How did the supply fluctuate in Attica in the past quarter? Are there areas that, compared to the same period last year, faced changes and trends based on increase or decrease of residential properties available for sale? What has been observed in terms of seasonality?
The construction activity in certain areas of Attica has been noticeable in recent years. Development projects, such as those in Elliniko, and new metro stations are factors influencing the areas in which they are located, shaping the real estate landscape accordingly. Before the end of 2023, let's have a look at the areas that stood out in terms of availability of residential properties for sale in the third quarter of the year, as well as cases of interest according to quarter-over-quarter (QoQ) and year-over-year (YoY) changes.
Nearly half of the residential properties available for sale in Attica during the third quarter of the year were situated in central and south Athens. However, in comparison to last year, the supply in these two areas did not show an upward trend, with the center following a declining path in terms of available residentials. Despite not ranking high in terms of supply compared to the other areas analyzed, east Athens and the rest of Attica experienced the most significant YoY supply growth with increases of 17.0% and 14.8%, respectively.
Glyfada, Voula, Kallithea, Palaio Faliro, Alimos, Nea Smyrni, in the south suburbs, and Kypseli, Pagrati, Ampelokipoi - Pentagon, and the area in Patission - Acharnon, in the center of Athens, had the highest availability of residential properties for sale. Kifissia and Chalandri in the north suburbs of Athens also held high positions in the ranking. In contrast, clearly lower supply was noted in areas of east Athens and the rest of Attica. Among the more decentralized areas of Attica, where most detached houses were offered for sale, are Kifissia, Voula, Vari - Varkiza, and Glyfada.
As for apartments, Patission - Acharnon, Glyfada, Kallithea, and Kypseli had the most options for prospective buyers in the third quarter, with a stable to declining trend compared to the third quarter of 2022. However, a remarkable increase was recorded in areas of the rest of Attica, in various areas of Piraeus and its suburbs, and in west Athens. Notworthy are Tavros - Agia Sophia, the area of Piraeus - Chatzikyriakio, Keratsini, Moschato, Peristeri, and Ilion. Ano Patisia, Elliniko, Koukaki - Makrygianni, Ilioupoli, and the center are among the areas with a declining trend in stock compared to the same period last year.
Seasonality and supply change: how it moved quarterly and compared to last year.
The supply of residential properties for sale increased compared to last year in the areas of Attica. The central Athens area did not follow this trend, with its available stock showing a declining trend in the first three quarters of the year compared to the corresponding periods of the previous year. In terms of seasonality, the increase was greater in January, February, and March with west Athens, Piraeus, and its suburbs recording the highest rates.
Quarterly, the available stock increased in general in the first quarter of 2023 compared to the last quarter of 2022. With a few exceptions, the supply remained stable or experienced a slight decrease in the second quarter compared to the first. This decrease becomes more apparent in the third quarter compared to the second, with the center of Athens recording the highest decrease in available supply by 9.6%. Based on the analyzed data, the available stock of residential properties for sale was higher in the early months of the year, while, in general, the stock, compared to 2022, had more available options based on number of listings.
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Spitogatos team
