Decisive for real estate is expected in 2025 as after a 7-year increase in prices it is predicted that the rise will continue.
Market players estimate a moderation in the pace which means property will continue to become more expensive, but not at the high speed recorded from 2017 onwards.
In particular, although 2024 came after increases of 71.1% in sales prices in Attica and by 53.8% nationwide from 2017 to last year, so far the total increase within the year is estimated at less than 11% for apartments located in the major cities of the country and smaller for all properties.
“There are opportunities, but not in Athens”
The managing director of Potamianos real estate group, Lefteris Potamianos, says that in Greece we are in a period of time where there is demand in the real estate market, but not to the extent that existed two or three years ago, next is this.
As pointed out by Mr. Potamianos, who continues the family tradition in the real estate market as he is today the fourth generation of real estate brokers who started in 1890 in the Greek real estate market today “the waters are calmer, but there continues to be a more targeted demand”.
“Property buyers are more conscious about what they want to buy. The real estate market in Greece is already at high levels in relation to Greek incomes, but in relation to foreign incomes prices are still at normal or even low levels. In general, real estate prices will not fall sharply, because there is no reason, but neither will they rise too sharply. We will keep a balance for a long period of time in which the sellers will sell high and the buyers will want to buy a little lower and when this converges the sale will take place”, estimates Mr. Potamianos.
Regarding the number of transactions, he estimates that we may have a lower number of sales, but they will be at high levels. In a few words, there will no longer be opportunities to buy real estate in the greater Athens area, there are opportunities to buy real estate in the periphery”, he estimates.
For example, when you find properties on Greek islands, such as in the North Aegean or in the South Aegean, for 1,500 euros per sq.m. even with 1,000 euros per square meter, it is considered an opportunity. It is a market that is not overpriced. Already foreigners are spreading in these parts.
In relation to the prices the properties are available to the sellers and the prices the buyers are asking the final negotiation has to do with how “filleted” the property is, the price offered (if it is reasonable) and the time period available. Then there may be no room for negotiation at all.
As brokers what we try to do, says Mr. Potamianos, it is whether the assessment that the sellers have is “out of the market” to bring them on the road that they will enter into a real sale process and not a “dream” sale. Many people get carried away by the general climate of euphoria or the general climate of discomfort that may prevail in a certain period of time and do not correctly estimate the value of their property. There was a period of time during the financial crisis when poor psychology led sellers to take action and proceed with real estate sales at car sale prices.
Challenges
In 1998, a property transfer process took 15 to 20 days. Right now it can take 12 to 15 months. It always depends on the contract as it can be 7 months, it can be 8. But in any case we are talking about very slow procedures, says Mr. Potamianos. Over the course of months, a lot can happen from a violent situation, from an external factor to a change of mind and the sale not going through.
At this point the role of the broker is decisive to maintain the balance. To be able to keep the transfer process alive.
So if the property’s valuation is correctly placed and external factors are normal, a buyer can be found in two months. Because these two don’t usually happen, it lengthens the time and when that time horizon passes, we have to ask ourselves what’s wrong because there’s no interest, says Mr. Potamianos.
In the process of selling a property it is important also points out, a buyer should do a good market research. Visit two or three certified professional brokers and get their opinion. Don’t give an advance like that in the air.
Source OT
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