What it shows the Spitogatos Price Index for the period 2011-2020
The
difficult period of the memorandum from 2010 to 2018 changed the Greek
economy, reduced disposable income, skyrocketed non-performing loans
and made bank lending a pie in the sky for the majority of
households. This also affected the real estate market, which, as a
sector of the economy, could not be an exception. The biggest change
was the shift to rent since the majority is now unable to buy a
house, while those who have the means turn mainly to older properties
as buying a newly built house has become difficult.
All
the above resulted in increase in rents and substantial decrease in
selling prices. This is reflected in the Spitogatos network research
and in the trend of the SPI (Spitogatos Property Index) for the
period 2011-2020. During this period, rents increased by 11.1%,
while selling prices fell by 30%.
The
Airbnb “shield”
We
find exceptions to this overall development in areas with short-term
leases or included in the Golden Visa program. With the most common
example being the “capital of Airbnb” in Athens, Koukaki. In this
area, rental prices, from 2011 until today, recorded an increase of
48.6% at 10 euros / sq.m., while the selling prices increased by
41.4% at 2,575 euros / sq.m. The highest increase in rental prices
has been registered, however, in the area of Elliniko, where the
average cost is currently at 12.5 euros / sq.m., 56.2% higher
compared to 2011.
Important
increases in rents have also been recorded in Glyfada with 40.4%,
Maroussi with 33.3% and Alimos with 32.7%.
Commercial
properties
In
terms of commercial real estate properties, the Spitogatos survey
reports that values have fallen by 41.6% and rents by 34.5%. However,
this specific category of real estate marks a steady recovery from
2018 (in Athens and Salonica). In Athens rents have increased by
11.1% to date (average selling price 7.9 euros / sq. m.), in Salonica
the increase reached 9% to 5.4 euros / sq.m.
