Now, with a raft of new interventions, the government is showing that tackling the housing crisis is a priority, but are they enough to reduce rents? Property owners, brokers and short-term rental managers welcomed the measures with reservations. Overall, the protagonists of the Greek real estate market do not expect a reversal of the climate, but there is optimism that a “brake” can be applied to the accuracy. The measures will take time to be implemented and absorbed by the market, but both brokers and property owners stress that the speed of their implementation is “key”, as prices continue to rise and if interventions are not made quickly, then any benefits may be absorbed by the stronger price rise.
The big interventions
- “My House 2”: A €2 billion programme, with the aim of acquiring a first home for over 15,000 young people or young couples aged up to 50. The income criteria are expanded with an increase in the limit to 20,000 euros (from 16,000 euros) for singles, with a corresponding increase for couples and those with children.
- Closed properties: Exemption from rent tax for three years for landlords who rent out closed properties or convert a short-term tenancy to a long-term one.
- Energy upgrade: A €400 million program for loans of up to €20,000 at zero interest, aimed at the energy upgrade of thousands of old homes.
- Airbnb Tax: New and increased climate crisis resilience end.
- Airbnb Restriction: Prohibition of new short-term leases in the 3 central apartments of Athens (1st, 2nd, 3rd) for at least one year.
- LIGHT: The ENFIA discount is increased by 20% for owners who insure homes worth up to 500,000 euros against natural disasters (earthquake, fire, floods).
Great demand
All those looking for housing would like to see rents cheaper, but why can’t it be? According to market experts, rents will fall when people stop paying the high prices landlords are asking. Unfortunately for most, properties are few and far between, so supply is tight. On the other hand, there are many people looking for housing, so the demand is high. Low supply and high demand is a relationship that can only result in rising prices. A trend recorded since 2017. To change this, you either increase supply or decrease demand.
Since people will continue to look for housing, the most realistic way is to increase the housing market. This is already done with new buildings. On the downside, they take time, while at the same time, new buildings are mainly available for sale.
The government’s interventions have a double aim. On the one hand, to convince some of the property owners, who have them for short-term lease, to return them to long-term leases, and on the other hand, to open a few thousand of the 600,000 closed properties that AADE estimates exist. According to the experts, if the goal is to reduce rent prices, at least 10,000 properties must enter the market within the next 5 years. In this sense, two interventions that stand out are the limitation of short-term renting and the tax exemptions for those owners who make their “closed” properties available for rent.
Brokers: They will not decrease rents in 2024
Rents will not fall quickly, brokers estimate. Although many receive the interventions positively, they believe that in the market average, rents will not become cheaper within the year. They point out that even if there was an immediate and seamless implementation of all the new measures, even if they paid off in the best predictions, it would take at least one to two years for the results to be seen.
The president of the Hellenic E-Real Estates Network Themistocles Bakas pointed out that “the fact that we refer to the term housing policy is an important step for our country. But in a country that is the champion in housing costs for 5-6 consecutive years in all EU countries. and it is governed by a deep housing crisis, as the central banker Mr. Stournaras pointed out in the annual report of the Bank of Greece, the measures announced are of a small scale to cover today’s need”.
He explains that these are “measures that do not constitute an integrated housing policy plan and do not seem to respond to the immediate containment of housing costs.” In particular, regarding the new measures that were announced, he estimated that “the current picture is not going to change”, as “there is not a single measure to directly curb housing costs”.
Finally, Mr. Bakas emphasizes that “it is necessary for our country to obtain a comprehensive housing policy plan that will aim at the immediate containment of housing costs and the accessibility of buying a home.”
Owners: Needed more positive measures
On the part of property owners, there is optimism that the riddle of the housing crisis has a solution, but more needs to be done. According to the civil engineer NTUA, MSc, CEO of “KRAMA PROPERTY” and information secretary of the Panhellenic Federation of Real Estate Owners (POMIDA) Manos Kranidis, “the analysis of TIF’s measures and incentives highlights their positive aspect and an impetus for the improvement of housing ».
However, at the same time it also shows “their piecemeal nature and limited mass influence and the difficulty of providing a solution to the housing issue”. The problem is complex, as both the property owners and the government are well aware, but what counts is not the intentions, but the result.
How will rent prices be affected by government interventions? Are they enough to provide a solution? Mr. Kranidis explains that “the solution to housing and balancing the real estate market will result in only 2 massive actions: 1) the utilization of the thousands of public properties and social housing and 2) the activation of the thousands of properties of banks, funds and legal persons and entities”.
According to him, these are two reforms that “must be done immediately and are a comprehensive approach to the housing solution. Piecemeal measures are positive but do not lead to a mass footprint and effect on society. Will and comprehensive action and policy are required.”
Property managers: The problem is not solved
Even if half the properties now in short-term (Airbnb-style) rentals return to rent, the housing problem cannot be solved, property managers estimate.
According to the president of the Panhellenic Association of Property Managers (PASYDA), Andreas Chiou, the numbers do not come out. “And so suddenly came a controversial measure to solve the difficult equation of the housing crisis in Greece. By putting a barrier to short-term rental in the 3 geographical apartments of the center of Athens by not providing AMA (Property Registry Number) on new properties for 1 year, the government expects to solve the housing problem. However, the problem is multidimensional and of course does not depend solely on short-term renting. There are only 14,000 short-term properties in Athens, while over 120,000 remain closed for various reasons. But the problem for the government is the pressure it receives from the hoteliers for these 14,000.
So if I switch from a short-term lease to a long-term one, even if half of it is real estate, will the problem be solved? Of course not. On classifieds sites, there are currently 6,500 apartments available for long-term lease in Athens. So the problem is not that there are no properties for rent, but that the ones that exist are expensive for the average Greek who, in terms of salary, is still at the time of the 2010 economic crisis, while rents, due to the high demand, have returned to pre-crisis levels ».
THE FLUCTUATION OF RENTS
ATTICA
| Region | Q2 2024 (€/sq.m.) | Second quarter 2023 (€/sq.m.) | Change % |
| Athens center | 10,58 | 9,52 | 11,10% |
| Athens – North Suburb | 11,30 | 10,67 | 5,90% |
| Athens – Southern Suburbs | 12,50 | 11,30 | 10,60% |
| Athens – Western Suburbs | 8,33 | 7,63 | 9,20% |
| Athens – Eastern Suburbs | 9,00 | 8,00 | 12,50% |
| Piraeus | 10,00 | 8,75 | 14,30% |
| Suburbs of Piraeus | 8,18 | 7,14 | 14,60% |
| Rest of Attica | 8,97 | 8,67 | 3,50% |
THESSALONIKI
| Region | Q2 2024 (€/sq.m.) | Second quarter 2023 (€/sq.m.) | Change % |
| Thessaloniki – Municipality | 9,23 | 8,48 | 8,80% |
| Thessaloniki Peripheral municipalities | 6,94 | 6,33 | 9,60% |
| Thessaloniki Count Prefecture | 4,21 | 3,85 | 9,40% |
ISLANDS
| Region | Q2 2024 (€/sq.m.) | Second quarter 2023 (€/sq.m.) | Change % |
| Dodecanese | 9,00 | 8,15 | 10,40% |
| Euboea | 6,92 | 6,50 | 6,50% |
| N. Heraklion | 8,80 | 8,14 | 8,10% |
| N. Corfu | 11,00 | 10,91 | 0,80% |
| Cyclades | 17,65 | 21,74 | -18,80% |
| N. Lasithiou | 7,50 | 7,35 | 2,00% |
| N. Rethymno | 9,38 | 8,89 | 5,50% |
| N. Samos | 6,15 | 6,00 | 2,50% |
| N. Chania | 8,57 | 8,33 | 2,90% |
| Argosaronic Islands | 8,75 | 7,78 | 12,50% |
CONTINENTAL GREECE
| Region | Q2 2024 (€/sq.m.) | Second quarter 2023 (€/sq.m.) | Change % |
| Aetoloacarnania | 5,77 | 5,33 | 8,30% |
| Argolis | 6,32 | 6,25 | 1,10% |
| Arcadia | 6,38 | 5,36 | 19,00% |
| N. Artas | 5,77 | 6,25 | -7,70% |
| Achaia | 8,00 | 7,06 | 13,30% |
| Boeotia | 5,33 | 5,00 | 6,60% |
| N. Drama | 5,00 | 4,80 | 4,20% |
| Evros | 7,25 | 6,00 | 20,80% |
| Ilia | 5,15 | 5,41 | -4,80% |
| Imathia | 4,81 | 4,55 | 5,70% |
| N. Ioannina | 8,18 | 7,67 | 6,60% |
| N. Kavala | 6,67 | 5,88 | 13,40% |
| N. Karditsa | 6,35 | 5,71 | 11,20% |
| N. Kastoria | 5,67 | 4,86 | 16,70% |
| N. Kilkis | 3,57 | 4,44 | -19,60% |
| N. Kozani | 5,78 | 5,67 | 1,90% |
| Corinthia | 6,72 | 6,43 | 4,50% |
| Laconia | 5,60 | 5,86 | -4,40% |
| N. Larisa | 7,78 | 7,14 | 9,00% |
| Magnesia | 7,25 | 6,88 | 5,40% |
| Messinia | 7,50 | 7,14 | 5,00% |
| N. Xanthi | 7,00 | 6,00 | 16,70% |
| Pella | 4,44 | 4,00 | 11,00% |
| N. Pieria | 5,74 | 5,09 | 12,80% |
| N. Preveza | 7,50 | 6,67 | 12,40% |
| N. Rodopis | 7,33 | 6,43 | 14,00% |
| N. Serres | 6,05 | 5,20 | 16,30% |
| N. Trikala | 6,36 | 5,77 | 10,20% |
| N. Florina | 5,81 | 5,56 | 4,50% |
| Chalcidice | 35,71 | 33,33 | 7,10% |
Source: Spitogatos SPI Price Index
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#Real #estate #market #closed #houses #open #brokers #owners #managers #πίνακες #με #τιμές
