Greek Real Estate Study: Homebuyers Opt for Old Houses

The majority of budding homebuyers in Greece (70%) prefer to invest in constructions built over 20 years ago, according to a comprehensive Greek Real Estate study by the largest propetry network in the country for the past 22 years RE/MAX Hellas.

The data on Real Estate in Greece revealed that buyers in the market for a new house opt for affordable older units within their financial abilities, with the aim of their houses gaining value appreciation through renovation and energy upgrades down the road.

Greek Real Estate – Distribution of Sold Properties by Type

Data on nationwide distribution of property sales shows 83.7% of the total number of properties sold were residences (apartments, single-family homes, and maisonettes.

On the other hand, land plots and agricultural plots accounted for a much smaller percentage, 12.8%, and commercial properties accounted for 3.5%.

In Attica, 93.3% of the sold properties were mainly residences (apartments, single-family homes, and maisonettes). Land plots and agricultural plots covered 3.8% of the total volume of transactions, while the percentage of commercial properties was 2.9%.

In the country’s second largest city, Thessaloniki, a similar trend to that of Attica is observed regarding the preference for residences, with 90.8% of sold properties falling into this category. However, it is worth noting that land plots and agricultural plots occupy a smaller but significant percentage of 4.1%, while the percentage of commercial properties stands at 5.1%.