The new map in the real estate market. How much the situation has changed in Athens and Thessaloniki
Detailed research shows how prices are formed per region.
The rapid and asymmetric growth of commercial values, mainly in areas of Athens and secondarily in the rest of the country, created a new landscape in the map of real estate sales prices. The increase in some cases areas reached 100% and brought the market in some cases. That fact must be taken into account. “
As mentioned, the specific research of the realdeal Academy of newdeal, which collaborates with the National and Kapodistrian University of Athens (EKPA) and in particular the Laboratory of Applications and Accounting Training, aims to help buyers and sellers of real estate to realistically calculate commercial real estate values, presenting detailed tables.
At the same time, however, questions arise: Are these higher prices or will we see new, higher ones? Is the rise steady or is it a bubble? What is the cause of the rise phenomenon? According to the CEO of newdeal real estate group and the founder of the Academy, Christos Bletas, in recent years there have been two crucial events that have changed the character of the residential property. The short-term lease that gave the properties the added value of hotel accommodation and the fact that the property became the “investment tool” for obtaining residence permits from citizens of countries outside the Schengen area.
The importance of the overall picture of the economy and local developments in each neighborhood in setting prices
According to Mr. Bletas, we must also take into account the resumption of bank lending, rising inflation and the issuance of real estate prices worldwide, amid a coronavirus. However, there are a number of currently unpredictable factors that affect the direction of prices and which are related to the evolution of the pandemic, the international economic environment and interest rate policies. An increase in the cost of money can slow growth and lead to a “sharp landing of economies. However, apart from the big picture of the economy, there is also the micro-economy of each area, which is affected by a series of local projects such as the infrastructure projects that are carried out, the transport, the existence of shopping centers, etc. And in this monitoring of trends and prices, it acquires special interest in order to find the appropriate upcoming opportunity “, he adds.
The research shows that the highest prices in the Municipality of Athens are found in the areas: Kolonaki, Lycabettus, Exarchia, Koukaki, etc. In the rest of Attica the highest prices are found in the areas of Vouliagmeni, Kato Voula, Glyfada Golf, Hellenic-Olympic Facilities, Kefalari etc.
Thessaloniki in the Center, 40 Churches, Analipsi etc.
In detail, all the prices per regions are in the following links
– Municipality of Athens https://bit.ly/3IWXzrW
– Rest of Attica: https://bit.ly/34w4Yzl
– Thessaloniki: https://bit.ly/34cVGIT
The price research was done by the data analysis department of the realdeal Academy of newdeal, which collaborates with the National and Kapodistrian University of Athens (EKPA) and in particular the Laboratory of Applications and Accounting Training. The methodology followed is as follows: The study was done in apartments constitute the majority of buyers’ preferences. From 50 to 150 sq.m. and those located from the ground floor and above. A sufficient number of assets available for sale in each area was examined in order to extract reliable statistics. The properties are classified into three categories based on the year of construction. »
Category A: Apartments built before 2000
Category 2: Construction apartments from 2000 to 2017
Category 3: Newly built from 2017 until today
The median value is derived taking into account the values, without being affected by any extreme fluctuations in each region.
As it is pointed out, each property is unique and its exact price is determined by the valuation methods following the relevant protocols which include the supply and demand parameter.