Thessaloniki: Signs of a bubble in second-hand apartments
Milestone for the buyers return at newly built apartments known to yield the 2023 according to his representatives real estate. The reason is the increase in new buildings as well as those under construction, as well as the perception that has begun to consolidate about… second-hand bubblemainly renovated apartments that tend to sell recently at almost the price of new ones.
According to the same sources, it is not possible to sell, for example, near Martiou Street, a used apartment for 2,500 euros per square meter and a new one for 2,800 euros.
“There must be a brake on the excessive increase in the prices of used – renovated apartments. Now they touch the prices of new ones, which makes no sense” he notes while talking to Voria.gr the broker, co-founder of Parthenon Real Estate, certified real estate appraiser Kostas Georgakos, emphasizing that this situation cannot continue for long.
In this direction, the fact that the counter-provision in Thessaloniki is moving at an increasing pace creates a new period of reconstruction for the city. Building materials may have skyrocketed, but contractors seem to be balancing between the dilemma of “higher construction costs or a profitable investment?”. The majority of builders are converging on the implementation of investments, given that there are not a few buyers who are returning to the old good… habits, those who buy their luxury apartment from the ground up.
In fact, there are no shortage of cases of buyers who put their hands deep in their pockets, allocating from 200,000 to 350,000 euros when it comes to a new apartment, while the more frugal ones appear for a used one, setting as a… ceiling for their investment 200,000 euros.
The reciprocity returned strongly
It is characteristic, as noted by Mr. Georgakos, that recently the plots for consideration have recorded an increased demand of 20% to 30% compared to the recent past, while the percentage given to the owner is from 38% to 50% in very few cases. It is noted that in the boom years of reconstruction, the percentage in some cases reached 60%.
The majority of plots are located in Ano Poli, Kalamaria, Ai-Yiannis, Voulgari, Charilaou, Evosmos, while a few are in the center of Thessaloniki.
It is worth noting that in some cases buyers who succeeded in valuing, for example, a plot of land at 600,000 euros and had not proceeded to purchase it, return this year with a proposal increased by up to 20%, considering that in the next period the real estate industry will continue to record mobility, aiming to bring it back to the glory days of yesteryear.