The real estate market took off: Rent and purchase prices in Athens and the rest of Greece

The intense mobility before the activation of the new objective values ​​created conditions of high demand, which in combination with the relatively low stock of available real estate -especially newly built- "pushed" demanded prices even higher.

According to the data of spitogatos.gr, this trend is recorded -with a few exceptions- in the whole territory, however, especially regarding the region of Attica, it is more obvious that the Southern Suburbs are evolving into an area of ​​high investment / buying interest, as the major projects of the Greek and Athenian Riviera operate as a barker for Greeks and foreigners.

House prices for sale
During October-December 2021, the average price for houses for sale was higher in the Southern Suburbs of Athens, at € 2,872 per square meter, and lower in Florina at € 550 per square meter.

The largest increase in this quarter compared to the previous year was recorded in Grevena with + 19.70%, while the largest decrease in the Prefecture of Arta with -9.60%.

Who buys real estate - Market mapping
The data of the notary offices show that in contrast to the previous years, where foreign investors had the first say - due to short-term leases and Golden Visa -, now it is the Greeks who buy frantically.

The question that arises, of course, is "where the money comes from", since the data of the banks show that the net flows of mortgage loans remain negative from 2010 until today!

The answer from a notarial source, confirms the ... common secret. The purchase of real estate is done with funds from three sources: 1) from deposits in banks 2) from mortgages and 3) from the ... family chest, that is, with "black" money, which mainly escaped during the ten-year crisis, especially just before the adventure of capital controls.

Buying interest has also increased rents
The lively interest, which tends to turn into a frenzy, could not, of course, leave rental prices unaffected, especially in areas where the short-term rent market seems to be heating up for good.

The data show that there is investment-buying interest for the wider area of ​​the Center of Athens, with prices "flying", recording differences of up to 40% compared to last year and the year before last.

Kolonaki, Ampelokipoi, Plaka, Pagrati, Ano Kypseli have caught fire, while the upgrade of infrastructure in the wider area of ​​Galatsi and Zografos "photographs" the "next big thing" of the real estate market.

Rental prices
According to the data of spitogatos.gr, the average price of rents "braked" in the last quarter of 2021, however it remains at the heights with 8.82 euros / sq.m., While in the Southern Suburbs the thing seems to go away, with average price to reach, now, 10.50 euros / sq.m.