In 2023, the real estate market in Attica gathered significant attention, with numerous individuals embarking on the journey of finding a new home. This trend is underscored by domestic searches for residential properties for sale on the Spitogatos platform, which witnessed a 16% increase compared to 2022. Regarding Attica specifically, this increase amounted to 13%, with most searches from Greece focusing on South, Central, and North Athens.
The co-financed government scheme "Spiti Mou", which aimed at providing low-interest or interest-free mortgage loans to young people to enable them to purchase their first home, contributed to the increase in searches. With a set of criteria and specifications for both participants and residential properties for sale, the program resulted in expanding the base of potential buyers.
How fast was the process of finding and purchasing residential assets in Athens, Piraeus, and the rest of Attica?
Based on the average duration between posting and removal of listings on the platform, time on market varied from one area to another, starting from 5.7 months and reaching up to 7.7 months. Piraeus suburbs and West Athens recorded the shortest time, while residential properties for sale in the rest of Attica, South, and North Athens recorded longer values, with averages of 7.7, 6.8, and 6.4 months respectively.
The results differ when focusing on subtypes. Therefore, apartments, detached properties, studios, and maisonettes revealed varying trends across the analyzed geographic zones. Specifically, detached properties had the longest average listing duration on the market, while Piraeus and its suburbs required less time, with averages of 6.7 and 6.6 months respectively. Conversely, South Athens, the center, and the rest of Attica recorded longer timespans, with 8.1 months for the first two and 8.2 months for the latter.
The distribution of supply based on typological criteria appears to play a minor role in the outcomes, as these three areas exhibit different profiles. For instance, in 2023, the percentage of available detached homes in central Athens was 2%, while the respective shares in South Athens and the rest of Attica were 7% and 11%.
East Athens stands out for having the shortest average duration on the market for studios. However, it is worth noting that the residential property stock in East Athens in 2023 primarily consisted of detached, maisonettes, and apartments, with studios and other property types following in a significantly lower percentage.
Focusing on specific areas of Attica, such as Galatsi, Nea Ionia, Vyronas, Glyka Nera, Kaisariani, and Goudi, we see that these areas exhibited the fastest absorption of residential properties for sale. In all cases, apartments comprised the largest share of available stock by 78% on average. Glyka Nera had a different profile in terms of stock distribution, with apartments accounting for 47% of the supply, followed by maisonettes at 28%, and detached houses at 17%.
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Spitogatos team
