New houses simply not affordable for most Greeks
Acquiring a newly built home is turning into an elusive dream for the vast majority of Greeks.
The main reason is the jump in selling prices stemming from the rising construction costs, but also higher land rates and higher energy efficiency standards that all new properties must now to meet.
According to a relevant analysis by the company of certified surveyors Geoaxis Property & Valuation Services, from 2017 to 2022, i.e. the period of recovery of the housing market from its lowest point, the prices of newly built apartments have increased by up to 75.5%, as in the case of the Athens suburb of Maroussi.
The average asking price for a newly built property in the northern suburbs of the capital, which are also the most in demand, ranges at around 3,500-4,500 euros per square meter in properties under construction, while transactions are made a little lower than this level. Just five years ago, however, the average asking rate would not exceed €2,000-2,500/sq.m.
Of course, back in 2018 there were fewer new constructions compared to today due to the financial crisis, while buying interest was not as high as it is now, including foreign buyers too.
