Brokers, analysts and banks estimate that a period of price stabilization is coming and that this year we will have a milder rise than the “explosion” of previous years. Nevertheless, the estimated 8-11% price increase comes on top of prices that are already near their all-time highs, especially in the big cities.
In 2024 he is coming to… build in a market where home sale prices have increased by 71.1% in Attica and by 53.8% nationwide from 2017 to 2023. In many cases sale prices in Attica are only 5.3 % lower than the historical highs of 2008. Experts emphasize that despite the rise in prices, there is still a surplus of demand in Attica, Thessaloniki and in all the tourist areas of the country.
Main factors that strengthen the demand are the interest from abroad for the “Golden Visa” and country houses, the increased demand of well-off Greek households for owner-occupied housing and the investment role that the residence has now acquired. With rents climbing from 43.2% to 52.1% in 2018-2023, property has become an even more profitable investment. On the contrary, the factors that weaken purchasing demand from the point of view of Greek households are inflation with the consequent rapid increase in prices as well as the increase in housing interest rates. Last year was a year of low… flights for housing credit, although the managements of the systemic banks expect an improvement in the two years 2024-2025.
Comparison of 2017 and 2024
Today’s high property market prices are a huge distance from those of 2017 and the first quarter of the year confirms that 2024 is here to grow it.
In popular areas of Attica, prices are already more than double. In Ampelokipi, the price for a property over 5 years old is around 2,283 euros/sq.m., while in 2017 it was only 725 euros/sq.m., an increase of 214.9%. Similar extreme differences are also seen in Exarchia, where prices hover around 2,090 euros/sq.m., starting from 675 euros in 2017 (an increase of 209.63%).
In the large population centers of the country, prices have risen more than in the rest of the territory and especially in areas of high demand, such as these examples. According to experts, although price increases will continue, areas with previous years’ record sales are more saturated and will be among the first to see signs of price leveling off. Not a drop, but a smaller rise.
BUYING INTEREST
RESIDENTIAL PROPERTIES
| RESIDENCES | reduced | STABLE | INCREASED |
| For private residence | 8% | 56% | 36% |
| For exploitation | 11% | 52% | 37% |
| Newly built | 12% | 48% | 40% |
| Old ones | 9% | 50% | 41% |
| Plots of land | 19% | 49% | 32% |
Source: Cerved Property Services survey
(PLATE 2) – ALTERNATE COLOR IN THE COLUMNS
TITLE
DEVELOPMENT OF SALES PRICES – ANNUAL CHANGE
| AREA | 2021 | 2022 | 2023 | 2024 |
| Athens – Center | 3% | 7,4% | 12,3% | 7% |
| Athens – North Suburb | 7,8% | 6,7% | 10,4% | 3,7% |
| Athens – Southern Suburbs | 6,8% | 11,7% | 13,6% | 3,2% |
| Athens – Western Suburbs | 8,7% | 6,7% | 16,2% | 6,5% |
| Athens – Eastern Suburbs | 5,3% | 7,5% | 11,3% | 7,7% |
| Piraeus | 5,3% | 7,5% | 11,3% | 7,7% |
| Suburbs of Piraeus | 9,5% | 8,4% | 19,5% | 12,9% |
| Rest of Attica | 2% | 5,2% | 5,1% | 2,7% |
| Thessaloniki – Municipality | 6,7% | 11,5% | 20,8% | 6% |
| Thessaloniki – Peripheral municipalities | 6,7% | 8,4% | 17,5% | 7,6% |
| Hellas | 6% | 7,2% | 10,9% | 5,7% |
Source: Spitogatos SPI Price Index
(PLATE 3) – ALTERNATE COLOR IN THE COLUMNS
TITLE
AVERAGE PRICE DIFFERENCE IN THE 7 YEARS 2017-2024
| AREA | 2024
PROPERTY ABOVE 5 YEARS OLD |
2017
PROPERTY ABOVE 5 YEARS OLD |
DIFFERENCE |
| Vineyards | 2.283 | 725 | +214,90% |
| Expiration | 2.090 | 675 | +209,63% |
| Saint Paraskevi | 3.043 | 1.075 | +183,07% |
| Galatsi | 1.900 | 950 | +100% |
| Egaleo | 1.600 | 775 | +106,45% |
| Cuckoo | 3.020 | 1.275 | +136,86% |
| Vrilissia | 3.038 | 1.325 | +129,28% |
| Nea Ionia | 2.040 | 775 | +163,23% |
Source: Ad prices 2024 xe.gr, indomio.gr. 2017 REMAX details
First in demand and price rise, small properties, in 2024. According to market trends, this year we see a repeat of 2023, with small properties standing out for their price and flexibility of use, being at the forefront of demand for the big cities, as well as in the student centers. Close behind are the slightly larger residences of 70-85 sq.m., which can accommodate a family. The latest historical data, from research by the Observatory of the Housing Market GREEN Estate (TOPO GES IKE), show that the average property in the city remains smaller than in the suburbs, but the average square meters increases from year to year.
In the southern suburbs of Athens, there was a gradual increase in the surface area of the average residence, from 75 sq.m. in 2021 in 79 sq.m. in 2023. In the regions of Eastern Attica, the area of the average property increased to 103 sq.m. In the center of Piraeus the average square meters increased by 9, to 77, while in the suburbs of Piraeus they increased by 5, to 75 sq.m. We also see an increase in the Argosaronic Islands, to 86 sq.m. in 2023, from 83 sq.m. in 2022.
Experts “see” price climbing from 5% up to 20%
Of particular interest are the findings of CPS’s standard market survey of over 200 partners, brokers and valuers, where 53% of respondents expect house prices to remain at current elevated levels and 44% predict further growth in in the year. Only 4% see decreases. Of the 44% who estimate that new increases are coming, 24% expect a marginal increase of up to 5%, 16% see prices rising up to 10%, while there is also a 4% who believe that prices may climb up to 20% . “Champions” of demand and rising prices are the newest and energy “armored” buildings, as the sale prices of homes with a high energy rating show stronger growth trends reaching up to 20%.
However, the buying interest remains strong, as according to the survey, 56% see demand maintaining the current strong levels, 36% see increased interest and only 8% estimate a decrease. Things are different in rents, as there opinions are divided, with 60% of respondents predicting stabilization, as rents have now reached marginal levels for the average Greek household, unable to meet today’s increased price levels, but the 40% foresees a new round of increases of up to 10%.
“Tourism and “Golden Visa” they have create… microclimate development in Greece”
The certified real estate appraiser and real estate agent foresees an increase in real estate prices in 2024 Anna Mokakou. He speaks of a milder change, predicting that “this year will be a year with a single-digit rate of increase, close to 8-9%”. At the same time, rents will also move upwards, explaining that “especially in the centers of large cities, the upward trend will continue, as the supply still falls short of the demand”.
Referring to the evolution of real estate sales prices, he emphasized that “the market has gained momentum since the previous period and considering the fact that the demand in some areas is greater than the supply, the prices will continue to rise. We see in advanced European countries that there is a major crisis in the Real Estate sector, with a consequent reduction in prices. Greece has created its own microclimate of development, which is due to the continuous increase in tourism which creates corresponding investments in the tourism industry, the growing demand from the “Golden Visa”, but also the fact that in our country the banking system has not been exposed in bad loans”.
Regarding how the new changes to the conditions for granting the “Golden Visa” will affect the prices, he emphasized that “some of the changes, such as the minimum floor area limit (120 sq.m.), but also the maintenance of the low limit of 250,000 euros for listed buildings, they are positive for the market. What certainly does not contribute positively are the rapid changes of the legislative framework, as the market does not always have time to assimilate them and it creates insecurity and perhaps… aversion to some foreign investors”.
Yannis Hatzis: The president of the Greek Tourism Enterprises in ET – Quality is our priority
Amendment PASOK-KINAL for the granting of Golden Visa
Partial “facelift” in the development until Easter
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