By Eleni Boda
The southern suburbs have emerged as the real estate market's big winners over the past three years. According to the survey of the Green Estate Housing Market Observatory (TOPO GES IKE) on the purchase and sale of houses in Attica for the first nine months of 2021, 2022 and 2023 (January-September), the upward trend returns to the housing market in Attica with the big “winner” being the southern suburbs.
In the first nine months of 2023, the depressed areas, namely Eastern Attica, the suburbs of Piraeus, the northern and western suburbs, show a significant increase in sales and follow the areas that have been leading the race until now. Center of Athens and Piraeus. It is clear that the Golden Visa policy change has played its part in shaping the overall market in these regions. In addition, the increase in the declared value of real estate is also evident, which is higher than in previous years, especially in areas where the golden visa had 250,000 euros.
Boom in sales
In contrast to the previous two years, buying and selling in the Attica basin is – now clearly – on the scale in favor of recovery. According to the findings of the research, the overall increase in sales in the first nine months of 2023 increased by 36% in the areas of the municipality of Athens compared to 2021, while the specific percentage was 11% in the years 2021-2022. In the southern suburbs, we observe a significant increase of 49% in the same period (first nine months of 2023) compared to 2021, while it was 4% in the corresponding period of 2021-2022. In the areas of the municipality of Athens, the total sales value increased from 5% (2021-2022) to 51% (2022-2023). At the same time, there is also an increase in the average price per square meter. 30% for the first nine months of 2021-2023 and 22% for the same period in 2022-2023.
A decline in the number and value of sales was recorded in the first nine months of 2022, in northern and southern suburbs, in eastern and western Attica, and in Piraeus and its suburbs. However, in 2023, sales are rapidly recovering.
In the Argosaronic Islands and Cyclades, the situation regarding sales is not so favorable in the current year. In particular, in the Argosaronic Islands, sales increased in 2022 in terms of number and value (14% and 20% respectively). The same percentages for the first nine months of 2023 vary from 2% to -9%. A similar situation is observed in the Cyclades. The number of sales in 2023 showed no change compared to 2022, and the value of sales decreased by 16% during the same period.
Minimal changes in area and age
The main conclusion of the research regarding the area of sold houses is that no significant changes are presented in most of the areas studied. Despite all this, we see a gradual increase in the average residential area from 75 square meters in the southern suburbs. 79 cm in 2021. In 2023, in the regions of Eastern Attica, the average property area decreased by 3 square meters in 2022, but returned to 103 square meters in 2023. In the center of Piraeus, some of the most significant changes can be seen. Compared to 2021 and 2022, while its age increased by 6 years in 2023, the average home square footage recorded a large drop from 2021 to 2022 and a large increase in 2023.
At the same time, in the suburbs of Piraeus, the average property year of construction was unchanged in the first nine months of 2022, with a one-unit drop in 2023. On the contrary, we observe an increase in the area of the average apartment (from 70 square meters to 75 square meters). Furthermore, we see an increase in the average property area in the Argosaronic Islands (from 83 square meters to 86 square meters) in 2023 and 2022. Finally, in 2023 and 2022 we see a significant drop in the area of the average property and the year of construction of the average property in the Cyclades (92 square meters and 75 square meters since 1970). 1984).
Key features of the average property sold in 2023
average value
According to this study, the average property sold in the Athens municipality in the first nine months of 2023 was 22% higher than in 2022 and 36% higher than in 2021. For the southern suburbs, median property prices have also increased by 44% from 2022 to 2023 and 49% from 2021 to 2023. The average property sold for 7% more in the first nine months of 2023 compared to 2022 in the northern suburbs. However this difference was 32% in the years 2021-2023, we see an increase of 23% in the years 2021-2022. In the western suburbs this positive percentage reached 20% in 2022 and 2023 and 48% in 2021-2023.
At the same time, in Eastern Attica, the average residential cost increased by 16% in the first nine months of 2023 compared to the nine months of the previous year, while in the regions of Western Attica we see an increase of 38%. In the center of Piraeus, in the first nine months of the current year, the average property price increased by 44% compared to 2022 and 52% compared to 2021. The rate of increase in its suburbs was 13%. Years 2022 and 2023. In the Argosaronic Islands, the percentage of the average property price for the first nine months of 2023 was 11% lower than in 2022 and in the Cyclades it similarly decreased by 16%.
Average property area and year of construction
In areas in the municipality of Athens, for the nine months to 2023, the average residence was built in 1971 and has an area of 68 square meters. In the southern suburbs, its area is 79 cm. and 40 years old and the average property area in the north is 102 sq.m. And his age is 38 years. The average residential construction date in the western suburbs is 1983 and the area is 77 square meters, while the average property construction date in East Attica is 1992 and the area is 103 square meters. During the same period, the average house sold in Western Attica was 34 years old and had an area of 81 square meters. The age of the average property in the center of Piraeus appears to be 40 years and its surface is 77 square meters, while in the suburbs of Piraeus the average house was built in 1982 and has an area of 75 cm. For the Argosaronic Islands, the average sold property is 53 years old and 86 square meters, while in the Cyclades it is 53 years old and 75 square meters.
