February 8, 2023

Athens News

News in English from Greece

"Greens" houses, although more expensive, are in demand

More expensive, but in demand are “green” houses in Athens. According to experts, energy-efficient homes sell better and are easier to sell.

Houses with high energy efficiency have become popular despite their comparatively higher cost. In particular, the number of homes offered for sale, classified in the top two efficiency categories of the energy certificate, has decreased by 30% over the past two years – from the third quarter of 2020 to the third quarter of this year. According to data compiled by the online classifieds network Spitogatos.gr and processed by the analytics department Spitogatos Insights, green houses now account for 26% of all properties for sale, up from 56% two years ago.

On the other hand, the number of less energy efficient houses increased by 25%, as evidenced by the increase in the number of advertisements for houses related to the three lowest categories of the energy certificate. Today, the share of these objects reaches 31% of the total compared to 6% two years ago. Of course, this development also demonstrates the diversification of the composition of properties for sale, as several owners have chosen to list their old properties for sale in the last two years in order to capitalize on the rise in prices that has occurred. For example, two years ago, the sale price of these properties was 1,670 euros/sq.m. on average, while today they reach 1991 euros/sq.m., an increase of 19%.

More expensive but sought-after green houses in Athens

However, high energy efficiency properties are also showing significant interest. Most of the relevant objects concern newly constructed buildings (or those built a few years ago). In particular, from 3311 euro/sq.m. on average two years ago, today the average offer price reaches 4100 euros/m2, recording an increase of almost 24%. In addition to high demand, another reason for this growth is the revaluation (increase in cost) of building materials.

According to an analysis by Spitogatos Insights, properties of the highest category (A+) are sold in an average of 5.6 months, compared to 7.8 months required for properties of the lowest energy efficiency category. According to property managers, energy crisis and real estate recovery made buyers much more aware of home energy efficiency issueswhich allowed the owners and sellers of such properties to take advantage of the current moment.

In previous years, and especially during the economic crisis, limited demand revolved mainly around the most affordable properties, without paying due attention to the rating of the respective property. in terms of its energy efficiency. Thus, those owners who spent significant sums on energy upgrades to their property could not easily benefit from a higher selling price, as is the case today.

According to Spitogatos Insights, 40% of the highest energy efficient homes are located in the southern suburbs, followed by the northern suburbs at 28%. It is also a clear indication of where new home builders have invested, as most are new builds. By contrast, in the center of Athens, only 11% of homes sold are highly energy efficient, compared to 52% in the bottom three categories.

For rental property the picture is similar. In particular, over the past two years, there has been a decrease in the share of “green” objects by 42% and a corresponding increase in the share of objects with low energy efficiency by 25%.

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