Nationwide survey RE/MAX Greece: What properties buyers chose in 2023
In order to ensure lower prices that match their levels of financial ability, 7 out of 10 property buyers who chose homes preferred those over 20 years old. In this way, they managed to secure housing at more affordable prices compared to newer properties, while at the same time they aim at future capital gains through the renovation and energy upgrade of these properties.
According to official data collected from purchases and sales that took place in 2023 through RE/MAX Greece, the largest real estate network in the country for 22 years, houses (apartments/detached houses/maisonettes) were in first place in buyers' preferences. Plots and parcels follow the preferences of buyers, while there is less interest in offices and shops as these purchases are anyway addressed to a specific investment public.
The data of RE/MAX Greece, which has 85 offices and more than 1,100 real estate consultants throughout the country, reveal extremely interesting and important data regarding the age of the properties selected by the buyers. It essentially confirms the trend in recent years to prefer older properties at more competitive prices (compared to newly built) and which are offered to their owners both for home ownership and for professional use.
Distribution of properties sold by type of property
Based on the detailed analysis of RE/MAX Greece data on the distribution of real estate sales nationwide, 83.7% of the total number of properties sold corresponded to residences (apartments/detached houses/maisonettes). On the other hand, plots-parcels and commercial properties concerned a much smaller percentage, of 12.8% and 3.5% respectively.
In Attica, 93.3% of the properties sold were mainly residential (apartments/detached houses/maisonettes). The plots-parcels covered 3.8% of the total purchase and sale volume, while the percentage of commercial real estate was 2.9%.
In the second largest city of the country, Thessaloniki, there is a similar trend with Attica in terms of housing preference, as 90.8% of the properties sold belong to this category. However, it is worth noting that plots-parcels occupy a smaller but significant percentage, of 4.1%, while the percentage of commercial real estate amounts to 5.1%.
In the rest of Greece, it appears that houses hold the first place in buyers' preferences, with a percentage of 78.7%. Plots follow, covering 18.1% of total purchases, while commercial properties represent only 3.2%. These figures reflect the preferences and needs of buyers in the region, where demand for housing is still high, while plots are also showing increased interest for investment or housing.
Distribution of properties sold by age of property
Of particular interest is the age distribution of residential properties sold, where once again the trend of previous years was observed to continue. The focus is on old houses over 20 years old, which were chosen by 69.5% of buyers. This is followed by newly built properties up to 5 years old, which account for 15.5% of total sales. The intermediate age categories, i.e. from 16 to 20 years, attracted the interest of only 0.6% of buyers. From 11 to 15 years the share of final buyers reached 13.2% and from 6 to 10 years only 1.2%. This analysis captures buyers' preferences and the trend towards choosing older homes.
In Attica, it is observed that 82.7% of the properties sold belong to the category of old residential, over 20 years old. On the contrary, newly built and new properties, up to five years old, constitute only 4% of total purchases, which is 2 percentage points lower than in 2022.
In Thessaloniki, a similar trend is observed to that formed in Attica. The highest preference rates are found in properties older than 20 years, reaching 79.5%. On the contrary, newly built properties up to 5 years old are at lower levels than those of 2022, covering 5.6% of total purchases, a decrease of 2 percentage points.
In Thessaloniki, a similar trend is observed to that formed in Attica. The highest preference rates are found in properties older than 20 years, reaching 79.5%. On the contrary, newly built properties up to 5 years old are at lower levels than those of 2022, covering 5.6% of total purchases, a decrease of 2 percentage points.
Finally, in the rest of Greece, the percentage of buyers who chose properties over 20 years old stands at 61.3%, clearly lower than Attica and Thessaloniki. It is noteworthy that newly built properties up to 5 years old occupy the second place as they were preferred by 23%.