GREECE Residential market slowdown

Real estate market experts predict a slowdown in the rate of increase in home sales prices in the coming years, as well as a slight decrease in the volume of transactions.

“Our analysis shows that until 2028, annual price growth will hover around 3% to 5% in terms of home sales, while the volume of transactions will also see a corrective course. We will not have any more price increases of 10% and 15%,” said Georg Petras, managing director of the Engel & Volkers brokerage network, on Friday, in the context of an online discussion.

According to Petras, “prices in Greece are still 40% lower compared to other countries, even after the increase that has taken place. It is normal that Athens is one of the cheapest European capitals to buy a home. It is unlikely that a Greek buyer, struggling to access the housing market, will believe this, but this is the reality. Therefore, we see that many foreigners now have Greece among their options. It is very normal for this to happen.” He adds this has also changed the profile of the buyers, as people with a view to investing are now coming, while in the past the main buyer audience from abroad was people who had a great love for the country and had already visited it several times.

Dimitris Melachroinos, managing director of Spitogatos.gr, said at the same discussion that “searches from abroad are about 15% of the total, but they are more targeted and qualitative. We see great demand for the center of Athens, islands of the Cyclades, such as Paros and Naxos, and of course very great interest for Thessaloniki and other neighboring areas with road access, such as Halkidiki and even Kavala. For example, the Germans, who in the past moved to the Peloponnese for summer holidays, after the pandemic, have also started to be interested in areas in northern Greece, due to the greater ease of approach,” noted Melachroinos.

Petras also mentioned that tourism has indeed pushed prices up. In addition to the southern suburbs of Athens, many foreigners are now heading to large islands with healthcare infrastructure and access by plane, such as Crete, Rhodes and Corfu.

Source/Read More : eKathimerini.gr