Why Greeks Are Turning to Smaller Apartments

In an era where the cost of living is rising and access to homeownership becomes increasingly challenging, Greek buyers appear to be adjusting their expectations. According to the annual nationwide survey by RE/MAX Greece for 2024, most transactions involved medium-sized properties as well as smaller apartments, with units ranging from 76 to 100 square meters gaining preference among 26.2% of buyers. This trend, which has increased compared to 2023, reflects a shift toward more flexible, functional, and primarily affordable homes. Market experts note that smaller sizes mean lower acquisition costs and reduced ongoing expenses, from heating to maintenance. Apartments between 51-75 square meters follow closely, capturing 23.4% of preferences, while homes up to 50 square meters retain significant interest (22.6%) mainly due to demand from investors, despite a slight dip from last year. The picture varies by region. In Attica, for instance, 51–75 square meter homes lead at 32.7%, indicating that size-to-price ratio drives buyer decisions in a competitive and rising market. Conversely, in Thessaloniki, larger apartments from 76–100 square meters dominate (33.5%), while very small units are less favored (12.5%). In rural areas, properties under 50 square meters prevail at 27.2%, attributed to lower purchasing power and growing demand for holiday or investment properties in tourist regions. Changes in buying behaviors aren’t random. Increased property taxes, mortgage rates, and overall home maintenance costs push buyers toward more compact options. Simultaneously, the evolving homeowner profile—smaller households with frequently changing needs—strengthens the preference for homes offering adequacy without excess. Even in the higher category (101–150 square meters), demand is limited to 18.3%, while homes over 151 square meters hold just 9.5% market share, albeit with a slight increase from last year, possibly signaling high-income buyers seeking investment opportunities or better living conditions. This year’s real estate market highlights the need to adapt to new economic and social conditions. Despite geographic variations in preferences, the overarching trend remains consistent: a shift towards homes that meet practical needs without exceeding budgets.