Dizzying property prices: €1 million parking space

Since the beginning of the year, more than 17,000 properties have changed hands. The total value of transactions – 1.4 billion euros, as follows from the contracts for the sale of real estate.

TA NEA’s Real Estate Transaction Registry data shows an “increased appetite” for Greeks and foreigners to buy homes and buildings, as well as a swing in prices. In many regions, the gap between estimated and commercial value has widened significantly. This happened almost 2 years after the introduction of new zonal rates for the transfer of property. The biggest differences in prices are fixed mainly in specific areas: the center of Athens, the southern and northern suburbs of Attica.

From the beginning of the year to July 7, 2023, 17,389 real estate transactions were carried out for a total amount of 1.398 billion euros. 9,082 apartments, 2,766 land plots, 1,805 private houses and 785 parking spaces were sold.

For example, an apartment of 83 sq.m., located on the 5th floor in Kolonaki (built in 1950), was purchased for 800,000 euros (i.e. at a cost of 9639 euros per square meter, with an objective cost of a specific area of ​​4250 euros ).

That is, a specific property sold for more than twice the fair value. Also, a 55.30 square meter apartment in Koukaki (built in 1969) was sold for 425,000 euros (i.e. at a price of 7,685 euros per square meter, at a rate in the area of ​​3,450 euros per square meter).

In the heart of Athens, a deal was made to sell the most expensive real estate. This is a land plot with an area of ​​70,792.83 sq.m., which was sold at a price of 24 million euros.

As for residences, a detached house with an area of ​​899.77 sq.m. on a plot of 2531.89 sq.m. in Kifissia, in an area with a zone price of 1,750 euros per square meter, was sold for 6.6 million euros.

Parking spaces in some areas of Athens are also very expensive and hard to find. For example, a parking space of 10.32 sq.m. in Marusya it was sold for almost 1 million euros (!).

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