Real estate: what the Greeks buy, how they overcome the rapid rise in prices

To get lower prices that fit their budget, 7 out of 10 home buyers chose homes that were more than 20 years old.

In this way, they were able to purchase homes at more affordable prices compared to newer properties, and also hope to realize future capital gains through the renovation and energy upgrades of these properties.

According to official data collected from purchases made in 2023 through RE/MAX Hellas, the largest real estate network in the country for 22 years, residential real estate (apartments/single-family houses/maisonettes) ranked first among buyers' preferences. Land plots follow next in buyer preferences, while interest in offices and shops is less, since these markets are in any case addressed to a specific investment audience.

Data from RE/MAX Hellas, which has 85 offices and more than 1,100 property consultants across the country, provides important insights into the age of the properties buyers choose. In fact, this confirms the trend of recent years – to give preference to older properties at more competitive prices (compared to new buildings), which are offered to owners for both residential and professional use.

Distribution of sold objects by property type

Based on detailed analysis of RE/MAX Hellas data on the distribution of property sales at the national level, 83.7% of the total number of properties sold were residential properties (apartments/single-family houses/maisonettes). On the other hand, land plots and commercial real estate accounted for a much smaller share – 12.8% and 3.5% respectively.

In Attica, 93.3% of properties sold were primarily residential (apartments/single-family houses/maisonettes). Land plots accounted for 3.8% of total sales, and the share of commercial real estate was 2.9%.

The country's second largest city, Thessaloniki, shows a similar trend towards residential properties as Attica, with 90.8% of properties sold being in this category. However, it is worth noting that land plots occupy a smaller but significant share – 4.1%, and the share of commercial real estate is 5.1%.

In the rest of Greece, residential properties are the most in demand among buyers, accounting for 78.7%. This is followed by land plots, which account for 18.1% of total sales, and commercial real estate – only 3.2%. These figures reflect the preferences and needs of buyers in the region, where demand for residential property remains high, while land plots are also showing increased interest for investment or housing.

Distribution of sold properties by age

Of particular interest is the distribution of residential real estate sold by age, where the trend of previous years is again visible. Interest is shown in older residential properties over 20 years old, which were chosen by 69.5% of buyers. They are followed by new buildings under 5 years old, which accounted for 15.5% of total sales.

Objects of intermediate age category, i.e. from 16 to 20 years old, only 0.6% of buyers were interested. At the age of 11 to 15 years, the share of final buyers was 13.2%, and at the age of 6 to 10 years – only 1.2%. This analysis reflects buyer preferences and the trend toward purchasing older homes.

In Attica, 82.7% of properties sold are classified as old residential properties, more than 20 years old. In contrast, new construction and new properties less than five years old account for just 4% of total sales, down 2 percentage points from 2022.

Thessaloniki shows the same trend as Attica. The greatest preference is given to real estate over 20 years old, reaching 79.5%. In contrast, new homes less than 5 years old are selling at lower levels compared to 2022, accounting for 5.6% of total purchases, down 2 percentage points.

Finally, in the rest of Greece, the share of buyers choosing properties over 20 years old is 61.3%, which is noticeably lower than in Attica and Thessaloniki. It is noteworthy that new buildings under 5 years old take second place, preferred by 23%.

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