Greece: what property buyers preferred in 2022

RE/MAX, the largest real estate chain in the country, conducted a large-scale study to find out which properties buyers were choosing in 2022.

Apartments, mansions and maisonettes (duplex apartments) become the “champions” of choice among Greek property buyers. They are followed by plots and plots of land, and immediately after them are offices and shops. At the same time, those who start buying houses, overwhelmingly choose those who are over 20 years old.

The foregoing is based on completed property sales completed through the largest real estate network in the country RE/MAX Greecewhich has 81 offices and more than 1045 real estate consultants throughout the territory.

An analysis of the sales data shows that more than 7 out of 10 properties sold in Greece last year were apartments, mansions or maisonettes, and the rest were commercial properties and land.

Of particular interest are the data from the RE/MAX network, not only in terms of type, but also in terms of the age of properties selected by buyers in 2022 year throughout the country. 70% of those who decided to buy a house preferred not a new building, but objects older than 20 years. Thus, they provided savings – they purchased real estate at a lower price.

According to the detailed distribution of properties sold throughout the country, by object typesaccording to data recorded by the RE/MAX Hellas network, 75 out of 100 properties (75.3% of the total) sold throughout the territory belonged to residential buildings (apartments / detached houses / maisonettes), while land plots and commercial real estate had a much smaller share – 19.5% and 5.2% respectively.

In Attica, 87.3% of the properties sold were residential properties. Land plots accounted for 7.5% of all sales, while 5.2% were commercial properties.

In Thessaloniki, almost all properties sold (90.2%) are residential properties, 4.7% are land plots and 5.1% are commercial properties.

In the rest of Greece, preference was given to residential buildings with a rate of 68.5%, while land plots accounted for 26.3% of total sales, and commercial properties only 5.2%.

Of particular interest is age distribution of real estate sold. Focusing on residential properties, given that they have the highest sales figures in the country, it follows that the trend of previous years is maintained, while interest is concentrated on old houses older than 20 years of construction in the amount of 73.6%, while on new ones and up to 5 years they reached 7.8%. Intermediate age categories of real estate, i.e. from 11 to 15 years old, attracted a total of 7.7% of end buyers, and from 6 to 10 years old – only 3.1%.

In Attica, 80.3% of properties sold were over 20 years old, in contrast to newly built and new (under five years) which accounted for only 6% of total sales.

The same trend is reflected in the sales that were made in Thessaloniki: the highest percentage of preference is for properties older than 20 years at a rate of 74.1%.

In the regions of the rest of Greece, 71.7% of buyers preferred old houses (over 20 years old) and 9.1% – houses from 16 to 20 years old. New buildings under 5 years old were chosen by 8.3% of buyers, which is almost close to the level of 2020 (7%).

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