3rd Real Estate Conference

Conclusions and ''reading'' the real estate market through timely surveys

The housing market in Greece seems to be in a situation of structural asymmetry, where increasing demand does not meet a correspondingly strong and appropriate supply. Prices do not match the quality of the properties available, demonstrating that the lack of renovated and modern homes has created a deep gap between asking prices and the actual transfer value.

For 2024, there was a 21% increase in the average asking price for homes compared to the prices finally reflected in the transfers. The average value per square metre in transfers remains significantly lower than owner pricing, revealing the gap between expectations and actual transactions.

The lack of quality properties is also reflected in the composition of the available stock. According to the survey, of the almost 130,000 properties for sale across Greece, only one in ten are renovated, while most were built before 1990. More specifically, almost 25% of the total is for pre-1980 properties, while just 21% represents construction after 2020. This reinforces the sense that the market is relying on an ageing building stock that does not meet the needs of the modern buyer.

Geographically, Attica dominates the available properties, while 41% of those interested have a budget between 100.000€ and 200.000€. Only 0.57% have more than €1,000,000 available to buy property in Greece.

The average time a property stays on the market (on the classifieds sites) is six months, generally indicating either overvaluation or lack of demand for certain features. On the contrary, areas with a better price-quality ratio, such as Peristeri and the western suburbs, show shorter retention times, indicating a better match between supply and demand.