Older, cheaper pads steal show

Older, cheaper pads steal show

The Greek property market witnessed major demand last year for older and cheaper houses that are ideal for immediate renovation and utilization through renting (short- or long-term) or even reselling at a significantly higher price.

According to data on the property transactions implemented through RE/MAX Greece’s network of 73 estate agencies, it was the properties that can offer capital gains which boasted the highest buying interest. Figures show that residential purchases have served not only housing needs, but also the new requirements of the new hybrid employment models and lifestyle over the last couple of years amid the pandemic.

RE/MAX has found that six out of 10 buyers opted for houses over 20 years old, at affordable prices, through which obtaining future capital gains would be feasible. Newly built houses, up to five years old, accounted for just 8% of transactions, though this is still an increase from the 3% share they had in 2020.

Properties between 11 and 15 years old attracted the interest of 11% of buyers and those between six and 10 years just 6%.

In Attica the phenomenon of old-house supremacy was more dominant than anywhere else, as 76% of the pads sold in 2021 were over 20 years old, while those built in the last five years accounted for just 2% of transactions.

Thessaloniki transactions saw two property age groups stand out: The top pick was properties over 20 years old with 70%, and a distant second was assets built 11 to 15 years earlier, with 11%. Newly built houses took a 6% share, slightly higher than in 2020 (5%).

Almost three-quarters (74%) of transactions concerned residential buildings (apartments or detached houses), while plots and commercial properties accounted for 18% and 8% respectively.

In Attica 81% of sales concerned apartments/houses, plots of land garnered 10% and commercial properties took the remaining 9% of sales. In Thessaloniki 84% of sales concerned apartments/houses, 7% plots and 9% commercial assets. In the rest of Greece, 68% of sales concerned apartments/houses, 26% plots or farmland, and just 6% commercial properties.

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