Increasing trends at the average price sale of real estate in Western Greece observed in the first quarter of 2023 compared to the corresponding quarter of 2022, according to recent property market data, with Achaia to note the greater increase in average selling price of residence in the wider area for this period.
As noted in the News247 article, high housing demand in combination with lack of suitable housing available on the market, due to high cost of construction activity led the sale prices of residential real estate to upward trends in Aetoloakarnania and Achaia.
An important factor affecting property prices in Western Greece is investment move both from the abroad as well as from interior for holiday homes as well as permanent residences and properties for exploitation in holiday centers and areas with easy access to the sea and the easy access to the Ionian Islands that Western Greece offers.
The large academic centers of the region remain an important factor that affects the course of real estate prices in the urban centers of the wider region, as are the large infrastructure projects that have been implemented or are in the planning phase such as Ionia Odos, the road connection of Lefkada with Aktio and recreation in Etoloakarnania and Achaia.
Property price trends
In Achaia the average sale price of a home saw an increase of 9.60% with the average sale price at 1,083 euros per sq.m.from 988 euros per square meter, in 2022. Compared to 2019, before the Covid-19 pandemic, in 2023 the average sale price of a residence in Etoloakarnania increased by 2.88%.
In Achaia in 2023 compared to 2019, there was an increase in the average sale price of a residence of the order of 22.70%.
In Aetoloacarnania the average home sale price in the first quarter of 2023 compared to the corresponding quarter of 2022 saw an increase of 3.10% with the average sale price being at 917 euros per sq.m., from 889 euros per sq.m.
Properties on the market
In Achaiain residential sales we find, for example, in Patras, a 43 sq.m., second floor, one-bedroom apartment for sale at 2,744.19 euros per sq.m.
- Apartment 52 sq.m., fourth floor, one bedroom, for sale at 1,673.08 euros per sq.m.
- Apartment 87 sq.m., second floor, two bedrooms, for sale at 1,494.25 euros per sq.m.
At Holyapartment 115 sq.m., fourth floor, three bedrooms, for sale at 1,178.26 euros per sq.m.
- Apartment 87 sq.m., second floor, two bedrooms, for sale at 1,494.25 euros per sq.m.
- Apartment 69 sq.m., second floor, one bedroom, for sale at 746.38 euros per sq.m.
Sta Kalavrytaapartment 83 sq.m., ground floor, two bedrooms, for sale at 1,265.06 euros per sq.m.
- Apartment 154 sq.m., second floor, two bedrooms, for sale at 974.03 euros per sq.m.
- Maisonette 90 sq.m., three bedrooms, for sale at 1,666.67 euros per sq.m.
In Aetoloacarnaniawith regard to the field of residential sales, we find, for example, in Agrinio, a 100 sq.m., fourth floor, two-bedroom apartment for sale at 550 euros per sq.m.
- Apartment 107 sq.m., third floor, two bedrooms, for sale at 1,028.04 euros per sq.m.
- Apartment 89 sq.m., third floor, two bedrooms, for sale at 617.98 euros per sq.m.
At Nafpaktoapartment of 112 sq.m., first floor, three bedrooms, for sale at 1,160.71 euros per sq.m.
- Apartment 120 sq.m., second floor, two bedrooms, for sale at 2,333.33 euros per sq.m.
- Apartment 45 sq.m., third floor, one bedroom, for sale at 2.111.11 euros per sq.m.
At Medium lengthapartment 90 sq.m., first floor, two bedrooms, for sale at 2,166.67 euros per sq.m.
- Apartment 79 sq.m., third floor, two bedrooms, for sale at 1,835.44 euros per sq.m.
- Apartment 62 sq.m., third floor, two bedrooms, for sale at 1,451.61 euros per sq.m.
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**Interview with Property Market Expert, Dr. Maria Antonopoulos**
**Editor:** Thank you for joining us today, Dr. Antonopoulos. Recent reports indicate a significant increase in the average sale price of real estate in Western Greece during the first quarter of 2023. Can you summarize what’s driving this trend?
**Dr. Antonopoulos:** Absolutely. The main factors contributing to the increase in average sale prices are high housing demand paired with a shortage of suitable properties on the market. This scarcity is largely a result of the soaring costs of construction, which restrains new developments. Regions like Achaia are experiencing the most significant increases, with an average sale price jumping by 9.60%.
**Editor:** That’s impressive. Achaia’s rise in prices has outstripped other areas. What specific characteristics of Achaia make it a focal point for potential buyers?
**Dr. Antonopoulos:** Achaia has a unique appeal due to its proximity to urban centers like Patras, its academic institutions, and the accessibility it offers to the Ionian Sea and the surrounding islands. Additionally, ongoing infrastructure projects, including the road connections to Lefkada and other developments, make it an attractive option for both permanent and holiday homes.
**Editor:** We’ve also noted a boon in investment for holiday properties, particularly from abroad and within Greece. Can you elaborate on the impact of this investment?
**Dr. Antonopoulos:** Indeed, there’s a noteworthy influx of investment in holiday homes and residential properties for rental exploitation in tourist hotspots. This trend is driven not just by local buyers but also foreign investors attracted to Greece’s scenic landscapes and favorable climate. The continued interest in properties near coastal areas further fuels this demand.
**Editor:** The statistics indicate a 22.70% increase in average sale prices in Achaia since 2019. How significant is this compared to other regions in Western Greece, particularly Aetoloakarnania?
**Dr. Antonopoulos:** The 22.70% increase in Achaia since pre-pandemic times highlights its strong market resilience. In contrast, Aetoloakarnania has seen a more moderate increase of 2.88% over the same period. While Aetoloakarnania also experienced price growth of 3.10% in this quarter, Achaia stands out for its rapid price ascent, reflecting its robust appeal.
**Editor:** as we look to the future, what do you foresee for the property market in Western Greece?
**Dr. Antonopoulos:** If current trends continue, I expect prices to rise further, driven by ongoing demand and limited supply. Additionally, if major infrastructure projects come to fruition, they will likely bolster property values even more. Buyers should remain vigilant, as this could be a pivotal time for investment in Western Greece’s real estate market.
**Editor:** Thank you, Dr. Antonopoulos, for sharing your insights on this emerging trend. It’s certainly an exciting time for real estate in Western Greece!
