The Residential Real Estate Transactions market in Greece has seen significant developments in recent years.
Customer preferences: Customers in the Residential Real Estate Transactions market in Greece have shown a growing interest in properties located in urban areas. This preference can be attributed to several factors. Firstly, urban areas offer a wide range of amenities and services, such as shopping centers, schools, and healthcare facilities, making them attractive to potential buyers. Additionally, urban areas often have better transportation infrastructure, which is important for individuals who commute to work or have a busy lifestyle. Furthermore, properties in urban areas tend to have higher potential for capital appreciation, making them a popular choice for investors.
Trends in the market: One notable trend in the Residential Real Estate Transactions market in Greece is the increasing demand for rental properties. This trend can be attributed to various factors. Firstly, the economic uncertainty in recent years has made potential buyers more cautious about committing to a mortgage. Renting provides them with more flexibility and allows them to adapt to changing circumstances. Additionally, the influx of international students and expatriates has increased the demand for rental properties, particularly in major cities such as Athens and Thessaloniki. This trend has led to a rise in rental prices, making it an attractive investment opportunity for landlords. Another trend in the market is the growing popularity of energy-efficient properties. With increasing awareness about environmental issues, customers are showing a preference for properties that are energy-efficient and environmentally friendly. This trend is driven by both regulatory requirements and customer demand. The Greek government has implemented policies and incentives to promote energy-efficient buildings, such as tax breaks and subsidies. Additionally, customers are increasingly conscious of their carbon footprint and are willing to pay a premium for properties that have lower energy consumption and lower utility bills.
Local special circumstances: Greece has a unique geographical advantage, with its beautiful coastline and islands attracting both domestic and international buyers. The demand for properties in coastal areas and islands has been steadily increasing, driven by the desire for vacation homes and investment opportunities. The Mediterranean climate and the natural beauty of the Greek islands make them an attractive destination for holidaymakers and second-home buyers. Additionally, the Greek government has implemented policies to attract foreign investors, such as the Golden Visa program, which offers residency permits to non-EU citizens who invest in Greek real estate.
Underlying macroeconomic factors: The Residential Real Estate Transactions market in Greece has been influenced by several macroeconomic factors. Firstly, the country's economic recovery from the financial crisis has boosted consumer confidence and increased purchasing power. This has led to an increase in demand for properties, both for residential and investment purposes. Additionally, low interest rates have made mortgages more affordable, encouraging potential buyers to enter the market. Furthermore, the Greek government has implemented measures to attract foreign investors, such as reducing property taxes and simplifying the legal framework for real estate transactions. These factors have contributed to the growth and development of the Residential Real Estate Transactions market in Greece.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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