Learn more about the absorption rates of real estate in Greece.
The Greek Real Estate Market is undergoing significant changes, especially in terms of how quickly available properties are being absorbed. The combination of limited supply and rising home prices has brought forward interesting findings regarding how long it takes for a residential property to be sold in various regions across the country.
Spitogatos Insights presents a comprehensive analysis of absorption rate of residential properties for 2024, based on the Spitogatos Price Index (SPI), which tracks price trends across the Greek property market using millions of actual listings on Spitogatos platform.
Where is the fastest absorption rate recorded?
When examining the absorption rate of homes for sale in Greece, Thessaloniki Prefecture stands out with the fastest pace of property sales. This analysis indicates that the rate of absorption of homes in Thessaloniki is notably faster compared to Athens and its surrounding suburbs.
For the first three quarters of 2024, homes in the Attica region have an absorption period of approximately 6 months. This indicates a steady demand for properties in the capital city, even though the supply continues to fall behind.
Thessaloniki Prefecture has a slightly faster absorption rate than Attica. In the third quarter of 2024, homes in Thessaloniki Prefecture were absorbed in just over 5.5 months, two weeks faster than the Attica region. This is consistent with the general trend of increased demand for homes in Thessaloniki. The suburbs of Thessaloniki are among Greece's most popular areas for homebuyers, according to the Spitogatos Demand Index (SDI), which monitors property search trends. The data reveals that these suburbs are the top choice for local buyers, making them one of the most sought-after locations in the country.
Rest of Greece: Absorption rates & regional variations
Expanding the analysis of absorption rates of residential properties in other regions of Greece, data findings present a mixed picture.
Aegean Islands: In the Aegean islands (see Cyclades, Dodecanese, Sporades & North Aegean Islands), the time it takes for a home to be sold remained relatively steady throughout 2024. In the third quarter, the absorption period for homes in the Aegean islands was approximately 7.1 months.
Ionian Islands: The Ionian islands, which include popular destinations like Corfu and Kefalonia, showed slightly slower absorption rates in 2024. In the third quarter, the absorption period reached 7.8 months, a bit longer than in the Aegean islands or Crete.
Crete: Properties in Crete are also in high demand, with absorption times around 7.1 months, like the Aegean islands. Crete has remained a popular destination for both domestic and international buyers, contributing to the consistent absorption times.
Mainland Greece: When looking at the mainland, the Peloponnese region has the slowest absorption rate, with residential properties remaining on the market for longer periods. In contrast, the Macedonia and Ipirus regions have a slightly faster absorption rate. For instance, in the third quarter of 2024, the absorption period in Macedonia was around 6.4 months, down from 7.7 months in the first quarter of the year. This decline indicates an increasing demand for properties in these areas.
The data from Spitogatos Insights reveals that the Greek housing market remains dynamic. While the Attica region continues to see strong demand, Thessaloniki prefecture is emerging as the fastest-selling area in the country. Other regions, such as the Aegean Islands and Crete, also show steady demand, with slightly longer absorption times.
