Detached houses, a Greek’s expensive dream

The interest for detached houses seems to be back. The quarantine reminded people of the benefits offered by this type of property, as, along with privacy, their garden or their pool give the much missed feeling of “going outside”


“The demand for detached houses has been increasing lately. However, the limited offer for this market reflects in prices, which have increased by 15% during the last two months”, Pantelis Moisiadis, head of the Moisiadis & Associates real estate agency tells Bluekey. “During the financial crisis, I am referring mainly to the period 2010-2014, there were great opportunities in the market. Now the picture is completely different and prices have recovered. I can say that in many cases they have returned to pre-crisis levels,”emphasizes Mr Moisiadis.

Interest for plots

Prospective buyers of detached houses are primarily looking for land to build on. In this case, most of the demand concerns plots of 600-800 sq.m., while wealthier buyers prefer plots from 800 to 1,200 sq.m. Many, however, consider buying an older house with a garden which they can later renovate. Buyers with available liquidity, are looking for a really good property with a garden.

Psychiko and Filothei remain the primary areas for quality detached houses. Although the offer is very limited, the prospective buyer will need about 2 million euros for a house of 400 sq.m. on a plot of 700 sq.m. Demand is also recorded in Kefalari area, where prices are 15% to 20% lower than in Psychiko. “It is interesting to note that the composition of buyers has changed significantly. In the northern suburbs, we find only Greeks buyers. In fact, recently there has been a large increase in Greeks who were living and working abroad, who return to Greece to buy a house, since the pandemic and the teleworking allows them to live in Greece and work abroad. On the contrary, in the southern suburbs, the absolute protagonists are foreign buyers, with purchases that far exceed the ceiling of 250,000 euros of the “golden visa”, notes Mr. Moisiadis.

Hellinikon project and Asteras Vouliagmeni upgrade

Foreign buyers, however, are mainly looking for large apartments in the greater area of Glyfada and to a lesser extent detached houses. Significant price increases are recorded in the southern suburbs, as both the Hellinikon airport area large investment and the Asteras Vouliagmeni upgrade create added value in the area. “These two projects will upgrade the entire coastal front from Piraeus to Sounio, as they are unprecedented even in a European level. Kavouri and Vouliagmeni areas are today the most important luxury residential markets in the southern suburbs. The interest focuses on large properties and land. But the prices are astronomical and the offer is very limited. “We could say that there are no specific prices, but as these are unique properties - especially the seaside ones - for specific buyers, the prices arise after negotiation between seller and buyer” says Mr. Moisiadis.

Clearly cheaper options for the prospective buyer can be found along the coast after Varkiza area. Agia Marina, Lagonisi, Anavyssos, Sounio are areas that offer very worthwhile properties at more reasonable prices.