Factors That Can Affect Property Value by Up to 20%

The Greek real estate market has been recovering in recent years, with growing investor interest and strong demand—especially in urban centers. Yet behind listings, square meters, and interior renovations lies an often-overlooked factor that critically impacts a property’s final value: the condition and management of the apartment building. The state of common areas, organizational structure, maintenance quality, and transparency directly influence not only residents’ daily lives but also the market value of each apartment. Research by Billys—a Greek proptech startup offering an integrated digital platform for managing apartment buildings and commercial properties—reveals that a residential building should operate like a small economic entity: with clear procedures, a managed budget, defined rules, and transparent decision-making mechanisms. When this logic is absent, three core issues arise: poor financial management, inadequate maintenance, and lack of long-term investment planning. Liquidity shortages—observed across Billys’ portfolio of 56,000 properties—lead to delayed payments, unpaid bills, and inability to address essential operational needs. Meanwhile, insufficient maintenance harms both resident quality of life and property valuation: delayed or unaddressed repairs, deteriorating shared spaces, and missing upgrades collectively foster gradual devaluation. Data shows that poor building management and neglect can reduce an apartment’s market value by up to 20%, even when the unit itself matches comparable properties on the market. Elevator condition is among the most critical factors: non-functional or poorly maintained elevators significantly lower per-square-meter prices—especially for upper-floor units, where repair and certification costs become major negotiation points. Similarly, heating system management directly affects buyer appeal. Disorganized, opaque, or cost-uncontrolled communal heating systems discourage premium offers, while apartments in well-managed buildings command higher valuations. Exterior appearance—including façade, balconies, and entrance—acts as an early indicator of future expenses and influences price negotiations from the first viewing. In fact, the building’s first impression often proves decisive in final pricing.