includes everything, from the materials, the work, the cost of permits, the disposal of screeds, doors, frames, electrical, plumbing, floors, painting, air conditioning and more, the total renovation cost is 46,375 euros for the 80 sq.m. and 61,276 euros for the 100 square meters. Importantly, although these amounts seem large, they include all the usual renovation work.
For “thick” wallets the southern suburbs
According to recent data from SPI, the price index of the property website “Spitogatos”, regarding houses for sale with a high energy class, i.e. A+, A, B+, B, the highest average asking price is in the southern suburbs of Athens with 4,636 euros/sq.m., while the lowest in the east with 2,800 euros per square meter. Interestingly, the largest price increase from 2021 to date was recorded in the east, with an increase of 52.4%. In a comparison of the years 2023 and 2024, the center of Athens had the biggest increase in the average asking price for a residence with a high energy class with 19.9%. According to brokers, this is a trend that is expected to continue and intensify. This, as in the center of Athens there are many older structures and renovation works are increasing every month.
HIGH PROPERTY OFFER ENERGY CLASS IN ATTICA
| Region | Bid allocation |
| Southern suburbs | 44% |
| Northern suburbs | 25% |
| Center of Athens | 15% |
| Western suburbs | 9% |
| Eastern suburbs | 7% |
Source: Spitogatos – SPI
HIGH PROPERTY PRICE DIFFERENCE AND LOW ENERGY CLASS
| Real estate | Year of manufacture
(Renovation year) |
Energy class | Price (Euro) |
| Sourmena, Greek | |||
| Apartment, 87 sq.m. | 1980 | E (182%-227%) | 330.000 |
| Apartment, 86 sq.m. | 2024 | A+ ( | 685.000 |
| Terpsithea, Glyfada | |||
| Apartment, 90 sq.m. | 1980 | C (100%-141%) | 240.000 |
| Apartment, 83 sq.m. | 2024 | A+ ( | 380.000 |
| Goudi, Zografou | |||
| Apartment, 80 sq.m. | 1973 | OR (>273%) | 150.000 |
| Apartment, 80 sq.m. | 2024 | A+ ( | 320.000 |
| Tzitzifies, Kallithea | |||
| Apartment, 85 sq.m. | 1976 | E (182%-227%) | 180.000 |
| Apartment, 85 sq.m. | Under construction | A+ ( | 330.000 |
| Petrolona | |||
| Apartment, 80 sq.m. | 1970 (2020) | OR (>273%) | 200.000 |
| Apartment, 82 sq.m. | 2024 | A+ ( | 340.000 |
| Ampelokipoi – Pentagon | |||
| Apartment, 82 sq.m. | 2011 | C (100%-141%) | 250.000 |
| Apartment, 84 sq.m. | 2022 | A (33%-50%) | 420.000 |
| Cell | |||
| Apartment, 87 sq.m. | 1967 | E (182%-227%) | 155.000 |
| Apartment, 87 sq.m. | 2024 | A+ ( | 275.000 |
| Kypriadou – Ano Patisia | |||
| Apartment, 85 sq.m. | 1975 (2014) | E (182%-227%) | 165.000 |
| Apartment, 85 sq.m. | 2009 | D (141%-182%) | 250.000 |
| Apartment, 86 sq.m. | 2024 | A+ ( | 324.900 |
| Maroussi | |||
| Apartment, 85 sq.m. | 1978 (2020) | C (100%-141%) | 245.000 |
| Apartment, 85 sq.m. | 2008 | B (75%-100%) | 315.000 |
| Apartment, 85 sq.m. | 2023 | A+ ( | 450.000 |
| Heraklion | |||
| Apartment, 85 sq.m. | 1973 (2023) | D (141%-182%) | 190.000 |
| Apartment, 84 sq.m. | Under construction | A (33%-50%) | 340.000 |
| Dove | |||
| Apartment, 85 sq.m. | 1980 | C (100%-141%) | 125.000 |
| Apartment, 90 sq.m. | 1980 | A (33%-50%) | 160.000 |
| Apartment, 90 sq.m. | 2023 | A (33%-50%) | 255.000 |
| Egaleo | |||
| Apartment, 88 sq.m. | 1973 (2010) | G (227%-273%) | 155.000 |
| Apartment, 88 sq.m. | 1971 (2071) | B (75%-100%) | 251.000 |
| Apartment, 85 sq.m. | 2023 | A (33%-50%) | 298.000 |
| Kaminia (Piraeus) | |||
| Apartment, 85 sq.m. | 1965 (1990) | G (227%-273%) | 120.000 |
| Apartment, 90 sq.m. | 1952 (2000) | D (141%-182%) | 166.000 |
| Apartment, 85 sq.m. | Under construction | A (33%-50%) | 392.000 |
Source: Details of available ads 08.10.2024
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