The real estate market in Greece appears to be gradually recovering from the significant downturn recorded in 2020 due to the effects of the pandemic.
Demand for rental properties in 2020 decreased by 8.3%, and for purchases by 2.2%. However, a few months later, many townspeople again turned to looking for real estate for the purpose of renting or buying. According to Spitogatos, published by iefimerida.gr, it can be seen that the demand for properties for sale nationwide increased by 61% and for rent by 30%.
In fact, interest in 20 districts of Attica and Thessaloniki has sharply increased. The second big question is what kind of real estate citizens are looking for, which means what criteria they give priority to. According to another survey published by iefimerida.gr, it appears that the majority of citizens are looking for housing.
In particular, according to information from RE / MAX Hellas, more than 8 out of 10 properties sold in Greece last year were apartments, mansions or cottages. And a much smaller percentage of commercial real estate (offices, shops) and land was sold. As for housing, 6 out of 10 buyers chose “secondary housing” – real estate over 30 years old.
With rents not dropping despite the pandemic and the apparent decline of Airbnb last year, many have shown interest in the real estate market. New objective rates are also “pushing” property hunters in the same direction. Another reason is the banks’ new strategy to “launch” mortgage loans again.
“Banking institutions have been actively promoting mortgage lending until 2019. But from that moment this term was “forgotten”. Today, there are many banking institutions that are seeking to take the “market” share of mortgage lending, taking advantage of the increase in deposits of 17.6 billion euros amid the pandemic, according to data released by the Bank of Greece in February. Compared to January 2021, citizens’ savings have increased by 741 million euros, ”says Themis Bakas, President of Panhellenic Network E-Real Estates, to iefimerida.gr.
However, the most interesting point, according to Mr. Bakas, is the fact that “if the interested party itself allocates 25% of the purchase price of the property and borrows the remaining 75%, then in many cases the monthly payment on a mortgage loan for a period of 30 years is established about 50% of the monthly rent, if, for example, a citizen rents a specific property, in which he is interested in buying. “
Buying a house for less than 100,000 euros
Mr. Bakas’s team of Panhellenic Network E-Real Estates has scoured the listings of properties available for sale and compiled a guide to 7 zones in the country. The listings show that today there are opportunities to buy properties (at least two bedrooms and from 1 floor and above) in many parts of the country.
Here are 7 areas where there are opportunities for buying real estate:
Northern and eastern suburbs of Attica
In this area there are objects from 60 to 120 sq.m, even detached houses, at prices ranging from 80,000 euros to 100,000 euros.
Table for the northern and eastern suburbs of Attica:
Central and southern suburbs of Attica
Opportunities, among them requiring renovation of the apartment, are also in Ilioupoli, Vironas, Kareas, Daphne and Kallithea:
Central and western suburbs of Attica: Liosia, Peristeri and Galati (Lamprini):
Center of Athens
An interesting area, there are “surprises” in the ads about newly built and renovated houses. The “trump card” of Piraeus is that most of the existing houses were built after 1980-1985:
According to the Panhellenic Network E-Real Estates, it seems that there are opportunities in the also challenging area of Thessaloniki. Apartments up to 80 sq.m. up to the 5th floor and built from 1985 to 2020:
Rest of Greece (Patras, Nafplio, Kalamata, Larissa, Volos, Ioannina and Corinth):