Increase in transfers in the centre of Athens
The centre of Athens was the main core of the development of the real estate market, mainly in areas that had recorded large reductions in sales prices during the memorandum years and had the appropriate value for money - investment value, in recent years have recorded a rapid increase in investment interest.
Many areas in 2017-2018 were at the center of demand, due to the rapid growth of the sharing economy (Airbnb) and the need to find affordable properties that would be immediately renovated and registered in short-term rental platforms with the aim of immediate exploitation due to the satisfactory income that short-term rental "ensures".
At the same time, there were quite a few foreign investors and/or foreign intermediaries who participated in the "safari" of buying real estate in order to exploit it through short-term rental platforms, and at the same time to obtain the coveted golden visa.
The above data are the main reasons why in recent years an increase in transfers has been recorded in the centre of Athens, while at the same time in many areas rapid increases in asking sales prices have been recorded.
In the Municipality of Athens, a total of 5,544 property transfers are recorded for the year 2023, up by 14.59% compared to 2022 (4,838 transfers), by 30% compared to 2021 (4,248 transfers) and by 65.2% compared to 2020 (3,354). A decrease of 8.69% of transfers is recorded compared to 2019 (6,072).
78.96% of transfers in 2023 involved residential property
According to the register of transfers of the General Secretariat for Information Systems, a total of 4,376 transfers of residential properties (apartment and/or single-family house) took place, accounting for 78.96% of the total. The second category of real estate with 10.95% (607 transfers) of the total is commercial roofs, followed by warehouses/agricultural/livestock buildings with 4.98% (276 transfers) of the total, and parking spaces with 4.08% of the total (226 transfers).
Average price per transfer at 1,321 €/sqm in 2023- 34.38% increase compared to 2022
Regarding the transfers of residential real estate (apartment and/or detached house), according to the transfer register of the General Secretariat of Information Systems, a total of 4,376 transfers took place, with the average square meters per transfer at 65.60 sq.m. The average price per transfer was 1,321 €/sq.m, increased by 34.38% (983€/sqm) compared to 2022 and by 59.28% (867€/sqm) compared to 2021.
87.85% of residential transfers in 2023 had a price of up to €150,000
In 2023 the transfers of residential real estate (apartment and/or detached house) in the Municipality of Athens with a price up to 150.000€, constitute 87,85% of all transfers according to the transfer register of the General Secretariat of Information Systems. It is worth mentioning that in 2019 transfers up to 100.000€ constituted 87,25% of the total.
Specifically for the year 2023, 50.09% of transfers involved a price of up to 50,000€, as opposed to 2020 where 45.26% of transfers involved a price of up to 30,000€.
At the same time, in 2023, 87.85% of transfers were for a price of up to €150,000, while in 2020 85.03% concerned transfers up to €100,000. The increase in the price per transfer, demonstrates the dynamics of the domestic real estate market in the center of Athens.
74.59% of transfers in 2023 concerned dwellings up to 80sqm
At the same time, the largest percentage of transfers in 2023 concerned properties up to 80sqm, which accounted for 74.59% of all transfers. From 81-90sqm constitute 7.17% of transfers, from 91-100sqm, 6.63% and from 101sqm and above, 11.61%.
86.42% of transfers in 2023 were for dwellings built up to 1980
According to the transfer register of the General Secretariat for Information Systems, 86.42% of transfers last year involved homes built up to 1980, i.e. at least 43 years old.
Specifically, those with year of construction up to 1960 constituted 19.12%, those with year of construction 1961-1970, 41.46% and 25.84% with year of construction 1971-1980.
The most popular property in the Municipality of Athens in 2023
The most popular property in the Municipality of Athens, according to the transfer register, is a 51-75sqm residence (34.5% of the total) built until 1980 and with a price of 1.381€/sqm.
That is, residences 51-75sqm with a price from 70.431€ to 103.575€.
It is quite logical that the most popular property according to the transfer register is 51-75sqm, because it is the area that is suitable for young singles and/or students, as well as for young people who will want to start a family and are looking for a property with 2 bedrooms with a price close to 100.000€.
At the same time, the residential area of 51-75sqm is also the "right" size for an investment property, either for exploitation through a long-term contractual lease or through a short-term lease.
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