Beyond the extreme examples, the overall picture of Attica (excluding the islands) is also impressive, where we see an increase in the total value of sales by 78% in 2023 compared to 2022, while the volume of sales, how many properties changed hands, increased for the same period by 41.1%. The difference is an indication of how much more property prices have risen – even more than the increased demand would justify. In all regions of Attica we see the value of real estate increasing at significantly higher rates than the increase in sales.
Shadow… bubble
Demand is there, more properties are changing hands, but prices are running at multiple speeds, maintaining the shadow of a “bubble” in the Greek market. Professionals in the sector “exorcise” the “bubble” scenarios, explaining that the market has not yet reached its high limits and point out that the explosion of prices follows their normal return to pre-Memorandum levels. Arguments supported by the historical data of the Bank of Greece, but the fact remains that average real estate prices “run” far from the means of the average Greek worker.
It is recalled that, according to the data of the “ERGANI” information system of the Ministry of Labor, in 2023 the average salary was 1,251 euros. At the same time, for an average 20-year mortgage, for an average property worth 150,000 euros, the average offered installment was 950 euros. So, although the Greek real estate market is undoubtedly in constant development, the question “to which buyers is it addressed?” is reasonable.
Research
New data comes from the research of the Green Estate Housing Market Observatory (TOPO GES IKE), which is focused on the behavior of the market regarding the buying and selling of houses in Attica and the Cyclades. Comparing the first nine months (January – September) of the years 2021, 2022 and 2023, in all the survey data, we see that 1,000.1 euros was the average property value in 2021 in Attica and Cyclades. In 2023, the average value climbed to 1,296.5 euros. This is a price increase of 29.64% in just two years. According to the researchers, the upward trend returns to the housing market in Attica with the big “winner” being the southern suburbs where the increase is very large. However, apart from the highlighted southern suburbs, the figures show that the areas that had slowed down in the previous period are also on the rise again, namely Eastern Attica, the suburbs of Piraeus, the northern and western suburbs. They show a significant increase in sales and follow the areas that until now led the race, such as the center of Athens and Piraeus.
Golden Visa
In the conclusions of the research it is clearly pointed out that the change in policy for the Golden Visa played its role in shaping the market in these regions. In addition, the increase in the declared value of real estate is also clear, which far exceeds previous years, particularly in the areas where the amount of 250,000 euros remained in Golde
Market sales quantity and value 2021-2022-2023
| Area | Market sales
(21-22) |
Market sales
(22-23) |
Total value
Boys (21-22) |
Total value
Boys (22-23) |
| MUNICIPALITY OF ATHENS | -6% | 24% | 5% | 51% |
| SOUTHERN SUBURBS | -14% | 47% | -11% | 112% |
| northern suburbs | -27% | 39% | -10% | 49% |
| WESTERN SUBURBS | -21% | 46% | -3% | 75% |
| east Attica | -31% | 41% | -32% | 63% |
| WEST ATTICA | 2% | 13% | 8% | 56% |
| PIRAEUS
SUBURBS OF PIRAEUS |
-33%
-23% |
85%
34% |
-29%
-4% |
166%
52% |
| Islands
ARGOSARONIKOU |
14% | 2% | 20% | -9% |
| CYCLADES | 25% | 0% | 79% | -16% |
Source: GREEN Estate (TOPO GES IKE)
Sales average value, average area and age of properties 2021-2022-2023
| Area | Average Value per sq.m. | Average property area | Year of Construction of the average property | ||||||
| 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |
| MUNICIPALITY OF ATHENS | 1.219€ | 1.296€ | 1.586€ | 65 | 68 | 68 | 1971 | 1970 | 1971 |
| SOUTHERN SUBURBS | 1.368€ | 1.410€ | 1.929€ | 75 | 75 | 79 | 1980 | 1981 | 1983 |
| northern suburbs | 1.383€ | 1.643€ | 1.813€ | 101 | 105 | 102 | 1987 | 1986 | 1985 |
| WESTERN SUBURBS | 695€ | 834€ | 982€ | 74 | 75 | 77 | 1981 | 1982 | 1983 |
| east Attica | 1.363€ | 1.378€ | 1.521€ | 101 | 98 | 103 | 1992 | 1992 | 1992 |
| WEST ATTICA | 436€ | 427€ | 582€ | 73 | 79 | 81 | 1988 | 1987 | 1989 |
| PIRAEUS | 688€ | 951€ | 1.216€ | 90 | 69 | 77 | 1978 | 1977 | 1983 |
| SUBURBS OF PIRAEUS | 625€ | 788€ | 822€ | 70 | 69 | 75 | 1983 | 1983 | 1982 |
| ARGOSARONIC ISLANDS | 1.017€ | 1.019€ | 877€ | 79 | 83 | 86 | 1980 | 1978 | 1970 |
| CYCLADES | 1.207€ | 1.583€ | 1.646€ | 85 | 92 | 75 | 1969 | 1984 | 1970 |
Source: GREEN Estate (TOPO GES IKE)
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