The data from Spitogatos’ analysis Insights which record the decrease in supply from 2019 to the end of 2023, are indicative of the speed at which the inventory of homes for sale is being absorbed.
If the organic growth of the Spitogatos.gr network during these years is also calculated, then it is even more revealing. So, on average, the reduction of advertisements of houses for sale in Attica is 19.25%.
As is normal, the biggest drop is found in the areas that show the greatest demand, either from Greeks or from foreign buyers and investors. Thus, the center of Athens, the northern and southern suburbs and now also Piraeus stand out, as most of the interested investors have turned there through the “Golden Visa” program.
In particular, in the center of Athens, the offer of houses for sale appears reduced by 28% compared to 2019, a particularly important element due to the number of properties located there. At the same time, the asking prices have increased by 26% average.
The growth of short-term rentals and demand from investors who wanted to secure a residence permit are the two main “drivers” for rising prices. Especially in 2023, the “My Home” program played an important role, which subsidized the loan interest rate for the acquisition of a residence worth up to 200,000 euros by young people, aged 25-39.
However, today, two of these three factors have disappeared, as “My House” has been completed, and “Golden Visa” has become prohibitive, due to the doubling of the minimum investment amount (for properties in the center, the north and the southern suburbs), from 250,000 to 500,000 euros.
A large decrease in the stock of homes for sale is also recorded in the northern and southern suburbs, with 27% and 24% respectively
So, it is estimated that in the coming months there will be a milder rise in prices or possibly even stabilization, at least in the city center.
A large decrease in the inventory of homes for sale is also recorded in the northern and southern suburbs, with 27% and 24% respectively. In fact, this happens despite the fact that in recent years new buildings have multiplied in these areas, as builders wanted to take advantage of the great increase in demand and the fact that interested buyers in these areas, as a rule, also have the required financial surface to meet the higher costs of a new build.
Against this backdrop, asking home sales prices increased by an average of 30% in the northern suburbs from 2019 to date, but also by 39% in the southern suburbs, where most of the new construction was concentrated. Also, the start of the investment in Elliniko played a decisive role in the greater increase in prices in the south than in the north.
In the western suburbs, prices began to rise at a faster rate (from a particularly low level in fact) after 2019, while in the center, north and south, this had already started at the end of 2017
The largest increases are found in regions, which had not recovered much until 2019 and did so later. For example, in the western suburbs, prices started to rise at a faster rate (from a particularly low level in fact) after 2019, while in the center, north and south, this had already started at the end of 2017.
Thus, from 2019 to the end of 2023, in the western suburbs, the average asking price increased by 44%, while the supply has not decreased the same, having fallen by 18%.
The price increases in Piraeus are also very high, reaching 47% (and 50% in the suburbs of Piraeus). Much of this growth has occurred over the past 12 months due to the expectation of many owners to achieve sales to Golden Visa investors.
