The increase was steep buying and selling housesas well as the sales prices during the nine months of 2023 at Atticaas the “My Home” program and the changes made to “golden visa” had a catalytic role in the sharp upward shift in demand.
This conclusion is derived from the data of the value register real estate transfers of the General Secretariat of Information Systems, edited by Green Estate (TOPO GES IKE).
In transactions with foreign buyers, as a rule, the price stated in the contract is the actual price.
According to the relevant data, in the area of Piraeus there was an annual increase in sales by 85%, while the average sale price showed an increase by 28%, to 1,216 euros/sq.m.
It is recalled that the data on purchases and sales, included in the register, come from the contracts that are filed and therefore, in many cases, the objective value of the property is listed as the price, and not the actual price at which the respective purchase and sale took place.
This explains the low prices in many listings.
The alternative of Piraeus
Piraeus very quickly developed into an “exit” for investors from non-EU countries.due to the maintenance of the minimum investment limit at 250,000 euros (instead of 500,000 euros valid from August 1, 2023 in the north, in the southern suburbs and in the center of Athens).
Even more typical, is that in Piraeus the average value of each transaction increased last year by 44%, reaching 94,100 euros. This is due to the fact that the properties sold were larger by 9 sq.m. (77 sq m from 68 sq m in 2022), but also younger by six years, as the average year of construction was 1983, instead of 1977 in 2022.
Significant increases in the number of transactions occurred but also in other areas of Attica.
For example, in the southern suburbsthe annual increase reached 47%, while the average price per sq.m. also recorded a 37% increase.
At center of Athensthe increase was of the order of 22% in terms of prices and 24% in terms of the number of transactions registered in the register.
According to her analysis of Green Estateeven greater is the increase in the average value per transaction, compared to 2021. In Athenswithin two years, the homes sold cost 36% more, from 79,589 euros in 2021, to 107,935 in 2023. Accordingly, in the southern suburbsthe price of the average property transferred in 2023 was 49% higher than in 2021. In the northern suburbsthe increase during the period 2021-2023 reached 32%, while in the western suburbs, 48%.
As highlighted by Green Estate, “in the nine months of 2023, the upward trend in the housing market in Attica strengthened with the big “winner” being the southern suburbs where the increase was very large. It seems clear that the Golden Visa policy change has played its part in shaping the market in these regions as a whole. In addition, it is also clear that the increase in the declared value of real estate far exceeds previous years, particularly in the areas where the amount of 250,000 euros remained in the Golden Visa”.
It is reminded that in the transactions made with foreign buyersor through the mediation of a banking institution, as a rule, the price stated in the contract of sale is the actual one. On the contrary, in transactions made with the exclusive use of own funds with Greek buyers, it is most common to list the objective price, which is now much lower, despite the adjustments made at the beginning of 2022 and based on the prices in force in 2021 .
Among the regions that recorded the greatest increase in 2023, regional points of Attica stood out, such as Marathon and Spata with increases of 69% and 65% in just 12 months, as well as parts of the southern suburbs, such as Nea Smyrni and Kallitheawhere the average price increase/sq.m. rose to 63% and 54% respectively.
Significant increases are also recorded in Dionysos with 50%, in Glyfada with 45%, in Lykovrysi-Pefki with 43% and in Ilioupoli with 42%.
