Depending on the region, significant discrepancies are observed between the values of real estate which are in the same category of the energy certificate.
In the properties classified in the A+ category, there is a deviation of up to 97% in the average prices depending on the area.
The highest prices are observed in the southern suburbs, where the average price is 5,561 euros/sq.m. The most luxurious constructions and the surplus value that the wider area has received, due to the investment of Hellinikon, have significantly increased the prices.
At the same time, many properties have been energy upgraded in recent years, as their owners (and current sellers) had the financial ability to make significant energy upgrade investments.
In properties classified in the A+ energy efficiency category, the highest prices are observed in the southern suburbs, where the average price is 5,561 euros/sq.m.
On the contrary, the average sale price of a property of the A+ category of the energy certificate is 2,822 euros/sq.m. This is a particularly high price for these areas but remains affordable compared to the southern suburbs, where prices are 97% higher. This differentiation lies mainly in the lower purchase price of the plot or property, on which the building offering high energy efficiency was erected.
Besides, mainly, these are newly built constructions. Certainly, excluding the location factor, securing a house of the highest category of the energy certificate, at a much cheaper price than a corresponding e.g. in the southern suburbs, it can also be considered a good investment move. The owner is assured of significant capital appreciation for the future, as well as faster payback due to significantly lower operating costs for heating and cooling.
The biggest price discrepancy is observed in category C, as for the cheapest properties (in the west) the average asking price reaches 1,838 euros/sq.m. while the counterparts in the southern suburbs cost 4,145 euros/sq.m., i.e. they are 125% more expensive
However, the biggest price discrepancy is observed in properties of category C. Specifically, the cheapest properties of this category are located in the west, where the average asking price reaches 1,838 euros/sq.m. The corresponding properties in the southern suburbs cost 4,145 euros/sq.m., i.e. they are 125% more expensive. In fact, it is characteristic that these properties cost as much as a newly built apartment of category A+ in the northern suburbs. This is another illustrative example of the significant increase in prices in the southern suburbs.
In the lowest category of the energy certificate (G), the deviation from the cheapest to the most expensive area reaches 108%, while in category B, 100.4%. In both cases the cheapest properties are located in the western suburbs and the most expensive in the northern and southern suburbs respectively for class G and class B.
In category A+ 23% of the total stock
The increase in the stock of “green” apartments during the last years is significant. Compared to two years ago, i.e. during the third quarter of 2021, properties classified in the highest category (A+) have more than doubled in relation to the total number of homes for sale. In particular, they make up 23% of the total stock, almost ¼, compared to just 11% two years ago and 15% a year ago. So, compared to two years ago, there is a 109% increase.
This is a very large increase, which is due to two factors. The first lies in the significant increase in investment in new construction in recent years in order to meet the very high demand, especially for modern constructions with high energy efficiency.
The second reason is that most of the stock of the cheapest homes, which were typically the least energy efficient, has now been absorbed. As industry professionals report, the cheapest properties are one of the main demand categories, as many interested buyers prefer to acquire a cheap property, which they then upgrade, both functionally and aesthetically, as well as energy-wise.
In this context, the properties that are in the two lowest categories of the energy certificate, today constitute 15% of the total stock, from 23% that was two years ago and 20% last year.
However, it is particularly positive that of the properties sold today, 35% are classified in the two highest categories of the energy certificate. Although more expensive, these properties offer high energy efficiency, ensuring owners low operating costs and a high quality of life. Just two years ago, the corresponding inventory did not exceed 21% of all homes for sale. There is therefore an increase of 66.5% compared to two years ago.
Most houses with low energy efficiency are located in the center of Athens
Regarding the geographical distribution of properties, depending on their energy efficiency, it is observed that most houses with low energy efficiency are located in the center of Athens. Specifically, 35% of the properties sold are classified in the two lowest categories of the energy certificate (18% and 17% respectively).
In the northern and southern suburbs
On the contrary, in the city center, only 14% of the properties for sale are classified in the two highest categories of the energy certificate. This means that most of the investments for the energy upgrade of homes should be made in this area.
In the north, as well as in the southern suburbs, the picture is completely different, because both areas are key recipients of new investment for housing developments.
Thus, in the southern suburbs, 52% of the apartments for sale are of the two highest categories of the energy certificate. In fact, 36% concern houses that are in category A+, i.e. they offer all modern energy saving specifications.
In the northern suburbs, 30% of the homes for sale are in category A+ and 12% in category A, i.e. 42% in total. On the contrary, only 4% are in the lowest category (and 9% in the two lowest), while in the south the corresponding percentage is only 3%.
