Property sale prices increase

State revenues from real estate transactions in Jan-Sept have grown 35% from last year

Property sale prices increase

Government receipts from the transfer of apartments and plots of land increased by 35% in the year’s first nine months, according to Independent Authority for Public Revenue (AADE) data.

Despite the energy crisis, on a daily basis there were approximately 900-1,000 declarations of sales, parental benefits and real estate donations through the myProperty electronic platform.

Athens, Piraeus and Thessaloniki dominated transactions, with real estate sales recording an increase compared to last year. Based on the data from the Real Estate Transfer Values ​​Register, property transfers in the center of Athens exceeded 4,000 in January-October (without all sales being posted on the website), compared to 3,769 in the first 10 months of 2021, while a corresponding figure is recorded in Piraeus and Thessaloniki.

Some cases concerned particularly high-priced sales: For example, in central Athens, a residence of 123.98 square meters with 30 sq.m. of auxiliary spaces was sold for 1 million euros. The zone price in the area amounts to €4,250/sq.m., while the sale price reached €8,098/sq.m. In Patissia a 92.05 sq.m. apartment built in 2020 was sold for €273,426. The zone price in the area comes to €1,600/sq.m. but the sale price reached €2,443/sq.m.

However, there are also cases of even higher prices than the above declarations. Specifically, a 1966 apartment of 34.55 sq.m. was sold for €250,000/sq.m.; the value per sq.m. reached €7,235, when the zone price is €1,300/sq.m.

In most transactions, despite the recent revaluation of the objective values ​​that came into force in January 2022 and approached the sale prices, the contracts showed a higher price, at least in Athens.

From the processing of the AADE data it emerged that in the January-September 2022 period receipts from the sale of real estate (excluding plots) amounted to €235.77 million, compared to €175.23 in 2021, while those of plots came to €74.5 million against €54.13 million in 2021. In total, €310.27 million was collected against €229.36 million, an increase of 35.2%. 

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