The catalysts of last year’s property boom
There was a steep increase in the purchase and sale of houses, as well as in sale prices during the first nine months of 2023 in Attica, as the “My Home” program and changes to the requirements for a Golden Visa played a catalytic role in a sharp shift in demand.
These findings stem from the data of the register of property transfer values of the General Secretariat of Information Systems, edited by Green Estate.
According to the data, in the area of Piraeus there was an annual increase in sales by 85%, while the average sale price showed an increase by 28%, to 1,216 euros per square meter.
The data on transactions, included in the register, come from the contracts that are filed and, therefore, in many cases, the taxable rate (known as “objective value”) of the property is listed as the price instead of the actual price at which the respective transaction took place. This explains the low prices in many listings.
Piraeus evolved into a solution for investors from non-EU countries, due to the maintenance of the minimum investment limit at €250,000 (instead of €500,000 valid since August in the northern and the southern suburbs and in the center of Athens).
Therefore, in Piraeus the average value of each transaction increased last year by 44%, reaching €94,100. This is due to the fact the properties sold were larger by 9 sq.m. (77 sq.m. against 68 sq.m. in 2022), but also younger by six years, as the average year of construction was 1983, instead of 1977 in 2022.
However, significant increases in the number of transactions were also noted elsewhere in Attica. For example, in the southern suburbs, the annual increase reached 47%, while the average price per sq.m. also recorded a 37% increase. In central Athens, the increase was 22% in prices and 24% in the number of transactions registered.
The increase in the average value per transaction is even greater, compared to 2021. In Athens, within two years, the houses sold cost 36% more, from €79,589 in 2021, to €107,935 in 2023.
