RE/MAX Hellas records a noticeable increase in real estate sales prices for 2023, with an average increase of 12% for all property categories, regardless of the year of construction.
This increase is largely due to increased demand, the gradually improved purchasing power of the Greek consumer after the end of the memoranda and the health crisis of the coronavirus, the search for better and higher quality homes, but also to the fact that Greeks still trust real estate as the safest investment.
The real estate market in Greece continues to be one of the main pillars of the economy and after a period of economic instability and recession, the real estate market in Greece is in a recovery phase, the company comments. The return to economic stability and positive growth rates, coupled with the increase in tourism and the attraction of foreign investors to the country have given a strong boost to the market, contributing significantly to the increase in interest in real estate, bringing prices down.
According to the official data collected from purchases made in 2023 through RE/MAX Hellas, the largest real estate network in the country for 22 years with 81 offices and over 1,100 real estate consultants throughout the country, the resulting increase in purchase prices of newly built properties up to 5 years old is 11% and 13% for properties 5 years old and older compared to the previous year.
Indicative of the upward trend of the real estate market is the fact that RE/MAX Greece in 2023 showed an overall increase in sales by 26.14% and transactions (operations) by 14.24%. Greece, as a popular tourist destination, known worldwide for its wealth of natural beauty and cultural heritage, attracts millions of visitors every year, making the real estate sector particularly attractive for real estate investments for the purpose of buying a home during retirement, buying a holiday home or for investment purposes.
However, what is worth emphasizing is that the largest volume of property buyers come from Greece, while foreigners are not limited to buying properties only in tourist areas or in Athens and Thessaloniki, but have extended their interest to other areas that until recently have not been in strong demand.
This proves that Greek Real Estate is a key player in the global real estate market and is competing with traditional markets such as Spain, Portugal and Italy in terms of foreign buyers' interest. T
PRICES IN ATTICA REGION
In the prefecture of Attica, an increase in prices of newly built properties up to 5 years old was recorded at an average of 10.6%, while for used properties over 5 years old the increase averaged 13.1%. Specifically, in the centre of Athens, for newly built properties up to 5 years old, an increase of 4.9% was observed, with the average sales price at 3,439 euros per sq.m. The upward trend was the result of the increase in prices in all areas of the centre, with the greatest changes occurring in the area of Ampelokipoi and Zografou.
At the same time, a significant increase of 9.9% was recorded in properties 5 years old and older, with the average sales price standing at 2,299 euros per square meter. According to the completed sales of the RE/MAX Hellas network in Athens, the Zografou and Hilton areas recorded the largest price change per sqm in properties over 5 years old.
In the Northern Suburbs area, both newly built and used properties show even larger increases compared to 2022. Specifically, newly built properties show an average increase of 7.6% and used properties show an average increase of 11.4%. This resulted in average prices of 4,255 euros and 2,828 euros respectively. High prices are also recorded in the southern suburbs, with very significant increases in newly built properties by an average of 15.8%.
Specifically, the largest increase per sq.m. meter was in the areas of Vari, Glyfada and Elliniko. In used, the increase averaged 17.2%. The largest increases in purchase prices were observed in the areas of Vari, Voula and Elliniko. In the western suburbs, the average price per sqm in used properties increased by an average of 20.1%, with the largest increase observed in Heraklion and Nea Ionia, with the average price per sqm at 1,561 euros.
In newly built properties, the average price per square metre reached 2,675 euros, 17.3% higher than in 2022. In Piraeus and adjacent areas, in newly built properties, the average price was 3,303 euros per square meter, while in older properties 2,490 euros, an increase of 9.8% and 9.9%, respectively.
In the rest of Attica, the newly built properties saw an increase of 7.4% on average, with the average price being 2,900 euros per square meter and the used properties saw an increase of 12.7% with the average price being 1,850 euros per square meter. Based on all of the above, in all areas of the prefecture of Attica, prices in used properties had a higher increase than the price increase in newly built properties, compared to 2022.
