Why Greeks Prefer Older Properties: A Market Trend Analysis

In Greece, there continues to be a clear preference for older properties, as confirmed by the latest data from RE/MAX Greece for 2024. This trend is not coincidental but reflects a complex reality involving economic, social, and urban planning factors. Most Greek buyers are looking for homes that meet basic housing needs without requiring substantial initial capital. In this context, older homes, over 20 years old, represent the most accessible solution. According to research, 66.1% of properties sold nationwide in 2024 fell into this category. In Attica, the percentage rose to 82.9%, while in Thessaloniki, sales of older homes reached 80.6%. The choice of these homes is directly linked to price. An older property can be acquired at significantly lower costs compared to a newly built one, making it attractive to buyers with limited liquidity or those seeking investment opportunities. Even if renovations are needed, many calculate that proper management can enhance the property’s value, especially in areas with increasing demand or within urban development plans. Another significant factor boosting the sale of older homes is the limited availability of new constructions. In central areas of major cities, redevelopment progresses slowly due to either a lack of building plots or increased construction costs. For instance, only 4% of homes sold in Attica in 2024 were newly built. The situation is slightly better in Thessaloniki, where new builds accounted for 7.6% of sales, while the rest of Greece saw a notable increase in demand for new homes, reaching 28%—the highest nationwide. Beyond the age of properties, the types of real estate chosen also present interest. Nationally, houses remain the dominant category, accounting for 77.1% of all transactions. The need for housing still outweighs any other use, particularly in a period where rental prices remain high and the market offers greater long-term security. This trend is even more pronounced in the country’s two largest urban centers. In Attica, house sales account for 87.6%, and in Thessaloniki, they reach 88.2%, confirming that citizens primarily invest in permanent residences. Second in preference comes the purchase of land—mainly building plots and agricultural land—which accounts for 18.2% of sales. This dynamic is stronger in rural areas, where investing in land continues to be a strategic choice for many, whether for future construction or agricultural/touristic use. In the rest of Greece, land sales reach 25%, indicating greater flexibility in buyer needs outside major cities. Conversely, commercial properties such as offices and stores show limited activity, representing just 4.7% of total transactions nationwide, dropping even further in rural areas (3.3%). This trend is attributed mainly to investor concerns about the commercial viability of such spaces, especially in an environment of unstable consumer behavior and digital market transformation. In summary, the market for older homes continues to dominate due to affordable prices, growth potential, and limited supply of new properties, especially in major urban centers. Houses generally retain their prominence in buyer preferences, while land remains significant in rural areas. The Greek real estate market remains dynamic, but purchasing decisions are primarily driven by cost, availability, and future property utilization possibilities.