Significantly higher even than its previous peak housing purchase, which was recorded in 2008, are now the sales prices of newly built houses in various regions of Attica, a sample of the recovery that has been recorded, but also of the clearly higher, better quality specifications of the properties being built today, both functionally and from the point of view of energy performance. According to what he reported yesterday, in the context of the Prodexpo conference, Mr. Panos Charalambopouloshead of the real estate appraisal company Solum, “although in the whole of Attica the sales prices of newly built houses are still falling, even marginally by only 2%-3% compared to 2008, in many areas this is not the case, as the prices are much higher.
In particular, in the southern suburbs, the prices of new constructions are now 30% higher compared to 2008, in the center of Athens, the increases reach 20% and in the northern suburbs prices are observed that are 20% higher compared to 2008. At the same time , as Mr. Charalambopoulos pointed out, “areas where significant investments are underway, such as Pl. Omonia or the center of Piraeus, where many foreign buyers are turning today, are expected to register large increases in the next period. At the same time, we are now seeing asking prices of 7,000 euros/sq.m. in new constructions e.g. in Maroussi and 10,000 euros/sq.m. in Kifisia”.
Nationwide, the prices of new constructions are 7%-8% lower compared to 2008.
Overall, however, nationwide, the prices of newly built properties are 7%-8% lower compared to 2008. At the same time, as Ms. Valia Dimou, head of sales at Cerved Property Services, pointed out, “the market is at different speeds. For example, in the western suburbs, the prices of newly built houses are still 10%-12% lower than in 2008, while in Ilion the difference is 20%. In Eastern Attica, e.g. in Peania, a newly built house is sold today for 2,500 euros/sq.m., when in 2008 the corresponding price was 3,400 euros/sq.m., that is, today the purchase cost is 30% lower.”
According to Mrs. Dimos, at the end of 2022, prices in the entire housing market (new-build and second-hand) were 12% lower than in 2010. Cerved Property Services estimates that values will continue to increase both in 2024 and in 2025, but with a milder rate of increase compared to recent months.
