Real Estate: Rising prices are keeping Greek buyers away

It appears that the first signs of a slowdown are beginning to register housing purchase Regarding the photo number Buying and selling.

After the price “rise” in the past two years (2021-2022), the areas where the demand comes mainly from interested Greek buyers, began to record losses, such as the number of those who have the financial ability, or even the desire to make it in important markets, amid a climate of uncertainty and High interest rates.

This is the main finding of the annual survey From Topo GES IKE Housing Market Observatorya member of the RE/MAX network of real estate offices and based on the data obtained from the value registry Real estate transfer General Secretariat of Information Systems in 2022.

Especially in the northern suburbs An 8% decrease in the number of sales compared to 2021 was recorded, in eastern Attica by 15% and in the western suburbs by 6%. A 12% decrease in sales was noted and in PiraeusWhile home sales in the suburbs of Piraeus fell by 3%. The common feature of these areas is the large price increases announced in the relevant sales contracts, as well as the fact that the buying public is mainly Greek.

like Mr. Michalis Kalogianakis reports to K.Head of Topo GES IKE, “The main conclusion we make is that transactions in low-value properties, of €100,000, have now declined and we are observing more transactions for properties of €200,000. This is explained on the one hand by the limited supply of affordable properties and the rise in prices on the other hand.

However, as Mr. Kalogianakis notes, “we are beginning to see some justification of the owners’ demands, especially in areas where mainly Greeks buy, since it is becoming more and more difficult to complete sales, as evidenced by the relevant numbers”.

It should be noted that a decrease in transactions does not mean a decrease in demand. It’s just that those who are interested find it difficult to proceed with purchases, at this price level, because they usually also need a bank loan to finance a home purchase. This last requirement has become more difficult after the sharp rise in interest rates during the second half of 2022 and the first quarter of this year.

The number of those able, or even willing, to buy is limited amid uncertainty and high interest rates.

On the contrary, in points where there is strong buying interest from abroad, the picture is more positive.

For example, In the center of AthensLast year, sales increased by 22%. Increases are also noted in the southern suburbs (4%), in the Cyclades Islands (21%) and in the Argosaronic Islands (15%).

The majority of foreign buyers move to these points precisely, either to acquire a property for their own residence, or to exploit through short or long term leases, or even a combination of the two.

According to the research results, the average property was sold in 2022 in the Municipality of Athens He was 53 years old and had an area of ​​69 square metres. The average age of the property in the southern suburban areas is 42 years and the area is 76 square meters. As for the northern suburb, the average age of the property was 38 years, and its area was 101 square meters. In the western suburbs, the average age was 42 years and the area was 74 square metres. In 2022 in East Attica, the average property was 31 years old and 99 sqm. In Piraeus, the average age of the sold property was 45 years and 72 sqm.

In the areas included in the Municipality of Athens, the area of ​​the average residence in 2022 increased by 4 square metres. In regards to 2021. One of the biggest differences occurred in Glyfada, where buyers have invested in homes as small as 12 square metres. similarly, In the northern suburbs of Pefki and Maroussi The average property has decreased by 16 square metres. and 20 square meters. respectively, while I grew up in Kifisia (21 square meters) and In Philothei – Psychiko (30 square metres).

A significant increase in surface area was also observed in the regionsFrom Acharnon (22 sq.m.), Ravenna (22 sq.m.) and Dionysus (16 sq.m.). However, reduced more than 10 square meters. It was observed in the regions of Vari Volas Vouliagmeni (17 sq mi), Markopoulos (12 sq mi), and Piraeus Center (13 sq mi).

In terms of the year of construction of houses purchased in 2022, Agios Dimitrios saw a decrease of six years, while new properties were also sold in Lavreotiki (seven years), Megareon (10 years), Penteli (four years) and Chalkidonas (four years). four years) ). On the contrary, the former possessions were transferred to Lykovrisi – Pefki (five years), Philothei – Psychiko (five years), Metamorfosi (six years), Markopoulo (six years), Pallini (seven years) and Eleusis ( nine years).