BUSINESS

Low prices give a boost to property sales in Thessaloniki

TAGS: Property

The number of residential property transactions in Thessaloniki during the first seven months of this year was roughly the same as in 2015, despite the restrictions imposed by capital controls, according to an analysis by a real estate agency based in the northern city.

According to data compiled by Oikies Real Estate, the number of transactions involving apartments and houses remained at roughly the same level thanks largely to a continuing decline in prices. Homes sold for as little as 300 euros per square meter. In contrast, commercial property did not prove as popular and sales halved in 2016.

According to the real estate firm, residential properties in Thessaloniki sold for between 300 and 1,818 euros per square meter, with buyers preferring small and medium-sized apartments. The purchase of homes classified as “very large” (above 150 square meters in surface area) made up 29 percent of transactions.

In terms of rentals, rates ranged from 2.50 to 5 euros per square meter, with property seekers demonstrating a preference for older apartments. Just over half of the properties rented in Thessaloniki this year were built between 1960 and 1980, with the most popular sizes being between 60 and 80 square meters. There was a 5 percent decline in the number of properties rented during the first seven months of the year compared to the same period in 2015.

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