Uphill moves the real estate market in 2025 – Which areas are favoured

The great interest of citizens in our country and the developments and prospects in sales and rental prices are confirmed by the highly increased demand for my home II. According to convergent estimates that see the light of day, the real estate market will maintain its dynamic, with opportunities to shift out of urban centres. CORVERSE However, the new year is expected to be quite different from the previous year, due to changes that the government’s financial staff have launched on issues relating to the purchase of real estate. The first concerns the status of granting residence permits (Golden Visa) to third-country citizens outside the EU, the second is the new measures affecting short-term leases and most importantly amendments to the building regulation. These three very important changes will negatively differentiate the real estate market and will take many investors out of it, estimates Ioannis Revythes, economist – real estate assessor, honorary President of the Association of Real Estateholders of Attica. The three positive elements are the extension of VAT suspension and property tax, as well as the implementation of the Home 2 programme, which are positive developments for 2025. However, as it considers, it remains imperative to complete the Land Register and Forest Maps, as well as important to simplify the complex and time-consuming procedures required for real estate transfers, especially with regard to the building identity certificate, the energy efficiency certificate and other certificates that are time-consuming and at a high cost that do not provide substantial benefit. There are no statistics showing the utility of certificates nor if there are significant changes to the benefit of owners, energy upgrading and construction. CORVERSE Mr. Revythes tells the APE that an important issue that needs to be addressed immediately is police cooperation. The government must provide incentives for development in the region, such as the creation of new industrial and storage zones, the establishment of new universities and training centres, the transfer of ministries or public bodies, more road infrastructure projects, airports, ports, marinas. At the same time, greater subsidies are required for the upgrading and construction of new professional buildings and public housing for the installation of workers in public services and new student homes. Today, 65% of the land market turnover is concentrated in the centre of Attica, which highlights the need for direct decentralization. Real estate prices will continue to move upwards in 2025, especially in the center of Athens for old residences, in the suburbs for craft spaces, in off-plan plots where industrial and professional warehouses are erected. Also in the small islands for small residences, as well as in the islands with international airports, in professional buildings – offices with energy upgrading certifications and in design plots with a high building factor in the northern and southern suburbs and in super-luxury cottages in all tourist areas. Rent prices will remain high in cities with increased demand, such as Athens, Thessaloniki, Patras and Heraklion. High rents will also be found in areas with universities, high tourist interest, and where there is a need for staff rooms, either permanent or seasonal. Accordingly, high prices are expected near metro and HSAP stations, as well as newly built apartments. In order to be stable in real estate prices and in some areas of decline, Mr.Rebythis says, there should be control by the government in the price list of materials, a reduction in employers’ contributions, a reduction in areas in the city plan, a control in the real estate of banks and services in making real estate available on the market and a reasonable margin of profit from them and a reduction in taxation on rents reaching up to 45%. Moreover, the housing market remains an elusive dream for many families who see their wages not rising, while the cost of living remains high and housing solutions are inadequate. There should be care for these families, in addition to my home 2, to have other projects with flexible housing solutions. Southern Suburbs in Attica with the highest prices, while in Piraeus and its suburbs the largest increases The price evolution of the houses for sale and rent throughout Greece during the fourth quarter of 2024 was recorded by SPI, the price index of Spitogatos, which captures price trends on the domestic real estate market through real news on the Spitogatos platform. In the last quarter of 2024, there is an increase in sales and rental prices throughout the country. Average sales prices increased 7.9% compared to the 4th quarter of 2023 and an increase of 2.2% compared to the 3rd quarter of 2024. Accordingly, average rental prices showed an increase of 5.8% compared to the fourth quarter of 2023, while they moved around the same levels as in the 3rd quarter of 2024. The increases in the average sales prices of housing are attributed to the ongoing interest of buyers and investors in real estate in urban centres and tourist destinations, as well as to the forthcoming start of the home 2 housing program that is expected to boost demand for housing that meets its requirements. Greece’s most expensive and most economical points The Southern Suburbs of Attica undoubtedly retain the primacy as the most expensive area for buying housing and in the 4th quarter of 2024. In second place are the Cyclades, followed by the Northern Suburbs of Athens and Lefkada Prefecture. Interesting is the entry of Chania Prefecture to the top 5 most expensive areas of Greece for the purchase of residence. In terms of renting houses, the Southern Suburbs again stand out as the country’s area with the highest average rental prices. On the list of the most expensive areas we see the Cyclades again, with the Northern Suburbs and the center of Athens following. The five is coming to Piraeus. Of particular interest is the case of Halkidiki, where the average rental prices remain consistently high due to increased tourist activity and high availability of short term rental options. On the other hand, in the most economical areas of Greece, Kastoria and Kozani Prefectures are classified. Following are the Prefectures of Karditsa, Florina and Kilkis In the most economical areas of the country for rent of residence we find the following: Kilkis Prefecture, Rest of Thessaloniki Prefecture, Pelas Prefecture, Imathia Prefecture and Kastoria Prefecture. The southern suburbs mainly identify the most expensive areas of Attica for housing purchase in the fourth quarter of 2024. Specifically, at the top of the most expensive areas for the purchase of residence is Vouliagmeni with an average price for the sale of a residence of 7.216 euros/sq.m. The following are the areas: Voula, Glyfada, Kolonaki – Lycavittos and Greek. As far as renting is concerned, Vouliagmeni is again at the top of the most expensive areas for the fourth quarter of 2024 with an average price of 19.9 euros/sqm. The following are the areas Philothei, Kolonaki – Lycavittos, Glyfada and Vari – Varkiza. The most economical options in Attica for purchase of residence are found in Agia Varvara, Perama, Acharnes, Varnavas and Patisia. Regarding the rental, the areas of Attica that recorded the lowest average requested rental price in the fourth quarter of 2024 are Perama and Acharnes, followed by Kryoneri, New Chalcedon and Ilion. Increases of more than 20% in average household sales prices were recorded at various points in Attica in the fourth quarter of 2024 compared to the same period in 2023. The highest increases are found in the Taburia region. Agia Sophia in Piraeus (27.6%), Ano Patisia (25.5%), Drapetsona (23.2%) and the center of Athens with an increase of 22.7%. In the part of the rental of residences, the areas of Attica that recorded the largest increases in average prices in the fourth quarter of 2024 compared to the fourth quarter of 2023 are located in the Suburbs of Piraeus, the Centre of Athens and the Eastern Suburbs. In particular, the area with the highest average rental price increase for the fourth quarter of 2024 is Muscat (28.5%). The following areas are following: Taurus (22.1%), Marathon (28.2%), Drapetsona (23.2%) and Athens Center (26.4%). What are the available properties – Their characteristics According to Property data, which announced a one-stop-shop service for my “House 2″ for an effective, quick and enjoyable experience for citizens from start to end, the portfolio of available properties includes a significant number of options, especially in large geographical areas such as Attica with 32,392 properties and Thessaloniki with 15,071 properties. It is also noteworthy, according to Prosperty, that 61% of the properties concern apartments in apartment buildings, while 50% have been built before 1985. The average age of the properties is 45 years, highlighting the increased need for renovation. Property, as it points out, through its integrated services, actively supports this requirement, offering solutions that upgrade the value and functionality of the properties, while facilitating the beneficiaries in choosing the ideal residence. The average value of real estate varies considerably by area and reflects the variations in the real estate market in different areas, with the average price per square meter being observed as follows: Athens Center: 2.010 euro / sq.m Athens North: 2.414 euro / sq.m Athens South: 2.395 euro / sq.m Athens West: 1.801 euro / sq.m. Athens East: 1.978 euro / sq.m. Piraeus: 2.256 euro / sq.m. Thessaloniki (Demos): 2.373 euro / sq.m. Thessaloniki (Regional Municipalitys): 1.512 euro / sq.m. Thessaloniki (Remain of Prefecture): 1.145 euro / sq.m Patras: 1.365 euro / sq.m Heraklion Crete: 1.467 euro / sqm Antonis Markopoulos CEO and Founder of Prosperty points out: “My Home 2 program has mobilized thousands of people, and the response is already impressive. However, the real challenge is not only to check eligibility or to approve a loan. The real bet on Property is to help the customer find the right property, which not only covers his personal needs but also meets the strict technical requirements of the program. After finding the property he wants, a number of demanding actions are followed that need to be completed. Consents with the owner should be made, legal and technical checks should be carried out, as well as all necessary steps to proceed with the disbursement of the loan and the signing of the contract. In Property, the client no longer needs to coordinate 4 – 5 different operators or wait 8 – 10 months from the pre-approval of my Home 2 loan until the transaction is completed. Through Property, the whole process progresses in the most reliable and effective way.” Source: RES-AE